Month: July 2010

by Tim Herriage Tim Herriage No Comments

House panel OKs $882 million for Trinity River

House panel OKs $882 million for Trinity River project

06:47 AM CDT on Friday, July 30, 2010

By MICHAEL A. LINDENBERGER and TOM BENNING / The Dallas Morning News

The Trinity River flood control and parks project will cost a lot more than Dallas officials thought just three years ago.

Congress authorized $459 million in 2007 for the Trinity River Floodway, a massive public works effort the city hopes will transform downtown Dallas and the river itself.

On Thursday, a House committee approved a bill that includes $882 million, nearly twice the original amount.

The money from 2007 hasn't been spent, because the project – along with a controversial $2 billion or more toll road – has been on hold since early last year, when the Army Corps of Engineers said the Trinity River levees were no longer reliable.

Since then, the city has scrambled to address the deficiencies identified by the corps and has insisted that once those fixes are made, the larger Trinity River project will be back on track.

But it's clear now that the delays have been costly for the Trinity River project, often called the most ambitious in the city's history.

The city says it needs $882 million from Congress to complete the project, largely because of tougher flood control standards from the corps, Rep. Eddie Bernice Johnson said Thursday.

So far, Johnson has come through for the city, steering the request through a House committee where it passed as part of a $6 billion water resources bill.

“It's a start,” she said of the victory in the committee. The bill must also be approved by the full House and beyond.

Inflation has caused the price of the project to jump $81.2 million, she said.

“Any time you put something off, costs are going to go up,” she said.

The Trinity River project entails dozens of improvements along the river, including new lakes and a new meandering course for the river.

City leaders also hope it will make room for a high-speed six-lane toll road. The road has been the focus of acrimony since well before City Council member Angela Hunt led a failed attempt in 2007 to scale it down to a non-tolled boulevard she said would be more in keeping with the overall project.

The road may not be built anyway, given a lack of funding for it, but like nearly everything else near the river it has been on hold while the city works to address problems with the levees.

It wasn't immediately clear Thursday night whether any of the money included in the 2010 bill, should it become law, could be used to help offset the city's expenses.

Meanwhile, Johnson's office said in a written statement that the city initially requested the additional funding, following new cost estimates by the Army Corps of Engineers.

“This increase in authorization was requested by the city of Dallas due to new cost estimates for the project. These estimates are based on more detailed engineering by the corps, refined post-Katrina guidance from the corps, and an adjustment for inflation,” she said.

The corps' project manager for the Trinity could not be reached for comment Thursday.

In addition to inflation in the years since the cost estimates were first made in 2003, Johnson said in an interview, the new money is needed to cover the following:

•$40.2 million for levee raises, seepage and stability measures

•$211.5 million for lake dams and erosion control

•$88.5 million for two new pump stations

•$1.4 million for rehabilitation for a third pump station

The bill containing the increase passed the House Transportation and Infrastructure Committee on Thursday and provides $6 billion to authorize navigation, flood prevention and environmental restoration projects by the corps.

mlindenberger@dallasnews.com;

tbenning@dallasnews.com

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

by Tim Herriage Tim Herriage No Comments

Down payment assistance for your buyers

 

GENERAL BUYER REQUIREMENTS

• Families may qualify for up to $30,000 for down payment, closing costs, and/or gap financing based on need

• *Buyer must purchase a foreclosed property

• Texas NSP funds are available to eligible persons who do not currently own a home

• Applicants do not have to be first-time homebuyers

• Total family income must be 80% or less than the Area Median Family Income (AMFI) based on family size

• The property must meet Housing Quality Standards (HQS) (See Texas NSP Website)

• The homebuyer must attend a HUD approved homebuyer education class

• Up to $3,000 of funds can be used for minor “make ready” repairs on the house as required by HQS

• Funds are available now through August 31, 2010, on a first-come, first-served basis

 

*HUD expanded the definition of foreclosure to include: 1) Properties that have mortgages at least 60 days delinquent, 2) Properties that have tax payments

more than 90 days delinquent, 3) Properties upon which foreclosure proceedings have been initiated; and 4) Properties upon which foreclosure proceedings have been completed.

Enterprise Community Partners, Inc. (NMLS #327660)

2201 Main Street Suite 1299 Dallas Texas 75201 214.651.7789 214.651.7231 Fax

UP TO $30,000 AVAILABLE TO

HELP YOU PURCHASE A HOME!

TEXAS NSP NEIGHBORHOOD STABILIZATION PROGRAM (NSP)

MORTGAGE ASSISTANCE PROGRAM

HELP WITH DOWN PAYMENT, CLOSING COSTS, AND GAP FINANCING

80% OR LESS AMFI TABLE

                                 Family Size

City  1 2 4 5 6

Cedar Hill
Duncanville
DeSoto
Lancaster 38,300 43,750 49,200 54,650 59,050 63,400

Midlothian 38,300 43,750 49,200 54,650 59,050 63,400

Waxahachie 38,300 43,750 49,200 54,650 59,050 63,400

Granbury 36,500 41,700 46,900 52,100 56,300 60,450

Greenville 38,300 43,750 49,200 54,650 59,050 63,400

Cleburne 37,750 43,150 48,550 53,900 58,250 62,550

Forney 38,300 43,750 49,200 54,650 59,050 63,400

Corsicana 27,250 31,150 35,050 38,900 42,050 45,150

Weatherford 37,750 43,150 48,550 53,900 58,250 62,550

Rockwall 38,300 43,750 49,200 54,650 59,050 63,400

Income figures as published by HUD in May 2010

HOW TO GET STARTED

1. Find the city you are interested in and family size on the table shown. If your total family income is less than the amount shown, you may qualify for the program.

2. Call 1-877-839-6771 to apply for the program.

– Texas NSP Contacts: Richard Pine, Sylvia Gonzalez, and Tammi Southall

3. Attend home buyer education at one of the HUD Approved Homebuyer Education Providers on our website.

4. Contact a lender to apply for a mortgage loan.

5. Locate a Realtor to help you find a home (Must be a foreclosure*).

 

SUBSIDY REQUIREMENTS & TERMS

􀂃 Households at 80% AMFI or less

􀂃 Must be pre-approved by a mortgage lender

􀂃 Fixed rate mortgage

􀂃 0% interest – 0% APR

􀂃 Forgivable loan – 5 to 10 years based on loan amount

􀂃 Minimum Down Payment: $500

1-877-TEX-NSP1 (1-877-839-6771)

Visit our website

www.enterprisecommunity.org/txnsp to see if you qualify!

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

by Tim Herriage Tim Herriage No Comments

Does Real Estate drive the economy?

Now, I am not an economist, but I do understand the significance of real estate, specifically single family housing sales, with regards to the US economy.  Case and point:

The homebuyers tax credit ended on April 30th.  Sales are down over 25% since the end of the tax credit, and showings are down almost 50%.  Have you looked at the DOW with regards to what has happened since sales began to back track? 

On April 30th, the DOW was at 11,000.  It closed Friday, July 2nd at 9,680.  That is a 12% drop in approximately 60 days.  Here is a link to the chart

Now, the way I see it, Congress needs to stop messing around with their civil agenda, and prop up housing.  If you aren't going to prop it up, then let it fall, and let it fall ALL THE WAY!  There is most likely a severe decline on the horizon, unless there is a new stimulus package, for housing.

Let me know what you think,

 

See you online!

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

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