Jessie Ball duPont Fund invests $2 million in Duval County affordable rental housing

The Jessie Ball duPont Fund announced it will invest $2 million in efforts to develop and preserve affordable rental housing for low-income individuals and families in Duval County.

The investment, which will be made through loans to developers, is intended to increase the inventory of affordable rental housing and also to increase the ability of nonprofits and for-profit organizations to provide affordable rental housing in the county.

“Making loans is not the goal here,” said Sherry Magill, president of the Jessie Ball duPont Fund.

via Jessie Ball duPont Fund invests $2 million in Duval County affordable rental housing.

Ask a real estate pro: How to write a short sale hardship letter

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner’s associations or any other residential real estate topic, click here.

Q: I am trying to complete a short sale. My lender requested a hardship letter, but I don’t know what to include in it. Can you help? – Anonymous

A: Whether you are trying to complete a short sale or apply for a loan modification or deed in lieu of foreclosure, your lender will request a letter explaining why it should grant you the relief that you are requesting. This is known as a hardship letter. The majority of hardship letters I review share common mistakes.

via Ask a real estate pro: How to write a short sale hardship letter.

South Florida rents rise as international buyers continue to invest in local housing

By choice or by force, more and more people in South Florida’s foreclosure-ridden housing market are renting, rather than owning, their homes.

In an ironic twist on economics, that dynamic is actually helping the resale market. According to sales reports released Thursday, South Florida is on track to set a new sales record this year.

The reason: investors.

via South Florida rents rise as international buyers continue to invest in local housing.

Ask a real estate pro: Short sale or bankruptcy? – South Florida Sun-Sentinel.com

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday.

Q: I am elderly and got involved with a rental property with the help of a family member. Now the family member is nowhere in sight, the tenant left and the mortgage is underwater. I don’t have the energy or desire to deal with it. I am on Social Security and living check to check. I can’t afford the payments, and the collections calls are raising my blood pressure. What can I do? – Anonymous

via Ask a real estate pro: Short sale or bankruptcy?.

Council may study condo law that prevents owners from splitting joined units

In Palm Beach, property owners who own more than one adjacent condominium can combine them into a single home but, once done, they are prohibited by the town from splitting them back into the original number of units unless they can meet parking and density requirements.

The law is consistent with the town comprehensive plan’s objectives to decrease density and reduce the need for parking over time. But it does limit the rights of property owners, including subsequent buyers who are bound by the unity of title.

via Council may study condo law that prevents owners from splitting joined units.

Canadians Warm to Phoenix

Canadians are on a Sun Belt shopping spree.

Phoenix and other warm-weather cities that have seen real-estate prices crater are newly popular among Canadians looking for second homes or investment properties, brokers and buyers say.

They are lured by the weak U.S. dollar, historically low interest rates and rock-bottom property prices, dragged down by high unemployment and a wave of foreclosures. For the two years that ended in March, Canadians made up the largest percentage of foreigners buying homes in the U.S.—23%—up from 11% in 2007, according to the National Association of Realtors. Arizona and Florida are the focus of their interest, according to the Realtors’ group.

via Canadians Warm to Phoenix.