#Short Term Mortgage

[usbridgeloans]

Taking the Pain out of High Net Worth mortgages for U.S. Real Estate, without AUM requirements

With inexpensive funding and various tax advantages, everyone should take advantage of the benefits of a mortgage when investing in U.S. real estate regardless of the loan size. However, why do the wealthy often find it increasingly difficult to obtain mortgage financing without AUM?

With a portfolio of assets worth millions of dollars, one may assume that securing credit would be a straightforward task for a high net worth (HNW) individual. Unfortunately, the reality can be quite different especially if you’re a foreign national or U.S. Expat.

The unique nature of a HNW’s wealth – their income, investments, and liquidity – puts this group of people at a surprisingly high risk of being turned away by conventional banks unless they are willing to deposit a significant amount of funds for the bank to manage. This is certainly true in the mortgage market, and what’s more, it is an issue that has become more prevalent post-Covid.

American Mortgages has a dedicated HNW Team that focuses on mortgage solutions for foreign nationals and U.S. expatriate clients.

“As a company, our focus is finding solutions that go beyond what Private Banks can offer was the cornerstone of why this has been so successful. Our goal is to be a viable solutions provider and a trusted partner for the private banks and their clients. None of our loans require AUM, hence there are no funds taken away from their current investments or portfolio.” – Robert Chadwick, co-founder of Global Mortgage Group and America Mortgages.

America Mortgages HNW mortgage loans have a multitude of options when it comes to qualifying for a large mortgage loans regardless of the passport you hold.

Asset Depletion – a surprisingly simple way to establish your income. AM Liquid Portfolio uses a unique view on “asset depletion” to qualify HNW clients using their investment portfolio without an encumbrance or pledge of assets. Essentially, all of your assets are entered into a calculation, and a final number is churned out. The final number is then used as the income to qualify. In most cases, as long as the income is sufficient, no other person’s income documentation is required. This makes an often complicated and tedious process simple, transparent, and painless.

Debt Service Coverage – When it comes to HNW borrowers, one of the most overlooked and misunderstood loan programs is debt service coverage. HNW borrowers tend to own multiple properties in various asset classes. If the property is used as a rental, then there may not be any requirement to go through the tedious process of providing and verifying personal income. Again, as HNW borrowers tend to have very complicated tax returns, this is a straightforward way to show the borrower’s debt serviceability.

Debt service coverage ratio– or DSCR – is a metric that measures the borrower’s ability to service or repay the annual debt service compared to the amount of net operating income (NOI) the property generates. DSCR indicates whether a property is generating enough income to pay the mortgage. For real estate investors, lenders use the debt service coverage ratio as a measurement to determine the maximum loan amount.

Bridge/Asset Based Lending – With Covid still in play, it’s not uncommon for investors to experience a temporary liquidity event. Rather than selling their property, they are using their real estate to release equity. Asset-based lending is an option for both residential (non-owner-occupied) and commercial properties.

Simply stated, HNW bridge loans are used for residential and commercial investment property when more traditional institutional financing sources may not be available. Due to temporary liquidity, many borrowers have capital needs that traditional sources often can’t meet. For example, a borrower purchases property out of bankruptcy or foreclosure and needs to close quickly “same as cash” before long term financing can be arrange.

Simplified Income – HNW borrowers often have personal and business tax returns, which are complicated. The complexity of these returns often turns into an administrative nightmare for the borrower when dealing with a mortgage lender. What makes America Mortgages unique is the fact that 100% of our clients are living and working outside of the U.S. We are dealing with HNW clients from Shanghai to Sydney. Simply put, translations and understanding tax codes, deductions, net income, etc., is painful.

America Mortgages HNW Simplified Income documentation is just that. We do not require years or, in some cases, decades of tax returns, P&L, A&L, bank statements, etc. We take an often complicated process and simplify it; 1. If you’re self-employed, we will request a letter from your accountant stating the last two years’ income and current YTD. 2. If you’re employed, then a letter from your employer on company letterhead stating your last two years’ income and current YTD is sufficient. Yes, it’s that simple and painless.

