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Obama approves $3 billion in aid to help unemployed homeowners avoid foreclosure.

I found the following article quite interesting - I don’t generally agree with government handouts, but in this case there are too many responsible people who always paid their own way who are now in trouble due to no fault of their own. The government let the greedy bankers run amuck, and then bailed them out - IMHO, its time they bailed the little guy out. If you know of any friends or family who have lost thier job, or have been laid off, forward this to them - it could help them save their home until they get back on their feet. Robert

 

 
The Huffington Post

August 11, 2010

WASHINGTON — The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets.

The Treasury Department said Wednesday it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.

Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.

The administration was required to launch the HUD emergency loan program by the financial regulatory bill signed by President Barack Obama last month.
The Treasury is using money from the $700 billion Wall Street bailout to pay its share of the program. Officials said they won’t know until next month how many people are likely to be helped.

California will get the largest share of money for the Treasury program, at $476 million. Florida is in line for nearly $239 million. Illinois will receive $166 million and Ohio will receive $149 million.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration’s main effort to assist those facing foreclosure.

That program, known as Making Home Affordable, provides lenders with incentives to reduce mortgage payments. So far, it has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.

Also receiving money are Michigan, $129 million; Georgia, $127 million; North Carolina, $121 million; New Jersey, $112 million; Indiana, $83 million and Tennessee, $81 million.

Alabama is due to receive $61 million, South Carolina, $59 million; Kentucky, $56 million; Oregon, $49 million; Mississippi, $38 million; Nevada, $34 million; Rhode Island, $14 million; and Washington, D.C., $8 million.

The government’s department of Housing and Urban Development said it will announce details about the program, coined the Emergency Homeowner Loan Program, in the coming weeks.

As always, call me if I can be of service to you or your friends. I am available to assist and consult regarding your Atlanta real estate needs, and provide unmatched buyer or seller representaion, results, and protections.

Regards,

Robert Whitfield
Broker/Owner, Realtor
ICC Code Certified Home Inspection Expert
New Home Construction Expert
Advantage Realtors
678-585-9691
877-787-7167

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New EPA Law Affects Owners & Work Performed In Pre 1978 Buildings

This blog covers all metro Atlanta property owners, landlords, builders, realtors, investors, property managers, contractors, electricians, plumbers and painters who engage in any level of renovation…even turn-key between tenants.

Any renovator, owner, landlord, contractor, painter or other workmen, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your children at risk, which could result in lawsuits.

Beginning April 22, 2010, new Federal rules came into play which regulates how work is performed that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You or your workers or contractors, now must be EPA certified and follow specific work practices to prevent lead contamination in pre 1978 properties. And, the EPA defines “disturbing lead” very broadly.

Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both.

The EPA’s new regulations on lead paint took effect on April 22, 2010. The regulations are contained at Title 40, Part 745 of the Code of Federal Regulations. There are some very important highlights:

Effective April 22, no owner, firm, or individual may perform repairs or renovations in “target housing” without certification (40 CFR 745.81). Target housing means any housing constructed prior to 1978, so agents & brokers, landlords, owners and investors working in homes, apartments or condominiums built prior to 1978 should take this seriously.

There are only very limited exceptions, such as where a certified inspector has determined the project is free of lead paint beyond permitted levels (40 CFR 745.82). Private homes with no children or pregnant woman that are owner occupied may also qualify for excluding coverage, but only if the owner signs off that the firm is not required to meet the regulatory practices (40 CFR 745.82).

* Anyone performing renovations has extensive obligations to give disclosure and notice to building occupants in writing prior to renovation, including providing mandating EPA publications (40 CFR 745.84)
* The regulations further include specific work practice standards, so watch out for potential employee personal injury claims and OSHA inspections and violations as well (40 CFR 745.85)
* Even relatively minor work is included in the requirements: generally work disrupting more than 6 square feet of painted area is regulated. (40 CFR 745.80, 745.83) This includes most “turn-key” painting and touch-up unless extremely minor!
* Persons and firms performing work in this arena must provide their customers the EPA’s brochure, Renovate Right (40 CFR 745.81)(note: the publication requirement is already in effect, so if you are not doing that now, you need to start immediately!).

If you or your contractor own or work on pre 1978 properties, make sure you or they have taken and passed an EPA recognized course of instruction to become an “EPA CERTIFIED RENOVATOR”. These are typically one day courses and upon completion you will receive an EPA-approved color photo ID attesting to your certification. These certifications will be good for 5 years according to EPA rules.

For more detailed info on this new law, go to:

http://www.epa.gov/lead/pubs/renovation.htm