(RECAP: A once proud history in Hampton’s Olde Hampton neighborhood has long been overshadowed by the area’s economic woes, but more than a decade of redevelopment efforts are starting to bear fruit, and officials say the area is finally garnering interest from private developers. The HRHA has been bringing in developers with the dollar lot program — builders can buy an empty lot in Olde Hampton for a dollar to build and sell homes. The city has sold 18 lots around the city, with three more under contract. Another 19 lots are ready for round two of the program. About a dozen of the plots are in Olde Hampton. Thirteen of the 18 lots sold have had houses built on them and been resold. And the HRHA has been acting as its own developer — the 19-unit Patterson Crossing Apartments, expected to open in November, were built by the HRHA on a plot that previously housed two adjacent smaller apartment buildings. Across the street stand three houses the HRHA finished in 2015.)

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(RECAP: FHA mortgage loans have historically been riskier than conventional mortgage loans because borrowers on FHA loans typically have lower credit scores and high LTV ratios on their loans. The surprising recent data shows, but, that FHA loans may not be as risky as they have been historically—and in fact, lately, have been less risky than conventional loans. Not only is the risk down for FHA/VA/USDA loans down compared with conventional mortgage loans, but the volume is up. The recently-released American Enterprise Institute/First American National Mortgage Market Index showed an increase of 9.2 percent in Q2 2016, compared with last year, and that the share of FHA-backed mortgage loans has increased relative to the volume of conventional loans.)

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(RECAP: In Richmond’s Creighton Court, residents are coming to terms with news that an overhaul of the public housing development will not happen any time soon. Many saw the east-end redevelopment as a second chance for Creighton Court and the surrounding area, but with $30 million in federal funding falling through, the restart will have to wait. Earlier this year, the Richmond Redevelopment Housing Authority projected the Creighton Court overhaul would take five years. Without the grant, it could take 10. Moving forward, Richmond city council will have to make a new approach to re-develop the area.)

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