As 100% of our clients are either Foreign Nationals or U.S. Expats, we understand the intricacies and complexities of this type of lending for our borrowers. It’s as simple as that. Our HNW loan programs are structured to meet our client’s requirements. Providing competitive pricing with the assurance that your loan will close is our only focus, and no one does it better.

For more information, Visit: https://usbridgeloans.com/taking-the-pain-out-of-high-net-worth-mortgages-for-u-s-real-estate-without-aum-requirements/

[miniatureliterature]

The universe can stop now. It can stop. I’ve had enough now, it can chill out. I’m good. It can stop.

[allmortgagesus]

Get a DSCR Loan for Rental Property Investments – No Income Verification Required

Discover the advantages of rental property loans with DSCR loans. Qualify easily based on property cash flow, without income verification. Visit us today to get a DSCR loan and start investing smarter !

DSCR mortgage loans are often used for financing income-generating properties such as apartment buildings, office buildings, and retail centers. 

[dravidssideblog]

Yet another idea for a setting that facilitates unwilling play: Role swaps. There's two groups, like angels and demons, or humans and plushies, whatever. And they very much enjoy ownership and dominance and all that fun, human-rights-violating stuff. So for example, the plushies are bigger and stronger than the humans and they love to own humans and play with them and the humans have no freedom or agency and it's super unethical and sucks for them, all the stuff that makes me sad, BUT!

Then New Year's Day rolls around. The plushies shrink in size, and now the humans are the big strong ones. So THEY get a turn owning and dominating and playing in whatever unfair way they want. Until next year, when it's plushie-time again.

This hits a lot of notes that I like, namely a long-term or even (kinda) permanent ownership situation, and can be almost fully unwilling. I've always kinda liked the idea of a setting where one species owns another, but it always feels so cruel and unfair to the owned species. This makes it all feel very fair by flipping the script; you WILL be nonconsensually owned, but not only will you have freedom, you'll get a turn being on top!

It's not even about the "getting to be the dom" part, it's just about the fairness; when everyone, including the owners, has to deal with being owned, it's not cruel or unfair, it's just part of life. And getting a turn on top is less about owning and more about freedom; the ownership situation is kinda permanent, yet you still get to live your life. It's the best of both worlds, permanent unwilling ownership yet without robbing the victim of their life.

[roki58750]

[singaporebridging]

How to use your home equity to access immediate cash flow for investments

Get immediate cash flow for investments through home equity!

As the clear leader in high-value bridging loans in Singapore, with numerous awards in recent years, we understand the benefits of bridging loans and how they can help local Singaporeans with their cash flow.

What is a bridging loan?

A bridging loan is an asset-based, short-term loan designed to “bridge” the gap between immediate financial needs and longer-term funding options. Singapore bridging loans have gained popularity as a quick and flexible solution for urgent financial requirements. 

Whether you are a property buyer, seeking real estate investments, or a business owner in need of quick capital, Bridging Loans offer easy and rapid access to funds. They are also referred to as bridge financing, swing loans, and caveat loans.

How do bridging loans work?

Bridging loans serve as a temporary financial solution, typically requiring repayment within a few months to a couple of years. These short-term loans are secured against valuable assets, such as real estate or other properties. Bridging loans offer a quick and versatile option for various needs.

In this case, we focus on using Singapore real estate as the asset to collateralize and access funding.

Bridging loan case study:

Singapore businessman is offered an opportunity to purchase a hotel for $5M, a significant discount from the book value of $10M, but needs funding within 30 days!

The client contacted GMG to explore how to use their landed property as a liquidity tool to access cash flow.

Step 1. Assess the value of your Singapore real estate through an appraisal. For example, the property value in this case is $10M.

Step 2. Arrange a private loan for 70% of the appraised value. In this case, $10M x 70% = $7M loan amount.

