Foreclosure Relief from HUD

The United States Department of Housing and Urban Development reported on August 31, 2007 that President George H. Bush plans to use HUD's Federal Housing Administration (FHA) to help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset − but are now in default − to qualify for refinancing.

In addition, FHA will implement risk-based premiums that match the borrower's credit profile with the insurance premium they pay; i.e., riskier borrowers pay more. According to HUD, “this common-sense, risk-based pricing structure will begin on January 1, 2008.”

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June 2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.
   

For more information about FHASecure and other FHA products, please call 1-800-CALL-FHA or visit www.fha.gov or www.hud.gov. For a list of your local homeownership center or a HUD-approved housing counseling center, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.

Developer to Appeal Beverly Subdivision Decision

According the Beverly Citizen, a developer who had sought permission to build a four-lot subdivision at 30 Foster Street in Beverly has appealed the decision by suing the Planning Board in Superior Court.

The Planning board purported denied the project following a site visit when they determined that there was an issue with the site plans. The board also denied the project because they felt it would add four to five times the amount of existing traffic at the intersection of Foster Street and the proposed new road.

The developer, Robert Hubbard, is arguing that the board’s denial was done improperly, that his plan conforms to the requirements of City zoning laws, and that there no was no evidence ever submitted to the Planning board to prove that the amount of traffic would increase that amount.

As of August 16, 2007, no hearing had been scheduled, but the Superior Court clerk is set to check on the case on November 19, 2007.

Haverhill to Begin Largest Development Project in History

The Eagle-Tribune has reported that financing for the Forest City apartments, have been approved.

Forest City Enterprises, based in Ohio, recently finalized funding to build a new $70 million, 306-unit apartment complex in Downtown Haverhill.

Construction could start as soon as October 2007, Mayor James Fiorentini said.

Beverly Waterfront Plans

According to the Beverly Citizen, the City of Beverly may soon begin plans to re-write land-use laws to allow new types of development along two downtown waterfronts, Water Street and the Bass River waterfront along River Street and McPherson Drive.

The City is hoping to bring in millions of dollars in new tax revenues. A Special Committee which met in May 2007 is looking to interview prospective consultants and choose a Master Plan perhaps by end of September.

This is more than a year after City Counsilers decided to spend $75,000 on waterfront development planning.