Margert in the News

New Affordable Condos Available in Rockaway at Water's Edge II
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March 16, 2007....Applications of Interest are now available for up to 130 new condominium apartments being constructed on Beach 59th to Beach 62nd Streets between Rockaway Beach Boulevard and the Atlantic Ocean in the Arverne section of Queens.

Luxury amenities include: Private rear yards; plush wall-to-wall carpeting with padding; ceramic tile with designer vanities and medicine cabinets in the bathrooms; gourmet kitchens with designer oak-faced cabinetry; air-conditioning sleeves throughout; wrought iron railings and hard-wired smoke detectors.

The Waters Edge at Arverne Condominiums will include two (2) and three (3) bedroom apartments.  The prices of the two (2) bedroom apartments are estimated from $182,400 to $229,000. Two (2) bedroom apartments are affordably priced for households with approximate annual incomes from a minimum of $48,967 to a maximum of $78,000 (adjusted for family size) assuming a downpayment of 5%. Assets of Purchasers of two (2) bedroom units may not exceed $104,460.  The prices of three (3) bedroom apartments are estimated from $314,100 to $361,000. Three (3) bedroom apartments are affordably priced for households with approximate annual incomes from a minimum of $84,530 to a maximum of
$106,850 (adjusted for family size) assuming a downpayment of 5%. Assets of Purchasers of three (3) bedroom units may not exceed $147,844.

All Purchasers must have a good credit history. End loan financing is available to qualified Purchasers from institutional lenders. Qualified applicants will be required to meet financial and other guidelines, including sufficient combined income and debt limitations, to qualify for mortgage financing, downpayment and closing costs.

Preference will be given to current New York State Residents. Current and eligible residents of Queens Community Board #14 will receive a preference for 50% of the apartments, New York City municipal employees will receive a preference for 5% of the apartments and active New York City uniformed Police Officers will receive a preference for 5% of the apartments.
Owner occupancy is required for Purchasers. Prospective applicants who currently own or have, within the last five (5) years prior to the date of their application for these apartments, purchased a dwelling unit in a project subsidized by New York City Department of Housing Preservation and Development, New York City Housing Development Corporation or NYC Partnership, which is subject to a requirement that the owner occupy such dwelling unit as their primary residence, will be ineligible to purchase an apartment.

Interested persons may obtain an application by:
On-line: http://www.ebriarwood.com
Mail: Waters Edge at Arverne Condominiums, P.O. Box 610523, Bayside, NY 11361
By Phone: (718) 229-4300
Please include a self-addressed envelope with your request.

Note: Applications must be postmarked by April 19, 2007 and will be selected through a lottery. All applications postmarked after the deadline date above will be set aside for possible future consideration. If more than one application is received from applicants or co-applicants, all applications from that household will be disqualified.

Completed applications must be returned, by regular mail only, to a separate Post Office Box listed on the application.  Applications sent by registered mail, certified mail, overnight mail, priority mail or express mail will not be accepted.  Completed applications received at the office of the Sponsor will not be included in the lottery.

No Broker fee or application fee is charged for this development. A non-refundable fee is required for a credit report at the time of interview. All purchasers will be required to occupy their apartment as their primary residence.
 

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Schumer Urges More Regulation of Subprime Mortgages
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March 25, 2007
Copyright 2007 Newsday Inc.

NEW YORK (AP)....Sen. Charles Schumer warned Sunday that 91,000 New York families are at risk of losing their homes when the rates of their subprime mortgages increase, and said more federal oversight is needed in the subprime lending market.

"The subprime market is the wild west of mortgage loans, and it's time we bring a sheriff into town," Schumer said. "The first step is making sure that borrowers are protected from these usurious lenders.

Subprime lenders peddle mortgages that often require no money down and are made at "teaser" interest rates that soon rise. They target marginal borrowers with weak credit or questionable incomes who previously might not have gotten a loan at all.

Schumer said an analysis by his office found that an estimated 1.8 million American families, including 91,325 in New York state, are at risk of foreclosure when the rates are reset within two years.

He said more federal regulation is needed to protect home buyers from unscrupulous lending practices.

Schumer said his plan would create a national regulatory system for mortgage brokers and loan officers, including those at non-bank companies.

In addition, Schumer said his bill would establish a suitability standard for borrowers so that lender won't be able to issue a loan that the borrower cannot afford.

Schumer also proposed setting up a New York State Foreclosure Prevention Task Force including non-profit groups that focus on housing issues...

"The bottom line here is that the subprime bust is leading us right into a foreclosure boom, and thousands of people will be left in the lurch," Schumer said at a news conference in his Manhattan office. "We are staring straight into the barrel of the biggest foreclosure crisis ever, and unless action is taken, economic forces will have no choice but to pull the trigger."

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Building Partnerships through the Neighborhood Preservation Program
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NYS DHCR Housing Information Series

Background:

Since the establishment of the Neighborhood Preservation Program (NPP) in 1977 and the Rural Preservation Program (RPP) in 1980, Neighborhood and Rural Preservation Companies have been transforming communities throughout New York State. The Division of Housing and Community Renewal (DHCR), which is authorized to administer both of these programs by Articles XVI and XVII of the Private Housing Finance Law, provides administrative funding to both Neighborhood Preservation Companies (NPCs) and Rural Preservation Companies (RPCs) through one year renewable contracts for the performance of housing and community preservation activities.

Partnerships Around the State:

From Buffalo to the North Country and down to Long Island, NPCs and RPCs are on the frontlines of the battle to increase affordable housing opportunities for low and middle-income families and persons with special needs. Whether its assisting first-time homebuyers obtain low-interest mortgages, organizing tenant associations, or rehabilitating apartments in an old building, these community organizations are making a direct impact on the quality of life of New Yorkers in the inner cities, small towns and the more remote rural communities of our State. What has caused them to be so effective has been their ability to form partnerships with entities of federal, state and local governments, lending institutions and the private for-profit sector. Using grants and loans from various governmental programs to leverage private investment in thousands of projects of varying sizes, NPCs and RPCs are building new housing units, preserving old ones, and in so doing, creating an economic environment conducive to growth and the expansion of opportunity.

Fruits of Partnership:

The impact of this extensive not-for-profit network and the partnerships they have forged throughout New York State is difficult to measure since the groups that comprise it are as diverse as the communities they serve. Their activities run the gamut from housing development to social services and economic development. Because a majority of their boards of directors are community residents, NPCs/RPCs are accurate barometers of community need. Some NPCs have identified a need to address the high crime rates in their communities and have collaborated with local police and other civic groups to form community and neighborhood watch programs. Others have concluded that high unemployment rates in their communities effect the affordability of housing and have joined with private enterprise to develop job training programs. RPCs have developed other strategies to deal with their communities' unique needs. Recognizing the lack of housing for low-income rural elderly and families, many have created public/private partnerships to produce housing units with federal funding and rent subsidies from DHCR's Rural Rental Assistance Program. To complement such housing, some RPCs have built medical care facilities in close proximity or adjacent to the housing complex as well as other ancillary services to the residents, such as transportation or recreational programs.

DHCR Salutes the Work of NPCs and RPCs:

RPCs and NPCs are improving the quality of life for many New Yorkers. Get to know your local Preservation Company and support their work. With you as a partner, they will continue to enrich the social fabric of the Empire State for years to come.

Margert Community Corporation is a Neighborhood Preservation Company (NPC).

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Are You Facing Foreclosure?
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Newsday, April 16, 2007

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