Step 3. Any existing mortgage must be paid off first. For instance, say there is an existing mortgage with UOB for $2M: $7M loan amount – $2M existing mortgage = $5M net loan amount.

Step 4. The client uses $5M to acquire the distressed hotel, immediately doubling its value to $10M: a 100% net asset value for the client!

How can you use a bridging loan?

Property purchases: Bridging loans are commonly used in real estate transactions to secure dream homes while awaiting the sale of existing property, ensuring a seamless transition.

Property development: Property developers use bridging loans to fund construction or renovation projects, enabling them to start promptly and capitalise on favourable market conditions

Business expansions: Temporary Bridging Loans bridge cash flow gaps during business expansions and enable seizing growth opportunities

Auction financing: Bridging loans can provide the solution for immediate funding that are required for auction purchases

Opportunistic investments: Savvy investors use short-term bridging finance to take advantage of time-sensitive investment opportunities.

Why bridging loans?

Not only do bridging loans have a variety of potential uses, but they also offer unique benefits:

Immediate access to finds

Online application form

Flexible repayment options (including interest)

Increased liquidity

Minimal required documents

Smooth property transitions

Free loan assessment

How can GMG help?

GMG offers exclusive opportunities with bespoke bridging funds:

High loan-to-value (LTV) – funding of up to 75%, tailored to customers’ individual needs, which traditional banks tend to not consider

Ease of qualification – focus on qualification based on property value rather than personal financials (e.g., age, income, and Total Debt Servicing Ratio (TDSR)) unlike with a bank bridging loan

Speedy approval process – bridging loans are approved within 24 hours and funded in as quickly as 3 days.

GMG provides bridging funds not only within Singapore but also offers similar financing solutions in the United States, United Kingdom, France, Canada, Australia, Thailand, Philippines, and Hong Kong.

[tabithahobson]

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[gallusrostromegalus]

Basically. I got screwed.

I am very sorry for how relatively quiet this blog has been but I've been dealing with a very unpleasant situation the last few months, and now I need help.

Essentially, I tried to help someone out, and she took advantage of me, and I have no way to recoup my losses.

Earlier this year, I moved into a new house. Before we sold the old house, a Now-Former friend ran into some trouble and was about to become homeless with pets and a small child. Not wanting them to be on the street, we offered to hold off selling the old house so she could stay there for a little while, if she could pay the cost of the mortgage on that house (because I could afford one mortgage but not two) while we helped her find somewhere more permanent.

I was not making money from this- since I was still paying the utilities and property taxes, I was actually losing money, but willing to soak that in order to help her save up and get her on her feet.

Instead, she:

Never Paid a Dime towards covering the mortgage costs like she agreed ($12,000 for the nine months she was there)

Trashed the house ($500 dump fees for the trash alone)

Let her pets piss and shit all over the house ($1,500 bio hazard cleanup, $4000 to replace the carpet and other damaged flooring)

Caused an electrical issue in the garage ($900 to repair)

Broke the washer, dryer and refrigerator ($2500 to replace)

Broke the fence ($1000 to repair)

When I told her I could no longer financially support her and that I needed to sell the old house, she illegally squatted there for a solid three months and I had to hire a lawyer and actually take her to court to get her to leave ($2,500)

The resulting stress has been, as you can imagine, stressful.

So stressful, in fact, that it aggravated a the medical conditions my husband had and made him extremely sick. He had to go to the hospital and take time off work to recover. Now the health insurance is trying to weasel out of paying his short-term disability claim.

So net, this woman has managed to cost me around $25,000 and that's not taking into account the missed paychecks and medical expenses. I do not have $25,000, and until at least $13,000 of that is spent to repair the damage she did, I legally cannot sell the house to even begin to recoup my losses.

Theoretically, I could sue this woman, but she doesn't have any money and it would be me paying even more money I don't have to get... Nothing. So I'm asking for help to cover the costs of getting the old house ready to sell, my husband's medical expenses, and other expenses incurred by this debacle:

If you can help out in any way-share, donate spare change, anything- I'd be extremely grateful.

