Mortgage

NYCHA and HPD Finalize Deal to Build $60M Bronx Affordable Housing Project

September 29, 2021

NEW 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…

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WRO, City of White Plains Awarded HUD Fair Housing Program Funding

September 9, 2021

WASHINGTON - 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…

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Fannie Mae: Consumers Slightly More Optimistic About Homebuying Conditions for First Time Since March

September 9, 2021

WASHINGTON—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…

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Tarrytown Office Building Trades for Nearly $9 Million

August 23, 2021

ELMSFORD—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…

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MBA Says Mortgage Credit Availability Increased in July

August 23, 2021

WASHINGTON—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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CPC Deploys Nearly $940 Million to Support More Than 260 Affordable Housing Projects

August 4, 2021

NEW YORK—The Community Preservation Corporation (CPC) announced on Aug. 2 that it had deployed approximately $937 million in capital to support impactful housing and community development projects during a record-breaking 2021 fiscal year that ran from July 1, 2020 through June 30, 2021. CPC’s work across its construction, permanent, and agency lending and investing platforms…

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GUEST VIEWPOINT: Victory for Fair Housing, What’s Next?

August 2, 2021

It’s easy to see why the real estate community of Westchester County would celebrate a long, hard-fought battle for the passage of an amendment to the county’s co-op disclosure law (2018-11). The Hudson Gateway Association of Realtors and the New York State Association of Realtors have been lobbying Albany lawmakers for statewide approval for 20…

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Residential, Commercial Lenders Predict Low Rates, High Demand in 2021

July 14, 2021

WHITE PLAINS—It’s no secret that the residential housing buying frenzy is continuing with a vengeance in our region, with properties still receiving multiple offers and many would-be home buyers left in the dust. Low interest rates, currently hovering around 3%, are helping to ignite the desire for home ownership. Lenders throughout the New York metro…

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Valley National Bancorp to Acquire Westchester Bank in $220M Deal

July 1, 2021

WHITE PLAINS—New York City-based Valley National Bancorp and The Westchester Bank Holding Corporation announced on June 28 they had entered into a definitive merger agreement whereby Valley will acquire Westchester, parent company of The Westchester Bank. The acquisition of this high-performing commercial bank will provide Valley a physical footprint and additional commercial lending expertise in…

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New York State Budget Gap Falls From Nearly $39 Billion to $3.4 Billion

June 25, 2021

ALBANY—The State Fiscal Year 2021-22 Enacted Budget Financial Plan shows a remarkable improvement in the state’s financial condition as cumulative four-year budget gaps estimated at $38.7 billion just four months ago have been reduced to $3.4 billion, according to a report released on June 24 by State Comptroller Thomas P. DiNapoli. The reduction was fueled…

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A.S.A.P. Mortgage Opens New Branch in Orange County

June 4, 2021

CENTRAL VALLEY—A.S.A.P. Mortgage Corp. CEO and Founder Irene Amato has announced that the mortgage brokerage firm has opened its newest branch here on Route 32. A.S.A.P. Mortgage’s new Orange County branch at 237 Route 32 opened its doors on June 3 and will offer a full array of mortgage products, the most competitive rates and…

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Commercial, Multifamily Mortgage Delinquencies at Lowest Levels Since Start of Pandemic

April 2, 2021

WASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…

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Report: Wall Street's 2020 Bonuses Rose Amid Volatility

March 29, 2021

ALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…

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Consumer Sentiment on Housing Dips Slightly Despite Growing Labor Market Optimism

March 9, 2021

WASHINGTON—The Fannie Mae Home Purchase Sentiment Index decreased in February by 1.2 points to 76.5. Four of the HPSI’s six components fell month over month, including most notably homebuying conditions and household income components. Offsetting much of that decline, however, was increased optimism regarding job security, with consumers reporting a significantly more positive view of…

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Tompkins Mahopac Bank President & CEO to Retire

February 8, 2021

BREWSTER—The Board of Directors of Tompkins Mahopac Bank announced on Feb. 4 that Gerald J. Klein, Jr. will retire as president and CEO of Tompkins Mahopac Bank after 26 years of service to the company. Tompkins Mahopac Bank also announced the appointment of David DeMilia, currently senior vice president, to president and CEO. Klein will…

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$93.5M Mixed-Use Project in Bedford Park In the Bronx Secures Construction Financing

January 5, 2021

NEW YORK—The New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and Douglaston Development announced on Jan. 5 the closing of construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx. The development will include a new supermarket on the ground…

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Gotham Organization Secures $235M for Lower East Side Tower Project

December 29, 2020

NEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…

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