Letter to the Councilmembers Re: HPAP
November 20, 2008 by jessebkaye
I sent this out yesterday and hoped everyone could join the cause in informing our Council how important the HPAP program is. I wrote this Wednesday morning when we only had 120 votes, now we have 350 votes. Its amazing what the internet and media can do to help the cause. Thank you again.
Councilmember’s,
Councilmember Brown specifically:
We met for the first time last week at the Law Offices of Benny Kass during Bruce Finland’s luncheon.
To all:
I know that HPAP was revised last night to include an additional $50 million in funding but I wanted to convey the support of the city in a petition to keep HPAP funds on my site. In the last 14 hours (as of my writing this email) there have been 120 signatures on my petition page (fully trackable to ensure unique entry) , all of which will be packaged and delivered at the end of the week. (You can check back frequently to see how many have signed the petition at www.buildingdc.com/petition/. For all of us whose livelihood is based in real estate (and those of you whom are DC homeowners) if you pull HPAP you pull the bottom of the market out from under everyone, which could in turn send the DC market further into a downward spiral. Please support HPAP as long as you are in office, it is an integral part of this cities foundation.
Thank you again for your work & support,
Jesse Kaye
Managing Member & Realtor
BuildingDC.com
Could this be the End of HPAP Funding?
November 18, 2008 by jessebkaye
Sign the Petition to Keep HPAP Funding in 2009
2009 HPAP funding is in jeopardy. DC proposed funding cuts have hit this critical housing program. I strongly encourage you to inforn your HPAP clients AND Sellers (individuals and developers) to contact their DC Councilmembers (by phone or e-mail) and expressing your concerns about HPAP and/or lower recordation and transfer taxes.
On Monday, November 10, the DC Council passed the “Fiscal Year 2009 Balanced Budget Request Emergency Act of 2008â€. There were no public hearings on this legislation. The legislation passed unanimously by a vote of 13-0 with only Councilmember Marion Barry asking for a delay in the vote for public debate of the proposal.
This emergency legislation closed a projected $131 million shortfall in projected 2009 revenues by agreeing to cuts proposed by Mayor Fenty. The Council then went further by creating a $47 million revenue surplus for possible further budget revenue shortfalls that are expected when the CFO announces revised revenue estimates next month (December) and again early next year (February).
Unfortunately, the Council created that $47 million surplus by freezing program funding scheduled for fiscal year 2009, but not yet implemented. One of those programs was $11 million dollars in increased HPAP assistance slated for 2009, but not yet used. If the CFO’s revenue estimates in December or February show signs of improving the Council can unfreeze the $47 million in reserves and move the programs forward again.
Even if this does not immediately affect you, your property or your development, without HPAP assisting the sale of affordable housing in the district the floor of the real estate market could be swept out from under ALL OF US. Prices would likely continue fall and nearly all DC owners would be affected with negative home values within the next SIX MONTHS!
PLEASE SIGN THE PETITION BELOW TO SUPPORT KEEPING HOME OWNERSHIP IN DC AFFORDABLE AND HPAP ALIVE!
CLICK HERE TO SIGN THE PETITION
The End of Broadcast Center One?
November 17, 2008 by jessebkaye
What happens when a lease is signed by an anchor tenant, helping to prosper one of the District’s largest developments, but the lessee’s stock plummets to an all-time low? Well, I don’t have an answer for your right now but lets examine the situation.
In January of 2008 a lease was signed between Radio One Inc for the use of Broadcast Center One in a partnership with Ellis Development. At the time, Radio One Inc’s stock price (NASDAQ: ROIAK) was a respectful $2.36. Today, however the stock price is at $.14 (yes 14 cents), which equates to about a 93% loss in less than 11 months. Could this be the end of Cathy Hughes Radio One & TV One empire? I wouldn’t expect so - but this could mean the $23 million the city is funding to help the $127 million construction may be in question right now and this may the culprit for the 12+month delay (at best) in ground-breaking.
Anacostia Streetcar Line Moved
November 17, 2008 by jessebkaye
‘And Now, Anacostia’ posted about a new proposed route for the Anacostia streetcar line being shifted North to 295 & M and extending to a maintenance facility in Anacostia just past the Anacostia Metro. Eventually the city wants to extend the line to Good Hope Rd SE.
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REDC Foreclosure Auction Returns to DC Again
November 15, 2008 by jessebkaye
The Real Estate Disposition Corporation (REDC) is returning to DC onces again for their third DC based foreclosure action in the past 12 months. The auction will feature properties from DC, MD & VA. If the upcoming auction is anything like the past two, properties will be sold at rock-bottom prices.
The Auction is on December 13th, 2008