Thank you.

[teh-tj]

Greenbelt Maryland. Or, how America almost solved housing only to abandon it.

**I AM NOT AN EXPERT! I AM JUST AN ENTHUSIST! DO NOT TREAT MY OPINIONS/SPECULATION AS EDUCATION!**

During the Depression America faced a housing crisis that rhymes with but differs from our own. It’s different in that there wasn’t a supply issue, there were loads of houses in very desirable areas, but they were still unaffordable as people’s incomes collapsed causing a deflationary spiral. While the housing supply subtly grew and succeeded demand, people simply couldn’t pay the meager rents and mortgages. Herbert Hoover failed to manage the Depression, while his inaction is greatly exaggerated, his policy of boosting the economy with works projects and protecting banks from runs failed and the depression only got more pronounced in his term. In comes Franklin Roosevelt, a progressive liberal much like his distant and popular cousin/uncle-in-law Teddy. Franklin’s plan was to create a large safety net for people to be able to be economically viable even if they’re otherwise poor. These reforms are called the New Deal and they did many controversial things like giving disabled and retired people welfare, giving farmers conditioned subsidies to manipulate the price of food, a works program to build/rebuild vital infrastructure, etc. One of these programs was the USHA (a predecessor of America’s HUD), an agency created to build and maintain public housing projects with the goal of creating neighborhoods with artificially affordable rents so people who work low-wage jobs or rely on welfare can be housed.

In this spirit, the agency started experimenting with new and hopefully efficient housing blueprints and layouts. If you ever see very large apartment towers or antiquated brick low-rise townhouses in America, they might be these. The USHA bought land in many large and medium-sized cities to build “house-in-park” style apartments, which is what they sound like. Putting apartment buildings inside green spaces so residents can be surrounded by greenery and ideally peacefully coexist. Three entire towns were built with these ideas outside three medium-sized cities that were hit hard by the depression; Greenbelt outside DC, Greenhills outside Cincinnati, and Greendale outside Milwaukee. The idea was to move people out of these crowded cities into these more sustainable and idyllic towns. There were many catches though, the USHA planned for these towns to be all-white, they used to inspect the houses for cleanliness, they required residents to be employed or on Social Security (which basically meant retired or disabled), they also had an income limit and if your income exceeded that limit you were given a two-month eviction notice, and you were expected to attend town meetings at least monthly. While the towns didn’t have religious requirements they did only build protestant churches. Which is an example of discrimination by omission. While a Catholic, Jew, Muslim, etc could in theory move into town they also couldn’t go to a Catholic church, synagogue, or Islamic center without having to extensively travel. Things planned communities leave out might indicate what kind of people planned communities want to leave out. Basically, the whole thing was an experiment in moving Americans into small direct-democracy suburbs as opposed to the then-current system of crowded cities and isolated farm/mine towns. This type of design wasn’t without precedent, there were famously company towns like Gary and Pullman which both existed outside Chicago. But those lacked the autonomy and democracy some USHA apparatchiks desired.

The green cities were a series of low-rise apartments housing over a hundred people each, they were short walks from a parking lot and roads, and walking paths directly and conveniently led residents to the town center which had amenities and a shopping district. Greenbelt in particular is famous for its art deco shopping complex, basically an early mall where business owners would open stores for the townspeople. These businesses were stuck being small, given the income requirements, but it was encouraged for locals to open a business to prove their entrepreneurial spirit. Because city affairs were elected at town meetings the city was able to pull resources to eventually build their own amenities the USHA didn’t originally plan for like a public swimming pool or better negotiated garbage collection.

