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The Pittsburgh Tribune-Review Ron DaParma column: FHA program awaits lender participants
(The Pittsburgh Tribune-Review Via Acquire Media NewsEdge) Oct. 12--The federal government's Hope for Homeowners program went into effect Oct. 1, but officials of the Department of Housing and Urban Development say it will take awhile to get the $300 billion initiative in full operation.
For example, as of late last week, a list of lenders who agreed to participate still was not available on the Internet site of the Federal Housing Administration.
The list is particularly important to homeowners who face imminent foreclosure, according to the Association of Community Organizations for Reform Now, known as ACORN, which tried to sign up homeowners for the program in Pittsburgh.
Lender participation is voluntary, so until lenders are identified it will difficult for people to know who they should see for help.
Applications for the program are not available at HUD offices.
"It is envisioned that the primary way homeowners will initially participate in this program is through the servicing lender on their existing mortgage," the government site says.
The government believes that as many as 400,000 homeowners will receive help under the program.
To qualify, borrowers must be spending more than 31 percent of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan 1. Borrowers must have made six months of payments on their loans.
If their lender goes along with the deal, owners can refinance into a 30-year, fixed-rate loan insured by FHA.
In addition to the FHA Internet site, sources of help include the agency hotline 800 (CALL-FHA) and a toll-free phone line of the Hope Now Alliance at (888) 995-Hope.
Real estate notes:
--The proposed widening of East Carson Street from 25th to 33rd streets apparently will start this fall and be completed by the end of 2010, now that the Pittsburgh Urban Redevelopment Authority has obtained an additional $3 million needed for the project. Originally estimated at $11.25 million, the lowest bidder came in at $14.25 million, PennDOT said. A Federal-Aid Reimbursement Agreement with the state and the city will provide most of the additional money, with the authority adding $500,000 and the Pittsburgh Water and Sewer Authority $1.5 million.
--The Secon Corp. has signed two leases that filled up Building 300, one of two 13,400-square-foot buildings at Cedar Ridge Business Park in Robinson. The first building now counts Ferrellgas, which is relocating from Neville Island, as a tenant, while Vulcraft Sales Corp. expanded into an additional 3,500 square feet, giving it 5,800 square feet. Once 75 percent of the second building is leased, construction on Building 400 will begin.
--Chartiers Landing, a 23-lot single-family home community in Robinson by Stan Celich of Five C Enterprises LLC., is under construction, following a ground-breaking ceremony held by Coldwell Banker Real Estate Co. Attending were representatives of Castelucci Construction, Londonbury Homes and Paragon Homes, who will be the custom builders. Paul Musko is the lead sales agent.
--Landau Building Co. of McCandless is constructing the $3.2 million Northside Fire Station in Morgantown, W.Va. The project should take a year.
--Primanti Brothers has changed the Blue Note on S. Carson St. at 19th Street into a cigar bar. The Blue Note, which Primanti has owned for several years, operates independently from Primanti's restaurant, which is adjacent on 19th Street, South Side.
--Rebecca L. Flora, executive director of the Green Building Alliance in Pittsburgh and chairman of the U.S. Green Building Council, will be the guest speaker at a workshop Tuesday from 11:30 a.m. to 1:30 p.m. at the Lawrence County Economic Development Corp., 11 South Mill St., New Castle.
--Duquesne-based KU Resources Inc. has opened an office in Amity, Washington County, with Donald Blackert as senior consultant.
Transactions:
--Keith McGraw, a partner with Mark LaPort in Concord Hospitality, paid $2.8 million for a site in the Settlers Ridge shopping center complex in Robinson for a 125-room Marriott hotel. The seller was Settlers Ridge LP, represented by Augustus N. Stephas, chief operating officer and senior vice president of CBL/Settlers Ridge GP LLC.
--A 4.7-acre site in Richland Township was sold by members of the Frank and Mario Zottola families to TKC CVIII LLC of Charlotte for $765,000, according to a deed filed in Allegheny County.
--A mini-warehouse complex on 10 acres at 5301 N. Pioneer Rd., Richland, has been purchased by Route 8 Self Storage LLC, owned by Raymond F. Tillilie, for $1.86 million. The sellers were Robert A. Sementelli, Norbert Kulbacki and Theodore Lorch as general partners of PEG Inc.
-- Contributor: Sam Spatter
Ron DaParma is the Tribune-Review's real estate writer. He can be reached at rdaparma@tribweb.com or 412-320-7907.
To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/.
Copyright (c) 2008, The Pittsburgh Tribune-Review
Distributed by McClatchy-Tribune Information Services.
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