Welcome to today’s roundup of real estate news, highlighting significant developments and trends across the housing market. From Governor Hochul’s launch of a $150 million initiative to boost housing in New York’s Mid-Hudson region to the opening of affordable senior housing in San Diego, these stories showcase efforts to address housing challenges nationwide. Additionally, insights into market dynamics reveal a shift favoring buyers, with significant price adjustments and an optimistic outlook for future affordability. Dive deeper into each story to explore how these changes are reshaping the landscape of housing and offering new opportunities for residents and investors alike.
Governor Hochul Announces First Awards Under Mid-Hudson Momentum Fund to Unlock Housing Potential and Build More Than 2,400 Homes in New York’s Mid-Hudson Region
Governor Kathy Hochul today unveiled the first awards under the Mid-Hudson Momentum Fund, a $150 million initiative aimed at increasing the housing supply in New York’s Mid-Hudson region. The winning projects include vibrant mixed-use developments, transit-oriented developments, and critical infrastructure improvements that will allow for additional housing in the future. These projects will receive approximately $67 million in state funding to unlock more than $576 million in private investment and more than 2,400 units of housing, including over 1,300 affordable units, across the Mid-Hudson region.
A County First – Affordable Housing Opens on Excess Land | News | San Diego County News Center
Officials celebrated the grand opening of the Levant Senior Cottages in Linda Vista, marking a milestone in addressing the region’s housing crisis. The development, located on County excess land, is the first of 11 affordable housing projects to complete construction.
The Levant Street site, which was once an old child welfare center, now offers 127 affordable units for low-income seniors. The property features a combination of bungalows and studio apartments, along with a community building, a pet park, and courtyard gardens.
The County Supervisor, Monica Montgomery Steppe, emphasized the importance of affordable housing for seniors, stating that it provides a safe and stable environment without the fear of displacement. Thirty-two units are specifically designated for seniors who qualify for the Program of all Inclusive Care for the Elderly (PACE), ensuring access to necessary medical care and social services.
The development was a collaborative effort between the County, Wakeland Housing and Development, and San Diego Kind Corporation. The housing units will remain affordable for 70 years, and the project received support from the San Diego Housing Commission, the state, and federal funding sources.
The completion of the Levant Street project is a significant step towards the County’s commitment to affordable housing. The County has invested $310 million into affordable housing since 2017 and plans to contribute to over 10,000 affordable housing units in the region, providing homes for nearly 21,000 people.
Housing market outlook: Buyers are gaining the upper hand | Fortune
The U.S. housing market is shifting in favor of buyers, with more sellers than buyers in the current environment, according to Compass co-founder and CEO Robert Reffkin. He noted that 30% of the inventory on the market has seen a price drop, the highest in the past decade, while there has been a 16% increase in overall inventory.
Reffkin highlighted that the South, including Florida, has experienced more price cuts due to increased home insurance costs and a surge in inventory. He advised sellers to be aware of buyer pushback and ensure their homes are well-priced to avoid sitting on the market for too long.
Buyers at the high end of the housing market have been boosted by recent stock market gains, offsetting concerns about mortgage rates and affordability. Reffkin emphasized that buyers with thriving investments may not require lower mortgage rates.
The housing market outlook appears positive, with Texas and Florida dominating as the best places for buyers, according to Zillow’s market heat index. Redfin CEO Glenn Kelman also expressed optimism for the housing market in the latter half of 2024, but cautioned that rate cuts from the Federal Reserve would be crucial for sustained growth.
3 Signs a Rolling Recession in Housing-Market Affordability Is Ending
The housing market is slowly recovering from its affordability crisis, according to Charles Schwab. While it’s not yet a booming expansion, the market is showing signs of improvement. The steep acceleration in home-price growth has normalized, although prices remain elevated. Sales are steadily picking up, and new inventory supply has soared as homebuilders respond to unmet demand. However, affordability is still constrained, and mortgage rates are likely to continue drifting higher. Despite these challenges, a stabilization in activity, price growth, and interest rate volatility will provide a more stable foundation for the housing sector.
Affordable housing project for seniors to open in Linda Vista – NBC 7 San Diego
A new affordable housing project in Linda Vista, San Diego, is set to provide over 120 apartments for seniors. The Levant Senior Cottages, a $48.8 million initiative, aims to prevent vulnerable seniors from experiencing homelessness.
The project offers 108 studios, 18 one-bedroom units, and one two-bedroom manager unit. With the number of homeless San Diegans aged 55 and older increasing by 30% from last year, the Levant Senior Cottages will provide vouchers to approximately 70 units, allowing residents to pay around 30% of their income towards rent.
Levant is the first property to open as part of a county initiative to repurpose excess land for affordable housing. San Diego County has invested over $300 million since 2017 in developing 11 excess property sites into affordable housing.
If you are interested in applying or learning more about the Levant Senior Cottages, contact Wakeland Housing for further information.
News Flash • City of Wichita Opens Affordable Housing Fund R
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