CRA Services Provided
Services Provided:
Edgewater CRA is a new Community Redevelopment Area that was created in 2015. Over the next twenty years as the increment tax revenue grows in the Trust Fund, the Edgewater CRA plans to provide services that are consistent with the primary objectives of the CRA Plan such as:
1. Road Network Infrastructure
2. Road Network Connectivity
3. Stormwater Management
4. Utilities
5. Parks and Open Space
6. Beautification
7. Infill Development
8. Historic Preservation
9. Funding
In the plan, five goals were identified:
Goal 1: Expand Business and Industry
Goal 2: Position the City for Economic Growth
Goal 3: Elevate Community Image and Urban Services
Goal 4: Increase Riverfront Access and Activity
Goal 5: Invest in the Future of Edgewater
Resources:
Department of Financial Services
Edgewater CRA is also an Opportunity Zone
New as of December 16, 2019
Opportunity Zone Buyers Get More FHA Loan Remodeling Money
HUD says that homebuyers taking out an FHA 203(k) loan, which adds extra money for upgrades, can now get $15K more, or up to $50K rolled into a single mortgage.
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced that the Federal Housing Administration (FHA) will offer a new incentive for borrowers rehabilitating homes in Opportunity Zones.
To make home purchases within Opportunity Zones more attractive, FHA is expanding its Limited 203(k) Rehabilitation Mortgage Insurance Program for Opportunity Zone homes. The loans roll the cost of repairs into a single mortgage and are offered to owner-occupant homebuyers and existing occupant homeowners for the purchase and/or rehabilitation of single family homes.)
The FHA loan upgrade becomes effective on Dec. 16, 2019. After that, qualified borrowers can roll an additional $50,000 into their first mortgage – a $15,000 increase over the current cap.
“Providing this opportunity means that the families seeking affordable homeownership or to improve their homes in distressed neighborhoods – where rehabilitation is needed the most – have a path to financing that makes it realistic to do the repairs and improvements that will uplift the entire community,” says Carson.
Allowable improvements include connecting to public water and sewage systems, repairing or replacing plumbing, heating, air conditioning or electrical systems, and covering lead-based paint stabilization costs.
As of Sept. 30, 2019, FHA had active insurance on over 623,000 mortgages located in Opportunity Zones, or 8% of FHA-insured mortgages nationwide.
The new incentive announced today is limited, however, to the first 15,000 mortgages secured by properties in Qualified Opportunity Zones each calendar year. The incentive expires on Dec. 31, 2028.
