Saturday, January 22, 2011
Westlake named nation's most affluent neighborhood
Westlake named nation's most affluent neighborhood
By Mike Drago/Editor
mdrago@dallasnews.com |
12:20 PM on Thu., Jan. 20, 2011 | Permalink
Westlake, that bastion of sports and entertainment celebrities and corporate moguls, has been named by Forbes as the nation's most affluent neighborhood.
The town, with its gated Vaquero community of estate-sized mansions, made the headlines in 2008, when the Jonas Brothers bought a swanky house. Westlake is popular with celebrities because of its proximity to D/FW International Airport, the privacy afforded within Vaquero and because the community is on a high-end golf course.
Forbes quotes Westlake Mayor Laura Wheat as being unsurprised, "since we are a very small town and we have a number of highly paid professional athletes who live here, CEOs of major corporations, members of a popular band of brothers ... There is no place like it."
To compile its list, Forbes used census data to look at average median household income estimates from 2005 to 2009. Westlake led the nation with an average $250,000. The next highest was the Village of Kenilworth, Ill., a Chicago suburb, at $247,000.
Forbes' story leads with the Jonas Brothers, but editors might have missed this tidbit: We're not sure the crooners even live there anymore. They put their mansion on the market in October. According to the listing broker, the JoBros sold their place for $2.2 million just before Christmas.
By Mike Drago/Editor
mdrago@dallasnews.com |
12:20 PM on Thu., Jan. 20, 2011 | Permalink
Westlake, that bastion of sports and entertainment celebrities and corporate moguls, has been named by Forbes as the nation's most affluent neighborhood.
The town, with its gated Vaquero community of estate-sized mansions, made the headlines in 2008, when the Jonas Brothers bought a swanky house. Westlake is popular with celebrities because of its proximity to D/FW International Airport, the privacy afforded within Vaquero and because the community is on a high-end golf course.
Forbes quotes Westlake Mayor Laura Wheat as being unsurprised, "since we are a very small town and we have a number of highly paid professional athletes who live here, CEOs of major corporations, members of a popular band of brothers ... There is no place like it."
To compile its list, Forbes used census data to look at average median household income estimates from 2005 to 2009. Westlake led the nation with an average $250,000. The next highest was the Village of Kenilworth, Ill., a Chicago suburb, at $247,000.
Forbes' story leads with the Jonas Brothers, but editors might have missed this tidbit: We're not sure the crooners even live there anymore. They put their mansion on the market in October. According to the listing broker, the JoBros sold their place for $2.2 million just before Christmas.
Friday, January 21, 2011
Texas releases $45 million more for first-time homebuyer tax credit
The Texas Department of Housing and Community Affairs recently made available a second round of funding for its first-time homebuyer tax credit program under its Texas Mortgage Credit Program.
The state agency just released $45 million of $500 million allocated for the program. The department released $50 million of the funds in May when the program was first implemented.
“Despite all the negatives we hear from other states, the fact is that the Texas economy — and the demand for homeownership — both remain quite healthy,” said Michael Gerber, executive director of the Texas agency. “Many families want and are ready to take that exciting step toward homeownership."
The Texas Mortgage Tax Program was the state's response to the expiration of the federal tax credit in April 2010, and is the single largest financing initiative for state homebuyers in the 27-year history of the tax program. The program is funded through a bond program, however, no one at the agency was immediately available to provide details concerning funding.
The program is designed to make housing more affordable to low- to middle-income Texas families who have not lived in a home for three years by offering borrowers a tax liability reduction. According to the agency, a borrower can receive a tax credit up to $2,000 annually, depending on which of two mortgage loan options they decide to take advantage of.
The first is an assisted loan option. Under this option, a borrower receives a 5.74% interest rate on a 30-year, fixed-rate mortgage, along with payment assistance on the down payment and closing costs up to 5% of the principal amount. This 5% assistance comes in the form of a 30-year repayable second-lien loan.
