The Trump Administration released a budget outline for the 2018 fiscal year, proposing $6.2 billion in cuts to the Department of Housing and Urban Development (HUD), or a 13.2 percent reduction. Funding for the agency would total $40.7 billion, with $35 billion allocated to rental assistance programs, $130 million to lead-based paint mitigation in low-income housing, and $4.5 million to low-income housing assistance.
The budget eliminates funding for Community Development Block Grants, which would save $3 billion. To read more about these cuts, visit RIS Media.
Mortgage rates again averaged higher this week, in wait of the Federal Reserve’s decision on the key interest rate, with the 30-year fixed mortgage rate rising nine points to 4.30 percent. The 15-year fixed mortgage rate, averaged 3.50 percent, and the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.28 percent. – This survey was quoted on RIS Media.
Ward F in Jersey City will be gaining a new mixed-use development. City records show that the proposal calls for a five-story building with 108 residential units atop 10,000 square feet of ground floor retail space. 10 of the units are slated to be designated as affordable housing, and 76 parking spaces are expected to be provided on the premises. To read more about these details, visit Jersey Digs.
Lastly, enjoy your St. Patrick’s Day in Zeppelin Hall’s Biergarten, at Cool Vine’s around the world tasting series or at the Midnight Market’s St. Patrick’s Day Edition. There’s always a lot happening in Jersey City! Check Jersey City Upfront’s Weekend Update for more ideas. Have fun and be safe!
Enjoy your weekend – Your Hudson Gold Family!