Margert in the News

Margert Awarded FY 2010 City Council Discretionary Allocations for Seniors, Youth and Community Development
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Margert Community Corporation has been approved by the City of New York to administer funds on behalf of the City Council in the areas of Senior Services, Youth/Education Services and Community Development/Housing.

Youth discretionary funding, through NYC DYCD, are used for the following purposes: youth leadership training, community engagement concerts and the procurement of goods and services to support these efforts.

Funds are also used to offset the operational costs of Margert’s direct delivery of housing counseling services to tenants and homeowners of the 31st District, and to support other programs and services as identified by the City Council.

Senior discretionary funding, through NYC DFTA, are designed to promote positive aging for hundreds of seniors and their families each year through a district-wide system of quality programming.

We believe healthy communities empower older people from diverse backgrounds to choose and develop joyful, healthful and meaningful lives. We provide services that include and engage older people and those who love them in an interdependent community. Services include recreation, socialization, transportation and education.

For FY 2010, Margert also received funding through the NYC HPD Anti-predatory Lending and Housing Preservation Initiatives, and is expected to participate in the Center for NYC Neighborhoods (CNYCN) mortgage foreclosure prevention program.

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HUD Announces New FHA Making Home Affordable Loan Modification Guidelines
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New FHA guidelines projected to help thousands avoid foreclosure per year

Thursday, July 30, 2009

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration's Home Affordable Modification Program. By August 15, FHA borrowers will be able to significantly reduce their monthly mortgage payments by seeking a loan modification through their current mortgage company or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP).

"Today, we're bringing another important tool to the table to help struggling families who are desperate to keep their homes," said Donovan. "Tens of thousands of FHA borrowers will now be able to modify their mortgages in the same manner as so many others who are taking advantage of the Administration's Making Home Affordable program. This is just the latest tool we are providing to help homeowners prevent foreclosures through the Making Home Affordable program. Earlier this month we announced an expansion of the Home Affordable Refinance Program to borrowers who are up to 125 percent underwater. Together, these actions will significantly increase the help available to homeowners."

The Helping Families Save Their Homes Act of 2009, signed into law on May 20, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their monthly mortgage payment by modifying the mortgage through FHA-HAMP. FHA released the program's implementation guidelines today. FHA expects all servicers to implement the changes by August 15. The program permanently reduces a family's monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off.

FHA has used the partial claim option in the past, which allows a lender to advance funds on behalf of a borrower, to reinstate a delinquent loan that was up to 12 months delinquent. Now, this program will allow HUD to bring the borrower's payment down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.

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Deputy Mayor and NYCEDC Announce $100 Million funding Allocation for Queens Capital Projects
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July 30, 2009

Infrastructure Projects will Create Nearly 400 Jobs in Queens

Deputy Mayor for Economic Development Robert C. Lieber and New York City Economic Development Corporation President (NYCEDC) Seth W. Pinsky today announced $100 million in funding for fourteen capital projects across the borough of Queens. The projects include infrastructure, traffic mitigation and streetscape improvements within a five-mile vicinity of John F. Kennedy International Airport and LaGuardia Airport and will create nearly 400 new jobs in the borough. All projects will be managed by NYCEDC unless otherwise noted. The $100 million allocation is the result of a collaborative process between the City and the Port Authority of New York and New Jersey that began as part of the airport lease negotiated in 2004.

“This announcement could not come at a better time,” said Queens Borough President Helen M. Marshall. “These projects will have a ripple effect throughout the Borough of Queens and create as many as 400 much-needed new jobs and at the same time, provide long overdue infrastructure improvements. Not only will these projects affect our two great airports; they will also contribute to significant economic development in Willets Point, Far Rockaway, and other neighborhoods near the airports. I am pleased that these projects are moving forward.” Marshall added, “Meanwhile, my call for a residential soundproofing program in communities near the airports remains one of my top priorities. I will continue to pursue its creation and implementation with federal, state and city authorities. I thank Mayor Bloomberg, the Port Authority, EDC and my colleagues in the City Council for our successful work together to fund these important projects.”

“The eagle has landed,” said Councilman Sanders. “After years of a holding pattern, the City Council, in conjunction with the Mayors office, Economic Development Corporation, and the Port Authority are moving on these much needed projects across the borough. Projects such as, the revitalization of Springfield Park and 147th and the Flushing One-way Roadway Pair will aid the quality of life of constituents across Queens. I look forward to continuing to work with Mayor Michael Bloomberg, EDC, and Port Authority Executive Director Chris Ward.”

The projects include:

Beach 20th Street Plaza: To develop the Beach 20th Street pedestrian plaza in Far Rockaway as a forum for community events, new lighting and benches will be installed, and landscaping will be undertaken along with rehabilitation of the existing sidewalks. Design is currently underway.

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Foreclosures Rise 7 Percent in July from June
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WASHINGTON – The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Nevada had the nation's highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

While there have been numerous recent signs that the ailing U.S. housing market is finally stabilizing after three years of plunging prices, foreclosures remain a big concern. Foreclosures are typically sold at a deep discount, hurting neighbors' home values.

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