House approves mortgage reform act
The U.S. House of Representatives approved the Mortgage Reform and Anti-Predatory Lending Act to protect consumers by curbing abusive lending practices. The bill will make it illegal for lenders to make loans for borrowers who do not have a “reasonable ability to repay” the loan. Included in the legislation are two initiatives from Rep. Nydia Velazquez to protect residents living in apartment buildings in New York City and to provide prospective homebuyers with increased access and information on the benefits of home inspections.
Vacant office building now affordable housing
A former vacant commercial building in the Bronx is now a residential building with 23 units of affordable housing. The building, at 130 Willis Avenue in Mott Haven, has studios and one- and two-bedroom apartments, and rents are between $900 and $1,350 a month. The units are restricted to families earning less than $81,001 a year. The building is part of Mayor Michael Bloomberg’s plan to create and preserve 165,000 units of affordable housing.
Sales start at Hamilton Lofts
Sales have begun at Gold Development’s Hamilton Lofts, a new condo at 117 and 121 Edgecombe Avenue in Harlem. The development is two buildings with a total of 12 full-floor units, which have private keyed elevators that open directly into residences. Construction is expected to be complete by June 1, and occupancy is expected to start this summer. Prices range from $539,000 to $698,000 for the two- and three-bedroom homes. Halstead Property is the exclusive sales and marketing agent. TRD