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A 57-Unit mixed complex proposed near
A 57-UNIT MIXED-USE COMPLEX PROPOSED NEAR ROSELLE PARK TRAIN STATION
Jerel Washington
PLANNING OF DEVELOPMENT, ESPECIALLY IN THE MIDDLE OF A PANDEMIC, IS ALWAYS AN EXCELLENT INDICATOR THAT THE ECONOMY IS STRONG. THIS IS WHAT IS HAPPENING IN NEW JERSEY. IN THE SUBURBAN OF UNION COUNTY, ALONG THE RARITAN VALLEY LINE, A GROUP OF INDUSTRIAL AND COMMERCIAL PROPERTIES COULD SOON BE THE SITE FOR DEVELOPING A NEW MIXED-USE UNIT.
The pieces of land, located at 118, 120, 130, and 138 West Webster Avenue in Roselle Park, are the center of discussion of an application package submitted by 140 W. Webster Ave, LLC. The current premises sitting on the land cover more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park Train Station. The site has been occupied for years by companies including C&M Pools and H&H Engineering Associates. If the plan is passed by the local authorities, the existing structures will be demolished to pave the way for the new development.
According to a November 3 memo from Neglia Engineering Associates to the Roselle Park Municipal Land Use Board, the proposal constitutes a three-story unit, with 57 residential units and 4,000 square feet of retail space. The memo further indicated that six of the residential units would be “affordable.” The memo also noted that there would be 38 one-bedroom units, 18 two-bedroom units, and one three-bedroom unit, along with 92 parking spaces in the project.
According to site plans sent to Jersey Digs by Roselle Park municipal authorities from GK+A Architects, the development will include a roof deck and 1250 square feet of an outdoor public plaza. The Roselle Park Municipal Land Use Board was set to hear the development plans during its meeting scheduled for November 16, 2020.
Work cited.
https://jerseydigs.com/57-unit-mixed-use-complex-proposednear-roselle-park-train-station/#:~:text=The%20proposal%20 involves%20a%20three,according%20to%20a%20public%20 notice.
BIDEN’S TRANSITION TEAMS BRINGS IN BACK KEY CFPB PLAYERS: WHAT DOES THAT MEAN?
Now that the American people have decided and chosen former vice president Joe Biden to lead the nation effective from January, a lot is already underway. Although President Donald Trump is yet to concede defeat and the election result is still being challenged. However, President-elect Joe Biden has spared no time at all. He’s already putting in place his transition teams in preparation for the January 2021 Inauguration.
Biden brings in back key players to be a part of his Transition team for the Consumer Financial Protection Bureau? One of the key players is the hand-picked successor of former CFPB Director Richard Cordray — Leandra English.
Considering the occurrence that led to the emergence of the current CFPB Director under President Trump, it is logical to expect that a new director will emerge should Biden become president. In 2017, the immediate former director of CFPB — Richard Cordray, stepped down. However, before his step-down, he already promoted English to the deputy director’s position from the chief of staff.
This automatically makes English the right candidate for the CFPB director after Cordray stepped down. Unfortunately, President Trump didn’t agree to this. He, instead, went ahead to appoint Mick Mulvaney — former acting director of CFPB.
English took the case to court, resulting in a tussle regarding who is the real director of CFPB. Unfortunately, English lost the battle when the verdict was given, and it was against her. Rather than giving up, English further took the case to the U.S. Court of Appeals for the District of Columbia Circuit.
English later gave up the fight when Kathy Kraninger was officially named as a permanent replacement for Cordray’s permanent as CFPB Director. English then left the CFPB.
Now, there seems to be hope again for the former deputy director as she has been called upon to be a part of Biden’s Transition Teams for the Consumer Financial Protection Bureau.
The occurrence that led to her being denied the position of directorship under Trump seems politically instigated. Also, her presence in Biden’s Transition Teams looks political. Whichever way it is, English appears to be qualified for the position. If she later becomes the director of CFPB under the Biden administration, she can utilize her experience as the CFPB chief of staff and deputy director to provide the excellent leadership that the CFPB needs.