The second option is an unassisted loan, in which case the borrower receives a 30-year FRM at a 4.99% interest rate. State funds do not help with down payments or closing costs.
The benefit lasts throughout the life of the loan.
A borrower is required to take a homebuyer education class in order to qualify for the tax break. Homebuyer education is arguably one of the most important steps to homeowner sustainability, according to Marietta Rodriguez, national director for National Homeownership and Lending at NeighborWorks America.
"We believe strongly in pre-purchase homebuyer education before a mortgage product is selected," Rodriguez said in an interview, adding that the industry, and especially the government-sponsored enterprises, have shied away from this strategy recently.
"With that action, Fannie and Freddie are sending a message to the industry that counseling doesn't matter and that has strong ramifications on the industry as a whole."
Texans interested in the program must be earning up to 115% of the area median family income. For residents living in specific targeted areas of the state, such as places impacted by natural disaster, households may earn up to 140% of the average median income in the area and still qualify. In these cases, the first-time homebuyer requirement is waived.
Credit is available through the Federal Housing Administration, the Department of Veteran Affairs, the U.S. Department of Agriculture or one of many participating conventional mortgage lenders throughout the state.
“The Texas Mortgage Credit Program is another helpful yet responsible tool that TDHCA can offer to qualifying Texas families who are prepared to be homeowners,” said Gerber. “If you are ready to take that step toward homeownership, the state is ready to help you.”
Write to Christine Ricciardi.
The state agency just released $45 million of $500 million allocated for the program. The department released $50 million of the funds in May when the program was first implemented.
“Despite all the negatives we hear from other states, the fact is that the Texas economy — and the demand for homeownership — both remain quite healthy,” said Michael Gerber, executive director of the Texas agency. “Many families want and are ready to take that exciting step toward homeownership."
The Texas Mortgage Tax Program was the state's response to the expiration of the federal tax credit in April 2010, and is the single largest financing initiative for state homebuyers in the 27-year history of the tax program. The program is funded through a bond program, however, no one at the agency was immediately available to provide details concerning funding.
The program is designed to make housing more affordable to low- to middle-income Texas families who have not lived in a home for three years by offering borrowers a tax liability reduction. According to the agency, a borrower can receive a tax credit up to $2,000 annually, depending on which of two mortgage loan options they decide to take advantage of.
The first is an assisted loan option. Under this option, a borrower receives a 5.74% interest rate on a 30-year, fixed-rate mortgage, along with payment assistance on the down payment and closing costs up to 5% of the principal amount. This 5% assistance comes in the form of a 30-year repayable second-lien loan.
The second option is an unassisted loan, in which case the borrower receives a 30-year FRM at a 4.99% interest rate. State funds do not help with down payments or closing costs.
The benefit lasts throughout the life of the loan.
A borrower is required to take a homebuyer education class in order to qualify for the tax break. Homebuyer education is arguably one of the most important steps to homeowner sustainability, according to Marietta Rodriguez, national director for National Homeownership and Lending at NeighborWorks America.
"We believe strongly in pre-purchase homebuyer education before a mortgage product is selected," Rodriguez said in an interview, adding that the industry, and especially the government-sponsored enterprises, have shied away from this strategy recently.
"With that action, Fannie and Freddie are sending a message to the industry that counseling doesn't matter and that has strong ramifications on the industry as a whole."
Texans interested in the program must be earning up to 115% of the area median family income. For residents living in specific targeted areas of the state, such as places impacted by natural disaster, households may earn up to 140% of the average median income in the area and still qualify. In these cases, the first-time homebuyer requirement is waived.
Credit is available through the Federal Housing Administration, the Department of Veteran Affairs, the U.S. Department of Agriculture or one of many participating conventional mortgage lenders throughout the state.
“The Texas Mortgage Credit Program is another helpful yet responsible tool that TDHCA can offer to qualifying Texas families who are prepared to be homeowners,” said Gerber. “If you are ready to take that step toward homeownership, the state is ready to help you.”
Write to Christine Ricciardi.
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