PORTLAND, OR – Community Development Partners announced the recent closing of affordable, multi-family housing properties Baltimore Gardens and Cleveland Gardens in Las Vegas, NV and Viking Village in Salem, OR.  The properties consisting of 201 units in Las Vegas, NV closed on February 3; and the 87-unit development in Salem, OR closed on February 17.  These properties are the newest additions to the developer’s expanding portfolio of life-enhancing, affordable communities. 

Baltimore and Cleveland Gardens includes two existing HUD-helped developments in Las Vegas, NV.  The properties, located at 316 West Baltimore Ave and 311 Cleveland Ave, consist of 201 units throughout 21 buildings constructed between 1958 and 1960.  All units receive Section 8 rental help for those earning up to 60 percent of the AMI.  

Community Development Partners has teamed with BLVD Capital to renovate the unit interiors and building systems to enhance living conditions and improve energy efficiency and security. Renovations are designed by Integrated Design & Architecture, constructed by Precision, with property management by Cornerstone.  Construction is set to be complete in December 2017. 

Viking Village is an HUD-helped development located at 3402-3570 Fairhaven Ave NE in Salem, OR. The ten-building property was constructed in 1969 and contains 87 units, 86 of which receive Section 8 rental help for those earning up to 60 percent of the AMI. Ten units are set aside for agricultural workers. The rehabilitation will include unit interiors and building systems upgrades.

To develop a deeper sense of community and pride of place, Community Development Partners is constructing a new community building, education center, and community garden. Renovations are designed by Waechter Architecture, constructed by LMC, with property management by Cascade.  Nonprofit partners include AOF/Pacific Affordable Housing Corp and Salem Housing Authority. Construction will commence this month.

Eric Paine, Chief Executive Officer of Community Development Partners, says, “The acquisition of these projects in key markets ideally suits our mission-driven strategy of executing projects where we can provide a profound transformation for the residents and surrounding communities.”

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NEW YORK, NY –  Mortgage rates increased for a second week in a row, with the benchmark 30-year fixed mortgage rate rising to the highest level since April 2014 at 4.38 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed increased to 4.35 percent and the average 15-year fixed mortgage rate climbed to 3.57 percent. Adjustable mortgage rates also went up, with the 5-year ARM stepping up to 3.57 percent and the 7-year ARM to 3.77 percent.  

Mortgage rates posted further increases after a speech by Federal Reserve Chair Janet Yellen all-but-telegraphed the expectation of an interest rate hike on March 15. The Federal Open Market Committee meets March 14-15 and is now widely expected to raise interest rates another quarter percentage point.

Just three weeks ago, there were scant odds of a March rate hike, but it has become a near lock in recent weeks. This also increases the prospect that the Fed will raise interest rates more than twice this year. Bond yields and mortgage rates had to recalibrate to reflect these now higher odds. Mortgage rates are closely related to yields on long-term government bonds.

At the current average 30-year fixed mortgage rate of 4.38 percent, the monthly payment for a $200,000 loan is $999.16.

SURVEY RESULTS

30-year fixed: 4.38% — up from 4.31% last week (avg. points: 0.26)

15-year fixed: 3.57% — up from 3.49% last week (avg. points: 0.24)

5/1 ARM: 3.57% — up from 3.48% last week (avg. points: 0.27)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The overwhelming majority of panelists, 90 percent, expect mortgage rates to keep climbing, while the remaining 10 percent predict that mortgage rates will remain more or less unchanged in the coming week. None of this week’s respondents expect a decline in mortgage rates over the next week.

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