Real Estate News

Westchester affordable housing plan rejected by court monitor

The plan submitted by Westchester County to address its lack of moderate-income housing is too vague and lacks enforcement strategies, according to the federal monitor who has rejected the proposal. The county, which six months ago signed an desegregation agreement to building moderate-income housing in its most overwhelmingly white, upscale communities, has been ordered to revise the plan with more specific timetables and processes for the 750 homes it will develop and market to minorities. The county is committed to spending $51.6 million over seven years on affordable housing development, according to the August settlement, but its plan did not even designate a person or government agency to be in charge of putting that money to use, said James Johnson, the court-appointed monitor. [NYT]

Freddie Mac: Mortgage interest rates fall below 5 percent for third week this year

Thirty-year mortgage interest rates fell below 5 percent for the third week this year, according to a Freddie Mac survey released yesterday. For the week that ended Feb. 11, the 30-year fixed-rate mortgage had an average 4.97 percent rate, down from 5.01 percent for the week earlier and from 5.16 percent for the same week last year. The 15-year fixed-rate mortgage was down to 4.34 percent from 4.40 percent during the week-ago period and 4.81 percent in the year-ago period. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.19 percent, down from 4.27 percent last week, while their one-year counterparts were up to 4.33 percent from 4.22 percent one week ago. The drop in interest rates on fixed-rate mortgages “helps a number of homeowners to refinance their existing housing debt,” said Frank Nothaft, vice president and chief economist at Freddie Mac, noting that the latest survey from the Mortgage Bankers association found that more than two-thirds of mortgage applications have been for refinancing since the start of 2010. "In mid-June of last year, for example, 30-year fixed-mortgage rates topped nearly 5.6 percent. Currently, the monthly payments would be almost $77 per month lower on a $200,000 loan balance.” TRD

Nolitan hotel to go ahead with scheduled opening despite zoning violations, Ratner responds to safety concerns over Downtown Beekman Tower site ... and more

1. "Law & Order" star Benjamin Bratt sells Greenwich Village co-op for $2.5M [WSJ, 3rd item]
2. Nolitan hotel to go ahead with scheduled opening despite zoning violations [Downtown Express]
3. Meet the "Best Looking Broker Downtown," according to Craigslist ad [Curbed]
4. Ratner responds to safety concerns over Downtown Beekman Tower project site [Downtown Express]
5. Fannie and Freddie bonds yields at lowest levels in 17 years [Bloomberg]
6. Independence Plaza North attorney under fire for public rent-stabilization comments [Downtown Express]
7. Bronx co-op hit with lawsuit from late resident's son after throwing out possessions [NYDN]
8. Asphalt Green to build new $55M community center in Battery Park City [Downtown Express]
9. LES and Village residents spar with bar owners over liquor licensing enforcement at community forum [The Villager]
10. Chinatown community members tackle zoning, luxury high-rises at public meeting [Downtown Express]
11. Landmarks Preservation Committee approves work on two Downtown Brooklyn historic buildings [YourNabe]
12. When do banks have recourse in strategic defaults? [WSJ]
13. Several Downtown Catholic schools to close after low enrollment [Downtown Express]

Cuomo’s tenant-friendly settlement with Vantage raises questions

Attorney General Andrew Cuomo

Attorney General Andrew Cuomo's settlement agreement announced today not only forced landlord Vantage Properties to pay $1 million, but it put all residential landlords on notice that the state's top law enforcement officer wants property owners to be more tenant-friendly than the law demands. The deal struck with Vantage forces the controversial landlord to adhere to a three-year oversight program that will force the company to stop serving baseless legal notices and frivolous Housing Court actions, Cuomo said in the statement. Cuomo was prepared to sue Vantage over the company's alleged harassment of tenants following an investigation of the company, he said. Vantage also must pay $750,000 into a tenants’ compensation fund and $250,000 to a legal and education fund. Cuomo said all landlords should follow the tighter rules, which will form a "best practices" standard in the industry.