These three cities were regarded as a success by the USHA until World War II happened and suddenly they showed flaws given the shift in focus. These towns housed poor people who barely if at all could afford a car, so semi-isolated towns outside the city became redundant and pointless. The USHA also had to keep raising the income requirement since the war saw a spike in well-paying jobs which made the town unsustainable otherwise. During the war and subsequent welfare programs to help veterans, these green cities became de facto retirement and single-mother communities for a few years as most able-bodied men were drafted or volunteered. Eventually, the USDA would make the towns independent, after the war they raised the income limit yet again and slowly the towns repopulated. As cars became more common and suburbanization became a wider trend these towns would be less noticeably burdensome and were eventually interpreted as just three out of hundreds of small suburban towns that grew out of major cities. They were still all-white and the town maintained cleanliness requirements; after all they lived in apartments it just takes one guy’s stink-ass clogged toilet to ruin everyone’s day.

By the 1950’s these towns were fully independent. Greendale and Greenhills voted to privatize their homes and get rid of the income limit all together so the towns can become more normal. Greenhills, Ohio still has many of these USHA-era houses and apartments, all owned by a series of corporations and private owners. Greendale, Wisconsin property owners have demolished most of these old houses and restructured their town government so most traces of its founding are lost. But Greenbelt, Maryland still maintains a lot of its structure to this day. Greenbelt has privatized some land and buildings, but most of the original USHA apartments are owned by the Greenbelt Homes, Inc cooperative which gives residents co-ownership of the building they live in and their payments mostly go to maintenance. Because Greenbelt was collectively owned the House Un-American Activities Committee would blacklist and put on trial most of Greenbelt’s residents and officials. Though they didn’t find much evidence of communist influence, the town was a target of the red scare by the DMV area, residents were discriminated, blacklisted, and pressured into selling their assets. While Greenbelt did commodify some of the town, the still existing co-ownership shows the town’s democratic initiative to maintain its heritage. The green cities desegregated in the 50’s and 60’s depending on state law, Greenbelt was the last to desegregate under the Civil Rights Act of 1964, while discrimination persisted for years by the 1980’s the town would become half non-white, today the town is 47% black and 10% Asian.

Though these towns largely integrated with a privatized and suburbanized America, they do stand as a memorial to an idea of American urbanism that died. They were designed for walkability and were planned to be more democratic and egalitarian towns, with the conditions that came with segregation and government oversight. You can’t ignore the strict standards and racism in their history, but you can say that about many towns. How do you think America would be different if more cities had green suburbs that were more interconnected and designed for community gatherings?

[mostlysignssomeportents]

The housing emergency and the second Trump term

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveill ance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/12/11/nimby-yimby-fimby/#home-team-advantage

Postmortems and blame for the 2024 elections are thick on the ground, but amidst all those theories and pointed fingers, one explanation looms large and credible: the American housing emergency. If the system can't put a roof over your head, that system needs to go.

American housing has been in crisis for decades, of course, but it keeps getting worse…and worse…and worse. Americans pay more for worse housing than at any time in their history. Homelessness is at a peak that is soul-crushing to witness and maddening to experience. We turned housing – a human necessity second only to air, food and water – into an asset governed almost entirely by market forces, and so created a crisis that has consumed the nation.

The Trump administration has no plan to deal with housing. Or rather, they do have plans, but strictly of the "bad ideas only" variety. Trump wants to deport 11m undocumented immigrants, and their families, including citizens and Green Card holders (otherwise, that would be "family separation" and that's cruel). Even if you are the kind of monster who can set aside the ghoulishness of solving your housing problems by throwing someone in a concentration camp at gunpoint and then deporting them to a country where they legitimately fear for their lives, this still doesn't solve the housing emergency, and will leave America several million homes short.

Their other solution? Deregulation and tax cuts. We've seen this movie before, and it's an R-rated horror flick. Financial deregulation created the speculative mortgage markets that led to the 2008 housing crisis, which created a seemingly permanent incapacity to build new homes in America, as skilled tradespeople retired or changed careers and housebuilding firms left the market. Handing giant tax cuts to the monopolists who gobbled up the remains of these bankrupt small companies minted a dozen new housing billionaires who preside over companies that make more money than ever by building fewer homes:

https://www.fastcompany.com/91198443/housing-market-wall-streets-big-housing-market-bet-has-created-12-new-billionaires

This isn't working. Homelessness is ballooning. The only answer Trump and his regime have for our homeless neighbors is to just make it a crime to be homeless, sweeping up homeless encampments and busting homeless people for "loitering" (that is, existing in space). There is no universe in which this reduces homelessness. People who lose their homes aren't going to dig holes, crawl inside, and pull the dirt down on top of themselves. If anything, sweeps and arrests will make homelessness worse, by destroying the possessions, medication and stability that homeless people need if they are to become housed.

