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Seattle documents renovation programs, tax relief for aging in place

Housing Wire

But a nonprofit organization in the Seattle area is seeking to help more seniors renovate their homes to age safely. And a state property tax relief program recently raised its maximum income threshold to allow more Puget Sound-area seniors to qualify.

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MBA sees risk in new Florida law that gives first-lien priority to PACE loans

Housing Wire

The Mortgage Bankers Association (MBA) this week detailed its reasons for opposing a bill in the state of Florida designed “to expand projects eligible for residential Property Assessed Clean Energy ( PACE ) financing,” which was recently signed into law by Gov. Ron DeSantis. The Florida Legislature and Gov.

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Congress should adopt mortgage interest tax credit: CHLA

Housing Wire

The eligible deduction was lowered from total mortgage balances of $1 million under prior law to $750,000. The 2017 law also made interest from home equity loans non-deductible except for when the money is applied to home improvements or renovations.

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CFPB proposes rule to bolster PACE loan borrower protections

Housing Wire

The Consumer Financial Protection Bureau (CFPB) announced on Monday a proposed rule that seeks to bolster consumer protections for borrowers seeking Property Assessed Clean Energy ( PACE ) financing for home renovations. We are proposing new rules that would require sensible safeguards on these clean energy loans.”

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CFPB rule applies mortgage protections to clean energy loans

Housing Wire

The rule applies existing protections for residential mortgages to borrowers who seek PACE loans to upgrade or renovate their homes through clean energy technology. PACE loans which are often used to finance environmentally minded renovations, like the addition of solar panels have led to financial instability for some borrowers.

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Opinion: More financing options for ADUs are needed

Housing Wire

For homeowners, ADUs can generate substantial rental income that assists homeowners in covering escalating property taxes and mortgage payments. Importantly, homeowners can also include 50% of their estimated rental income when applying for an FHA renovation loan to construct an ADU, which helps with DTI constraints.

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Institutional SFR players are stuck in the doldrums

Housing Wire

Inviting an SFR lawsuit Invitation Homes earlier this year failed to convince a judge to dismiss a pending whistleblower lawsuit filed against the company in federal court in San Diego that alleges it made improvements at scores of properties in California without first securing required building permits.