A deadline is close to being extended for the delayed Couture’s transit plaza. It would save taxpayers $6.7 million.



a tall building in a city: The long-delayed Couture high-rise could be finally close to completing its financing package.


© Rinka
The long-delayed Couture high-rise could be finally close to completing its financing package.

A federal deadline is close to being extended for a transit plaza tied to the delayed Couture high-rise on downtown Milwaukee’s lakeshore.

That would save county taxpayers $6.7 million.

Barrett Lo Visionary Development LLC’s application for a loan guarantee from the U.S. Department of Housing and Urban Development was submitted on Sept. 1, and is still pending before that agency.

Loading...

Load Error

Get daily updates on the Packers during the season.

Barrett Lo submitted the application after it secured investor financing for the apartment tower. The firm can finally begin construction if it receives the HUD loan guarantee.

The 44-story Couture, 909 E. Michigan St., would feature a public transit plaza that would complete the lakefront loop for The Hop streetcar.

The Federal Transit Administration plans to waive a $6.7 million debt owed by Milwaukee

Read More

How Long Does It Take to Close on a House, Really?

So, you finally decided to ditch the rentals and buy yourself a home. You’ve shared drinks with real estate agents, groaned through numerous open houses, and probably gave more than a few side-eyes to the viewers who seem to be there only for the cookies. After all the work, you finally put in an offer that was accepted, and now you’re waiting for closing and wondering why it’s taking so long.

One of the questions most first time home buyers tend to ask is: “How long does it take to close on a house?” The truth is there isn’t a definitive answer.  Typically, it takes 30-60 days. However, between your offer, loan approval, and escrow, there are a lot of events and contingencies that could occur to disrupt this time frame..

“Once your offer gets accepted, generally speaking, most loan contingencies are about 17 days” says Yawar Charlie, a Director

Read More

Parma close to selling Chevybrook Estates to Cleveland Housing Network

PARMA, Ohio — Nearly a year and a half after announcing its intention to sell Chevybrook Estates, Parma expects to soon close a deal with Cleveland Housing Network (CHN) purchasing the 60-unit public housing property located on Chevrolet Boulevard.



a large brick building with grass in front of a house: Chevybrook Estates is located on Chevrolet Boulevard in Parma.


© John Benson/cleveland.com/cleveland.com/TNS
Chevybrook Estates is located on Chevrolet Boulevard in Parma.

“The reason we’re selling is the property is it’s 33 years old and the units have never been updated,” Parma Public Housing Executive Director Priscilla Pointer-Hicks said.

Loading...

Load Error

“They’re really dated, so we decided to find a buyer that would keep the property affordable, while also rehabbing the units.”

In addition to Chevybrook Estates — which is the only public housing estate in Parma — needing a $2 million upgrade, the U.S. Department of Housing and Urban Development (HUD) is currently enticing housing agencies to leave public housing.

“When we hired Priscilla to be director, one of the

Read More

Do HUD Homes Take Longer to Close on Than Others? | Home Guides

The U.S. Department of Housing and Urban Development maintains a list of homes it offers for sale. HUD homes are homes with FHA-insured mortgages that were foreclosed when their owners defaulted on those mortgages. HUD only offers its homes via bid process, first to hopeful owner-occupants and then to interested property investors. Bid acceptance by HUD for one of its listed homes is the start of a process that ends several weeks later at a sales closing.

HUD Closing Timeline

If you’re an owner-occupant, when you bid on a HUD home you’re expected to be pre-approved for a mortgage loan. HUD, though, understands that even pre-approved winning bidders on its homes will need time to close. Additionally, HUD also needs time to write up and send contracts to the real estate brokers of winning home bidders. Due to the time needed by all involved parties, HUD generally allows winning home

Read More