(RECAP: One of the oldest structures of southern Virginia’s tobacco trade will receive a $600,000 cash infusion from the state as part of a developer’s plot to convert the fading building into mixed use commercial-residential complex. The Planter’s Warehouse in Clarksville was among the recipients of Industrial Revitalization Funds (IRF) announced this week by Gov. McAuliffe. The funding goes towards the revitalization of derelict structures. John David McCormack Jr., of Waukeshaw Development, approached Clarksville last fall with plans to rehabilitate the warehouse for use as a viable, mixed commercial and residential space. He anticipated spending about $2.6 million to convert 14,000 square feet of warehouse space into a mixed use building, with a restaurant on the ground floor and upscale apartments above, similar to a project he completed in Petersburg.)

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(RECAP: Buying a home isn’t just for the wealthy. Low- to -moderate income individuals and families have opportunities. Programs exist for first-time homebuyers. A first-time homebuyer is defined by the Virginia Department of Housing and Community Development as a prospective buyer who has never owned a home before or has not “held primary ownership in a principle residence within the most recent three-year period.” In fact, homeownership programs operating in part through federal support are implemented at the state and local level through partnerships with cities, nonprofit housing service providers and others. Numerous programs exist; let’s examine three of them. First, a statewide program administered through the not-for-profit Virginia Housing and Development Authority provides pathways to homeownership by providing free homeowner education, low-interest loans, and grants for down payment and closing-cost help.)

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(RECAP: The Federal Reserve has long said it intends to shrink its balance sheet once the economy had gotten back on its feet from the financial crisis. But former Fed Chairman Ben Bernanke now thinks this nostalgia for the past might be a mistake. Bernanke said he came away from the Fed’s summer retreat in Jackson Hole convinced by experts that keeping a larger balance sheet, on balance, might be a smart thing to do. Bernanke said the large balance sheet could be a tool for enhancing financial stability. Facing stricter regulations, banks have a need for safe, liquid, assets. Instead of having the private market try to jerry-rig such assets, the Fed could offer its securities holdings to financial market participants when needed through reverse-repurchase agreements.)

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