Cape Coral Florida's Real Estate Guide

WASHINGTON - Jan. 11, 2012 - The U.S. Department of Housing and Urban Development (HUD) announced that it would release $110 million in grants to transform public and assisted housing and to revitalize communities. Florida cities may apply for funds under the FY 2012 Choice Neighborhoods Implementation Program.

HUD made the announcement in yesterday's Federal Register.

"We make these funds available for communities that are serious about breathing new life into areas that have seen very little public investment over the years," said HUD Assistant Secretary Sandra Henriquez.

According to HUD, the Choice Neighborhoods Implementation Grants are intended to take community planning off the drawing board and put them into action. Choice Neighborhoods focuses on three core goals:

• Housing: Transform distressed public and assisted housing into energy efficient, mixed-income housing that is physically and financially viable over the long-term.

• People: Support positive outcomes for families who live in the target development(s) and the surrounding neighborhood, particularly outcomes related to residents "health, safety, employment, mobility and education."

• Neighborhood: Transform poverty neighborhoods into viable, mixed-income neighborhoods with access to well-functioning services, high quality public schools and education programs, high quality early learning programs and services, public assets, public transportation and improved access to jobs.

To receive the HUD grant, communities must have a comprehensive neighborhood revitalization strategy or Transformation Plan in place. This Transformation Plan must guide the revitalization of public and/or assisted housing units, and simultaneously oversee a transformation of the surrounding neighborhood.

Choice Neighborhoods Implementation grants are available for public housing authorities, local governments, nonprofit organizations, tribal entities and for-profit developers that apply jointly with a public entity.

Last August, HUD awarded its first-ever Choice Neighborhoods Implementation grants, a combined $122 million, to stimulate neighborhood revitalization in Boston, Chicago, New Orleans, San Francisco and Seattle.

Applicants have until April 10, 2012, to apply for FY 2012 Choice Neighborhoods Implementation grants. HUD anticipates awarding four to five grants with a maximum award of $30,000,000 each in December 2012. Applicants must submit their applications electronically through www.grants.gov.

© 2012 Florida Realtors®

This is a Short Sale subject to existing lender's approval which could result in delays. Southwest Florida's finest.. Watch Sunrises from this Beautiful Cape Coral Fresh Water with views of intersecting canals. Homesite On An Extra Wide Canal in Beautiful NW Cape Coral, Florida. Ready to Build your Florida Dream Home or Hold For An Investment. Close to Schools, Golf Courses, Shops, and Boat Ramp to Gulf

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The American dream of homeownership is a very feasible aspiration for 2012.

There are many benefits of owning a home.  Yet some first-time buyers are skeptical of purchasing with the uncertainty surrounding the housing market.

The uncertainty many reference when speaking about the housing market involves a specific date when home values will increase. Since no one can pinpoint this date, the word uncertainty (when paired with the housing market) often reveals a negative connotation.

There are some factors we can be certain about in this housing market such as home values rebounding.  This is true; the housing market often moves in cycles.

It's safe to assume that many Americans harbored the same uncertainty during the George H. W. Bush administration in the early 1990s when the national homeownership rate fell from its previous historic high of 64.4 percent in 1980 to a low of 64.1 percent in 1991.

In the 1960s Lyndon Johnson illustrated a correlation between homeownership and accountability by stating "owning a home can increase responsibility and stake out a man's place in his community...The man who owns a home has something to be proud of and reason to protect and preserve it."

This statement is still true more than 50 years later.  There are many reasons to take pride in homeownership such as:

• Appreciation - Buying a home now (at the current rates) can almost ensure your home's appreciation in the future.  Mortgage rates are near historic lows and home prices in many parts of the country are down.  This is the perfect recipe for home appreciation.  Additionally, many foreclosed homes are available for a fraction of the original cost.  This can translate to a higher profit if you decide to sell once the market rebounds.

• Property Tax Deductions - For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible.  The IRS (Publication 530) provides detailed tax information for first-time buyers that may answer many questions about what deductions homeowners are eligible for.

• Preferential Tax Treatment - If you own your home for more than a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset.  Capital assets are given preferential tax treatment.

• Equity Building - Many factors such as credit qualification, loan flexibility, and annual percentage rate (APR) contribute to the final decision of what type of mortgage loan best fits your goals.  Yet, a new trend being used by some homeowners is to actually add money to their monthly payment to decrease the principal balance of their loans at a much faster pace.  This trend is called equity building.  Equity builders usually select a home loan with a lower interest rate (and a shorter term loan such as a 15-year fixed) to help build equity faster.  This rapid payment process allows borrowers to:

• Pay off the principal balance faster
• Lock in near-record-low interest rates
• Shorten the length of their home loan
• Own their home faster
• Pay substantially less mortgage interest

Equity building is a beneficial trend that's becoming more and more popular with fiscally responsible homeowners.  Also, home equity is the largest single source of household wealth for most Americans.

• Pride - Homeownership offers many benefits to many different types of people.  For some homeowners, playing your music as loud as you want and painting the walls the color of your choice is a perk.  For me, homeownership will permit me to build an NBA regulation size basketball court on my own property.  For my coworker Joel Jarvi, home ownership may allow him to build the indoor slide of his dreams.  No matter who you are, homeownership is a purchase, commitment, and journey that's sure to bring you pride.

Furthermore, when the uncertainty surrounding the housing market fades and the market rebounds, homeownership may in fact transform that pride to profit through a home sale.

Jonathan Slappey on January 6, 2012 in Home Buying 

Jonathan Slappey is a writer for Quicken Loans, a company whose clients believe it's Engineered to Amaze. 

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