Biden bringing back English may also mean that he needs people we already know and recently worked with to form his new team. Remember that President-elect Joe Biden served as vice president under President Barack Obama. Since the administration was tagged successful by many Americans and ranked among the best in America’s history, Biden may also need the people he had a history working with to come aboard again. English has been in the CFPB for years and contributed to the success of the Consumer Financial Protection Bureau under the Obama/Biden administration. Therefore, it will be logical, defendable, and justifiable for Biden to bring him aboard again.
Nevertheless, English is not the only key member of key CFPB Players in Biden’s Transition Team, but, of course, she’s the most popular of them all, and the likely one to be the next CFPB Director.
References
https://www.housingwire.com/articles/bidentransition-team-brings-back-key-cfpb-players/amp/ https://debtconnection.com/biden-transition-teambrings-back-key-cfpb-players
Considering the significant impact of Covid-19 in the world’s economy, including the housing markets, countries are now working relentlessly to ensure that their economies are back on their feet. The virus mostly hits the US, and it is still battling with it to date. Prices of properties in the United States have been significantly affected by this global pandemic, and something has to be done to return things to normal. It is on this basis that The Federal Housing Finance Agency has finally decided to validate and approve classic FICO for Freddie Mac and Fannie Mae. Such approval means that Fannie Mae and Freddie Mac can now use the classic FICO credit score model.
There’s a provision in the regulatory reform law S. 2155 that mandated evaluating a new credit score model. Therefore, the approval is constitutional.
With this approval, Fannie and Freddie are now allowed to continue providing every necessary support required by the mortgage market. It’ll also help to access other modern credit score models.
The question now is, how much does that decision weigh on the housing market? Will it be able to make a significant impact or not?
To answer this question, it is better first to understand the role of Fannie Mae and Freddie Mac in the housing market. When you hear Fannie Mae and Freddie Mac, they refer to two federally-backed home mortgage companies in the United States. The US Congress created these companies to serve a vast number of purposes in the US housing market. They buy and guarantee mortgages from lenders. They hold the purchased mortgages with them in their portfolio. They also transform the loan into mortgage-backed securities (MBS), which will then be sold to interested investors.
Fannie Mae and Freddie Mac play crucial roles in America’s housing finance system. Their primary goal is to provide stability and liquidity in the mortgage market. They also ensure that properties are well regulated and affordable. They provide liquidity to institutions that offer loans to finance housing. Such
institutions include mortgage companies and banks.
Now, you should begin to understand how the FHA’s decision to approve classic FICO for these two government-owned companies can affect the housing market.
Such a decision can help stabilize mortgage markets, especially at this time of global crisis. That is one of the significant reasons why Fannie Mae and Freddie Mac were introduced in the first place. They are there to provide the housing market the required protection for the housing market when the economy is threatened, as the country is witnessing today.
Furthermore, the decision will help ensure that there’s the availability of mortgage funds across the country. With such availability, investors and homebuyers will have enough money to get the property of their choice; thus, there’ll be enough money circulating in the property market.
By approving classic Fico for Freddie Mac and Fannie Mae, mortgage providers, especially banks, will have access to more funds that can be provided to mortgage lenders. Mortgage lenders will, in turn, be able to purchase their desired properties. With such a trend, the housing market will begin to thrive again, and it’ll eventually be able to stand firm again after a long period of a global pandemic.
References
https://www.investopedia.com/articles/economics/08/fanniemae-freddie-mac-credit-crisis.asp https://www.fhfa.gov/SupervisionRegulation/ FannieMaeandFreddieMac/Pages/About-Fannie-Mae--Freddie-Mac.aspx https://bankingjournal.aba.com/2020/11/fhfa-validatesclassic-fico-for-fannie-mae-freddie-mac/ fa.gov/mobile/Pages/public-affairs-detail. aspx?PageName=FHFA-Announces-Validation-of-ClassicFICO-for-Use-by-Fannie-Mae-and-Freddie-Mac.aspx
