(RECAP: Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.” The four principles discussed are Accessibility, Affordability, Sustainability, and Transparency. This release echoes principles discussed in the recent white paper issued by the Treasury, HUD and the FHFA titled: “Guiding Principles for the Future of Loss Mitigation: How the Lessons Learned from the Financial Crisis can Influence the Path Forward.” According to the document these principles build on, but are distinct from, the CFPB’s mortgage servicing rules, supervisory authority and enforcement authority. The CFPB further notes that the document does not establish binding legal requirements, and is instead meant to “complement ongoing discussions among industry, consumer groups and policy makers on the development of loss mitigation programs.”)

Powered by WPeMatico

(RECAP: Dozens of residents living at the Fay Towers in Jackson Ward are excited that phase one of the development project is near completion; these residents say they have been living in filth and disarray for years. The project, that’s being financed through a public-private partnership, allows Richmond Redevelopment and Housing to leverage private debt and equity to redevelop two currently standing buildings and to build an entirely new unit in Jackson Ward. Phase one of the project is the Highland Park Senior Apartments, located in the Highland Park community and less than two miles from Fay Towers. Phase two includes building a new unit in Jackson Ward. The site is less than 10 minutes away from Fay Towers. The building will consist of 72 units, one bedroom, one bathroom units, onsite parking and new amenities. Phase three is the Baker School redevelopment that will include converting classrooms into groundbreaking new apartments.)

Powered by WPeMatico

(RECAP: The Peterson Cos.’ is proposing to more than double the size of its Avonlea development in southeastern Loudoun County, incorporating hundreds of residential units and adding nearly a half-million square feet of commercial to make an “integrated and seamless urban center.” Peterson’s Avonlea, a 28-acre undeveloped site south of Route 50 and east of Pinebrook Road, is currently plotted as an entertainment, retail and commercial campus. The Avonlea proposal was approved in 2015. The Fairfax-based developer of Fairfax Corner and Commonwealth Center has questioned the county for permission to build up to 725 multifamily units, including a 150-bed helped living facility, to construct up to 753,000 square feet of retail, hotel and commercial (the previously approved Avonlea included), and to develop a series of plazas as “focal points” for the community.)

Powered by WPeMatico