ALBANY—Property tax levy growth will again be capped at 2% for 2023 for local governments that operate on a calendar-based fiscal year, according to data released on July 13 by New York State Comptroller Thomas P. DiNapoli. This figure affects tax cap calculations for all counties, towns, and fire districts, as well as 44 cities…
Read MoreWASHINGTON—The Federal Housing Finance Agency released Fannie Mae's and Freddie Mac's Equitable Housing Finance Plans for 2022-2024 that the agency said are designed to complement initiatives that promote the Enterprises' safety and soundness and foster housing finance markets. The plans, which were released on June 8, are intended to provide equitable access to affordable and…
Read MoreNEW YORK—The U.S. Department of Housing and Urban Development announced on May 27 it had awarded approximately $796 million in funding to 71 public housing authorities (PHAs) in New York to make capital investments in their public housing properties. This funding is part of $3.2 billion in Fiscal Year 2022 Capital Fund Program awards to…
Read MoreYORKTOWN HEIGHTS—Boston-based Brookline Bancorp, Inc. and PCSB Financial Corporation, which is headquartered in Yorktown Heights, announced on May 24 that they had entered into a definitive merger agreement whereby Brookline will acquire PCSB and its wholly owned subsidiary, PCSB Bank for approximately $313 million in cash and stock. Following the transaction, PCSB Bank will operate…
Read MoreNEW YORK—A host of federal, state and city agencies have closed on the refinancing of a $621.5-million U.S. Housing and Urban Development loan with Riverbay Corp., the management company for Co-op City in the Bronx. The refinancing deal announced on April 27, provides Riverbay Corp. with $124 million in proceeds that will be used for…
Read MoreWASHINGTON—Mortgage applications decreased 6.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 25, 2022. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…
Read MoreALBANY—The average bonus paid to employees in New York City’s securities industry for 2021 grew to $257,500, a 20% jump over the previous year’s record high, according to annual estimates released on Wednesday by New York State Comptroller Thomas P. DiNapoli. The estimated bonuses paid out on Wall Street are higher than the city’s most…
Read MoreNEW ROCHELLE—BRP Companies, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), New York State Homes and Community Renewal, Westchester County, Interfaith Dwellings Corporation, Merchants Bank of Indiana, Wells Fargo, and Fannie Mae announced on Feb. 28 the closing of $294 million in construction financing for the 477-unit, mixed-use development located at 500…
Read MoreSTAMFORD, CT—Webster Financial Corp. and Sterling Bancorp jointly announced today the completion of their previously announced merger that is estimated to put the market value of the combined company at approximately $10.3 billion. The merger also has Webster relocating its corporate headquarters from Waterbury, CT to Stamford, CT. Sterling’s former headquarters was in Pearl River.…
Read MoreYONKERS—Westhab, a Yonkers-based provider of affordable housing and social services, wrapped up 2021 by closing on construction financing for the Hudson Hill affordable housing project in Yonkers and a shelter renovation project in the borough of Queens. Hudson Hill in Yonkers is a 113-unit ground-up affordable housing development incorporating state-of-the-art green technologies. The Briarwood Rapid…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Jan. 13 a total of $991 million in bonds and subsidies awarded to create or preserve 3,242 affordable, sustainable, and supportive homes across the state. The funding awards include $680 million in financing for six projects in the New York City and Mid-Hudson regions. The developments will leverage…
Read MoreEditor's Note: Reprinted with permission from the National Association of Realtors®. By Scholastica (Gay) Cororaton Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers. The share of first-time buyers fell to 26% in November, according to the November REALTORS® Confidence Index Survey, a survey of…
Read MoreNANUET—The National Association of Minority Mortgage Bankers of America (NAMMBA) recently announced a partnership with locally-based Hudson United Mortgage in NAMMBA’s effort to affect positive change with the housing needs of underserved communities and with the development of a more diverse mortgage workforce. “We’re extremely excited to partner with Hudson United Mortgage,” said NAMMBA Founder/CEO…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Dec. 6 that New York State is the first state in the nation to receive U.S. Department of the Treasury's approval to launch its Homeowner Assistance Fund, a program that will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. Applications…
Read MoreWASHINGTON—The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. The market area of the Hudson…
Read MoreNEW YORK—The New York City Housing Authority and the New York City Department of Housing Preservation and Development reported on Sept. 28 they had finalized a $60-million deal that will bring 101 new affordable apartments to the Mott Haven neighborhood of the Bronx. Construction on the 101-unit Betances Family Apartments building at a site of…
Read MoreWASHINGTON - The U.S. Department of Housing and Urban Development announced earlier this month it had awarded $47.4 million to fair housing organizations across the country under its Fair Housing Initiatives Program. The grants will support the efforts of 120 national and local fair housing organizations working to address violations of the Fair Housing Act…
Read MoreWASHINGTON—The Fannie Mae Home Purchase Sentiment Index released on Sept. 7 was largely unchanged in August, decreasing 0.1 points to 75.7, as survey respondents tempered both their recent pessimism about homebuying conditions and their upward expectations of home price growth. Overall, three of the index’s six components increased month over month, while the other three…
Read MoreELMSFORD—Robert Martin Company recently reported the sale of its 555 White Plains Road office building in Tarrytown to an undisclosed purchaser. The sale price was $8.85 million. The five-story office building, which is located on 4.2 acres of property, was previously occupied by Tappan Zee Constructors LLC during the construction of the Mario M. Cuomo…
Read MoreWASHINGTON—Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae's AllRegs Market Clarity business information tool. The MBA report released on Aug. 12 indicated that the MCAI rose by 0.3% to 119.1 in July. A decline in…
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