Today, The American Prospect published an excellent package on the housing emergency, looking at its causes and the road-tested solutions that can work even when the federal government is doing everything it can to make the problem worse:

https://prospect.org/infrastructure/housing/2024-12-11-tackling-the-housing-crisis/

The Harris campaign ran on Biden's economic record, insisting that he had tamed inflation. It's true that the Biden admin took action against monopolists and greedflation, including criminal price-fixing companies like Realpage, which helps landlords coordinate illegal conspiracies to rig rents. Realpage sets the rents for the majority of homes in major metros, like Phoenix:

https://www.azag.gov/press-release/attorney-general-mayes-sues-realpage-and-residential-landlords-illegal-price-fixing

Of course, reducing inflation isn't the same as bringing prices down – it just means prices are going up more slowly. And sure, inflation is way down in many categories, but not in housing. In housing, inflation is accelerating:

https://www.latimes.com/opinion/story/2024-03-08/inflation-housing-shortage-economy-cpi-fed-interest-rate

The housing emergency makes everything else worse. Blue states are in danger of losing Congressional seats because people are leaving big cities: not because they want to, but because they literally can't afford to keep a roof over their heads. LGBTQ people fleeing fascist red state legislatures and their policies on trans and gay rights can't afford to move to the states where they will be allowed to simply live:

https://www.nytimes.com/2024/07/11/business/economy/lgbtq-moving-cost.html

So what are the roots of this problem, and what can we do about it? The housing emergency doesn't have a unitary cause, but among the most important factors is fuckery that led to the Great Financial Crisis and the fuckery that followed on from it, as Ryan Cooper writes:

https://prospect.org/infrastructure/housing/2024-12-11-housing-industry-never-recovered-great-recession/

The Glass-Steagall Act was a 1933 banking regulation created to prevent Great Depression-style market crashes. It was killed in 1999 by Bill Clinton, who declared, "the Glass–Steagall law is no longer appropriate." Nine years later, the global economy melted down in a Great Depression-style market crash fueled by reckless speculation of the sort that Glass-Steagall had prohibited.

The crash of 2008 took down all kinds of industries, but none were so hard-hit as home-building (after all, mortgages were the raw material of the financial bubble that popped in 2008). After 2008, construction of new housing fell by 90% for the next two years. This protracted nuclear winter in the housing market killed many associated industries. Skilled tradespeople retrained, or "left the job market" (a euphemism for becoming disabled, homeless, or destroyed). Waves of bankruptcies swept through the construction industry. The construction workforce didn't recover to pre-crisis levels for 16 years (and of course, by then, there was a huge backlog of unbuilt homes, and a larger population seeking housing).

Meanwhile, the collapse of every part of the housing supply chain – from raw materials to producers – set the stage for monopoly rollups, with the biggest firms gobbling up all these distressed smaller firms. Thanks to this massive consolidation, homebuilders were able to build fewer houses and extract higher profits by gouging on price. They doubled down on this monopoly price-gouging during the pandemic supply shocks, raising prices well above the pandemic shortage costs.

