Tag Archives: housing

The Rose receives 2016 Jack Kemp Excellence in Affordable and Workforce Housing Award from the Urban Land Institute

Minneapolis, Minnesota, 2016-Nov-04 — /REAL TIME PRESS RELEASE/ — PLACE is pleased to announce that The Rose and three sister developments at Portland and Franklin Avenues (South Quarter) in Minneapolis were selected by the Urban Land Institute (ULI) Terwilliger Center for Housing as the winner of the 2016 Jack Kemp Excellence in Affordable and Workforce Housing Award. This annual award honors developments that ensure housing affordability for people with a range of incomes. Representing the completion of South Quarter, The Rose offers 43 market rate apartments and 47 income-restricted affordable apartments in profoundly sustainable buildings that have neither furnaces nor conventional air conditioning equipment.

In 2010, affordable housing developer Aeon, in partnership with Hope Community, selected PLACE by competition to add specialized development consultant capacity as Sustainability Champion for the last phase of South Quarter. Aeon wanted the final buildings to be the best performing buildings of their kind in the country, on an affordable housing budget. A 501(c)(3) charity dedicated to public benefit, PLACE provided disruptive environmental design analysis, assisted in assembling and facilitating a world-class collaborative design and construction team, deepened community engagement, and refined financial modeling in furtherance of creating high-performance, healthy buildings for Aeon’s residents.

Minneapolis has the harshest climate of any large city in America. The biggest challenge for PLACE was to ensure that the team could deliver a building envelope capable of keeping residents cool in a scorching summer with high humidity and a frigid winter with temperatures plunging to minus thirty degrees Fahrenheit. Buildings in the U.S. are built each day to standards that cause them to consume 70% of America’s primary energy, with 52% of that energy going to heating and cooling. The Rose is 75% more energy efficient than local standards require, which also deepens affordability for residents; it represents PLACE’s most cutting edge restorative development work to date.

“This project is on the leading edge of workforce housing development and preservation,” said J. Ronald Terwilliger, chairman of Terwilliger Pappas Multifamily Partners in Atlanta. “It has it all—mixed-income housing, environmental sustainability, long-term affordability, and long-term financing.”

“The efforts of Aeon and Hope Community, with their many public and private sector partners, prove that previously disinvested communities can point the way forward for mixed-income, environmentally sustainable redevelopment in our cities,” said Stockton Williams, executive director of the ULI Terwilliger Center.

PRESS CONTACT
place
Chris Velasco
Executive Director
PLACE
100 Portland Avenue South
Suite 100, Minneapolis, MN 55401
(612) 309-3889
www.welcometoplace.org

San Francisco Federal Credit Union Introduces 100% Home Financing with POPPYLOAN™

New Mortgage Now Available for San Franciscans Who Can’t Make a Down Payment in Skyrocketing Bay Area Housing Market.

San Francisco, CA, USA (December 10, 2015) — San Francisco Federal Credit Union today announced the availability of a new home purchase loan option for San Franciscans struggling with Bay Area housing prices. The POPPYLOAN™ mortgage offers up to 100 percent home financing with the possibility of zero down payment required for credit union members seeking to buy a new home.

POPPYLOAN was created in response to skyrocketing home prices throughout the San Francisco Bay Area. Many San Franciscans are paying more than the average mortgage payment in rent every month, but they cannot buy a home because they cannot save enough for the 20 percent down payment required for a conventional mortgage. To help fellow San Franciscans make their dream home a reality, San Francisco Federal Credit Union created the Proud Ownership Purchase Program for You – POPPYLOAN.

POPPYLOAN is available to anyone who works in San Francisco or San Mateo Counties and can be used to purchase a home anywhere in the nine Bay Area Counties: San Francisco, San Mateo, Marin, Napa, Sonoma, Santa Clara, Alameda, Contra Costa, or Solano. Qualified borrowers can finance up to 100 percent of the purchase price of a home, up to $2 million. There is no added requirement for private mortgage insurance (PMI).

“We see POPPYLOAN as a game-changer for the San Francisco real estate market,” said Rebecca Reynolds Lytle, Senior Vice President and Chief Lending Officer for San Francisco Federal Credit Union. “Too many of our members have given up hope of buying a home because of escalating home prices and the required down payment. However, these same families are paying more than a mortgage payment for monthly rent. Paying $3,600 for a one-bedroom apartment is about the same as making a monthly payment on an $800,000 mortgage. We created POPPYLOAN to help middle class families realize their dream of buying a home without having to move out of the Bay Area.”

To qualify for POPPYLOAN, borrowers must be 18 years or older and purchasing a single family home, townhouse, condominium, or 2-to-4 unit multi-family dwelling as their primary residence. POPPYLOAN is structured as a 5/5 adjustable rate, 30-year mortgage. Interest rates and monthly payments are fixed for the first five years and every five years thereafter, with no more than a 2 percent increase every five years and no more than a 6 percent increase over the life of the loan. POPPYLOAN is not available for refinancing an existing mortgage.

“The rising cost of real estate is creating a housing crisis in San Francisco, and while POPPYLOAN isn’t a solution for everybody, we want to do what we can for our friends and neighbors,” said Steven Stapp, President and CEO of San Francisco Federal Credit Union. “We studied the problem and realized that there was no reason our credit union couldn’t offer up to 100 percent financing without requiring PMI. Other credit unions have had success with similar programs and we built POPPYLOAN as the best possible solution we could offer to our members.”

For more information, visit San Francisco Federal Credit Union at http://www.sanfranciscofcu.com.

About San Francisco Federal Credit Union
San Francisco Federal Credit Union has been serving San Francisco since 1954. Today, anyone who lives, works, or attends school in San Francisco and San Mateo Counties may apply for membership. We currently serve more than 37,000 members. San Francisco Federal Credit Union is federally insured by the National Credit Union Administration and is an Equal Housing Lender. NMLS# 416906.

Contact:
Elaine Lee
Marketing Supervisor
San Francisco Federal Credit Union
P: 415-615-7099 F: 415-447-2259
elaine_lee@sanfranciscofcu.com
http://www.sanfranciscofcu.com