(RECAP: Plans are in the works for the first project in what is to become another revitalized area of Virginia Beach. The Franklin Johnston Group will revitalize 10 acres of land near Witchduck Road to make way for the plotted Price Street Apartments. Several vacant warehouses currently occupy the property. Christen Faatz, Franklin Johnston Group’s vice president of operations, said the anticipated groundbreaking for Price Street Apartments is in late 2017. Residents should start moving in by the following year, and the complex should be completed by 2019. Marlyn Development will be the builder for the project, which will include seven four-tale buildings with a total of 264 units. Leasing prices will range from $800 to $1,100 per month, depending on the unit size. Faatz anticipates there will be more projects in the area.)

Powered by WPeMatico

(RECAP: The FHA announced plans on Thursday to increase loan limits in 2017, announcing a significant jump in counties set to increase compared to last year. Due to home price increases, the FHA said that most areas in the country will see a slight increase in loan limits in 2017. These loan limits are effective for case numbers assigned on or after Jan. 1, 2017, and will remain in effect through the end of the year. The FHA recalculates its national loan limit on a yearly basis. The limits are based on a percentage calculation of the nation conforming loan limit. In high-cost areas, the FHA national loan limit “ceiling” will increase to $636,150 from $625,500. FHA will also increase its “floor” to $275,665 from $271,050.)

Powered by WPeMatico

(RECAP: Smoking is to be prohibited in federally subsidized public housing nationwide as soon as early next year under a rule announced Wednesday by the U.S. Department of Housing and Urban Development. The rule, proposed by the agency last year, bans lit tobacco products such as cigarettes, cigars and pipes in all indoor areas — even inside people’s apartments — and within 25 feet of all buildings. The prohibition is to be written into residents’ leases. Repeated violations could lead to eviction. The agency is giving local public housing agencies 18 months to implement the policy. One possible obstacle to the ban: President-elect Donald Trump could reverse it when he takes office.)

Powered by WPeMatico