The housing market is monopolized in ways that will be familiar to anyone angry about consolidation in other markets – from eyeglasses to pharma to tech. One builder, HR Horton, is the largest player in 3 of the country's largest markets, and it has tripled its profits since 2005 while building half as many houses. Modern homebuilders don't build: they use their scale to get land at knock-down rates, slow-walk the planning process, and then farm out the work to actual construction firms at rates that barely keep the lights on:

https://www.thebignewsletter.com/p/its-the-land-stupid-how-the-homebuilder

Monopolists can increase profits by constraining supply. 60% of US markets are "highly concentrated" and the companies that dominate these markets are starving homebuilding in them to the tune of $106b/year:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3303984

There are some obvious fixes to this, but they are either unlikely under Trump (antitrust action to break up builders based on their share in each market) or impossible to imagine (closing tax loopholes that benefit large building firms). Likewise, we could create a "homes guarantee" that would act as an "automatic stabilizer." That would mean that any time the economy slips into recession, this would trigger automatic funding to pay firms to build public housing, thus stimulating the economy and alleviating the housing supply crisis:

https://www.peoplespolicyproject.org/wp-content/uploads/2018/04/SocialHousing.pdf

The Homes Guarantee is further explained in a separate article in the package by Sulma Arias from People's Action, who describes how grassroots activists fighting redlining planted the seeds of a legal guarantee of a home:

https://prospect.org/infrastructure/housing/2024-12-11-why-we-need-homes-guarantee/

Arias describes the path to a right to a home as running through the mass provision of public housing – and what makes that so exciting is that public housing can be funded, administered and built by local or state governments, meaning this is a thing that can happen even in the face of a hostile or indifferent federal regime.

In Paul E Williams's story on FIMBY (finance in my back yard), the executive director of Center for Public Enterprise offers an inspirational story of how local governments can provide thousands of homes:

https://prospect.org/infrastructure/housing/2024-12-11-fimby-finance-in-my-backyard/

Williams recounts the events of 2021 in Montgomery County, Maryland, where a county agency stepped in to loan money to a property developer who had land, zoning approval and work crews to build a major new housing block, but couldn't find finance. Montgomery County's Housing Opportunities Commission made a short-term loan at market rates to the developer.

By 2023, the building was up and the loan had been repaid. All 268 units are occupied and a third are rented at rates tailored to low-income tenants. The HOC is the permanent owner of those homes. It worked so well that Montgomery's HOC is on track to build 3,000 more public homes this way:

https://www.nytimes.com/2023/08/25/business/affordable-housing-montgomery-county.html

Other – in red states! – have followed suit, with lookalike funds and projects in Atlanta and Chattanooga, with "dozens" more plans underway at state and local levels. The Massachusetts Momentum Fund is set to fund 40,000 homes.

https://www.nytimes.com/2023/08/25/business/affordable-housing-montgomery-county.html

The Center for Public Enterprise has a whole report on these "Government Sponsored Enterprises" and the role they can play in creating a supply of homes priced at a rate that working people can afford:

https://prospect.org/infrastructure/housing/2024-12-11-fimby-finance-in-my-backyard/

Of course, for a GSE to loan money to build a home, that home has to be possible. YIMBYs are right to point to restrictive zoning as a major impediment to building new homes, and Robert Cruickshank from California YIMBY has a piece breaking down the strategy for fixing zoning:

https://prospect.org/infrastructure/housing/2024-12-11-make-it-legal-to-build/

Cruickshank lays out NIMBY success stories in cities like Austin and Minneapolis adopting YIMBY-style zoning rules and seeing significant improvements in rental prices. These success stories are representative of a broader recognition – at least among Democratic politicians – that restrictive zoning is a major contributor to the housing emergency.

Repeating these successes in the rest of the country will take a long time, and in the meantime, American tenants are sitting ducks for predatory landlords, With criminal enterprises like Realpage enabling collusive price-fixing for housing and monopoly developers deliberately restricting supplies to keep prices up (a recent Blackrock investor communique gloated over the undersupply of housing as a source of profits for its massive portfolio of rental properties), tenants pay more and more of their paychecks for worse and worse accommodations. They can't wait for the housing emergency to be solved through zoning changes and public housing. They need relief now.

