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Financing proves an obstacle for ADUs

Housing Wire

Accessory dwelling units are increasingly legal. Specifically, there is a high cost in constructing accessory dwelling units – or ADUs – which are secondary residences on a land parcel zoned for single-family housing. The Joe Biden administration broadly identified this financing issue. ADUs were legalized statewide in 2017.

Finance 367
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Biden to call for first-time homebuyer tax credit, construction of 2 million homes

Housing Wire

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.

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Homebuilders are primed for an even better 2024

Housing Wire

And with the ability to buy down consumers’ mortgage rates while still maintaining double-digit margins, new construction grew to comprise roughly 30% of total housing inventory in 2023, more than double a normal year. Let’s look at the new construction forecast for 2024. million new single-family construction units in 2024.

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Phoenix building restrictions squeeze construction firms and agents

Housing Wire

Under the new regulations, construction of new residential buildings can continue in areas that have a designated water provider since homebuilders and developers do not need an AWS certificate to obtain a building permit.

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Fix-and-flip lender Kiavi lays off 7% of employees

Housing Wire

Cuts also hit operations, risk and compliance, legal, finance, business operations and marketing teams, according to a presentation held on Wednesday afternoon. . The lender was planning to offer construction loans but rising interest rates put a halt to that and forced Kiavi to issue pink slips. .

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Lawsuit pits PLS industry against CFPB

Housing Wire

District Court judge in Wilmington, Delaware, put the structured-finance industry on high alert because of the serious legal and financial implications it poses for the private-label securities (PLS) market. It completely upends the construct of securitization.”. A ruling late last year by a U.S.

Legal 377
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Opinion: Taming inflation requires making housing affordability a national priority

Housing Wire

The construction industry has yet to fully recover from the 2008 financial crisis when it lost a big segment of its skilled construction workforce. Pandemic-related supply chain snags have impacted the prices of key construction inputs like lumber, steel, and copper. The good news.