That's where tenants' unions come in, as Ruthy Gourevitch and Tara Raghuveer of the Tenant Union Federation writes in their piece on the tenants across the country who are coordinating rent strikes to protest obscene rent-hikes and dangerous living conditions:

https://prospect.org/infrastructure/housing/2024-12-11-look-for-the-tenant-union/

They describe a country where tenants work multiple jobs, send the majority of their take-home pay to their landlords – a quarter of tenants pay 70% of their wages in rent – and live in vermin-filled homes without heat or ventilation:

https://www.phenomenalworld.org/analysis/terms-of-investment/

Public money from Freddie Mae and Fannie Mac flood into the speculative market for multifamily homes, a largely unregulated, subsidized speculative bonanza that lets the wealthy make bets and the poor pay their losses.

In response, tenants unions are popping up all across the country, especially in red state cities like Bozeman, MT and Louisville, KY. They organize for "just cause" evictions that ban landlords from taking their homes away. They seek fair housing voucher distribution practices. They seek to close eviction loopholes like the LA wheeze that lets landlords kick you out following "renovations."

The National Tenant Policy Agenda demands "national rent caps, anti-eviction protections, habitability standards, and antitrust action," measures that would immediately and profoundly improve the lives of millions of American workers:

https://docs.google.com/document/d/1JF1-fTalW1tOBO0FhYDcVvEd1kQ2HIzkYFNRo6zmSsg/edit

They caution that it's not enough to merely increase housing supply. Without a strong countervailing force from organized tenants, new housing can be just another source of extraction and speculation for the rich. They say that the Federal Housing Finance Agency – regulator for Fannie and Freddie – could play an active role in ensuring that new housing addresses the needs of people, not corporations.

In the meantime, a tenants' union in KC successfully used a rent strike – where every tenant in a building refuses to pay rent – to get millions in overdue repairs. More strikes are planned across the country.

The American system is in crisis. A country that cannot house its people is a failure. As Rachael Dziaba writes in the final piece for the package, the situation is so bad that water has started to flow uphill: the cities with the most inward migration have the least job growth:

https://prospect.org/infrastructure/housing/2024-10-18-housing-blues/

It's not just housing, of course. Americans pay more for health care than anyone else in the rich world and get worse outcomes than anyone else in the rich world. Their monopoly grocers have spiked their food prices. The incoming administration has declared war on public education and seeks to relegate poor children to unsupervised schools where "education" can consist of filling in forms on a Chromebook and learning that the Earth is only 5,000 years old.

A system that can't shelter, feed, educate or care for its people is a failure. People in failed states will vote for anyone who promises to tear the system down. The decision to turn life's necessities over to unregulated, uncaring markets has produced a populace who are so desperate for change, they'll even vote for their own destruction.

[allmortgagesus]

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[sobeautifullyobsessed]

Housing update...

As some following this blog might remember, I've been hoping to be able to move in with a relative who has been experiencing serious health issues (severe osteoarthritis in her hip), which would be of help to both of us; I'd be paying rent which she could put towards her mortgage, plus do the cleaning & maintenance on her condo which is now beyond her ability. She's already qualified to go on full disability, but she won't take it yet as she fears the reduction in her income would eat into her retirement savings too quickly. And while I had envisioned that I would be settled in with her by Christmas, she isn't ready to let me move in right now just in case her daughter (whom she subsidizes rent for) decides to move back home. So, I remain homeless in a state whose low-income housing waiting list remains closed.

As a result, I need to raise enough funds...

...to supplement my work income through the end of the year so that I can keep a roof over my head and a warm place to sleep. Nighttime temperatures have fallen into the twenties, so there's no way I can sleep in my car. I hope to raise around $500 for the remainder of 2024, with an immediate need of $175 towards next week's cost.

I know very well that just about everyone is going through financial stress right now (along with the added stress of the holiday season), so I understand that donations will be hard to come by. But in my desperation, I just have to try--while hoping for the best. I am sending out my love and gratitude to anyone who might help with a reblog or donation!

$0/$175 (short-term goal)

$0/$500 (goal for December)

[roki58750]

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