FHA Gives Home Buyers One-Month Window

The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.
What does this mean for home buyers?

Would you pay to drive on 422?

Representatives of the Delaware Valley Regional Planning Commission and the Montgomery County Planning Commission appeared before the supervisors to provide an overview of the U.S. 422 Corridor Master Plan. The corridor includes 24 municipalities in Berks, Chester and Montgomery counties. Leo Bagley, assistant director of the Montgomery County Planning Commission, said his agency had been working with the DVRPC and municipalities on the master plan for several years. Bagley said the possibility of making Route 422 a toll road was under consideration as a way to generate revenue for the area. He added that the county and regional planning commissions would be presenting information about the results of that study later in the year. Over the next several months, a team of traffic consultants would be modeling different scenarios to see what their potential effects might be, including whether tolls on Route 422 would be viable. While the study was expected to be completed by the end of the year, it will probably take several years to get through the process of actually turning the highway into a toll road. If it were to happen, it would be in the form of a high-speed system using E-ZPass.

What are your thoughts?

PA Turnpike Slip Ramp coming to Malvern, Route 29

Chester County will finally get its slip ramp, an all-electronic interchange linking Route 29 in Great Valley with the Pennsylvania Turnpike. The announcement was made Wednesday at a gathering of state, county and township officials, transportation experts and the developers who have hundreds of millions of dollars invested in local corporate and retail parks. Located midway between the Downingtown exit (#312) and the Valley Forge exit (#326), the new ramp will provide access to and from such business parks as the Great Valley Corporate Center, the Commons at Great Valley, Atwater and the newly opened Uptown Worthington. Each day about 45,000 to 50,000 vehicles travel the 14-mile stretch of turnpike between Downingtown and Valley Forge, Brimmeier said. By 2025, Turnpike studies estimate 150,000 vehicles a day will use that stretch.

Time to get that EZ Pass, if you haven’t done so already.

In 2010: Rent or Buy A Home?

First time home buyers have a lot to consider this summer when making the decision to rent or buy a home: interest rates are at all-time lows, there’s still plenty of housing stock and prices are at or near their lowest in years.

Still, deciding whether to buy a home or rent an apartment can be a complicated decision. How do you know what’s right for you? Potential buyers should ask themselves several key questions before making this important decision.

Methacton School District reduces expected tax increase to 5.53 percent

The Methacton School Board was able to reduce the expected tax increase for 2010-11 from 6.4 percent to 5.53 by refinancing part of the Skyview Upper Elementary School construction debt. The board also decided to continue the Transitional-First Grade program after parents expressed concern over the loss of the program. If adopted, the school property tax millage will be 25.58, which amounts to an increase of $235.08 in the tax bill of the average home assessed at $176,235 in the district. The expected homestead/farmstead credit is $234.20 for those enrolled. The final budget is set for adoption at the June 22 meeting. The Methacton School District has also announced a public budget forum on June 4 at 11:00 a.m. to allow the community to discuss the proposed budget with the superintendent. Please visit the Methacton School District website for more information.

West Chester schools approve tax increase

The West Chester Area School Board on Monday night approved a 2010-2011 budget that includes a 2.83 percent property tax increase. The average increase for the district’s Chester County residents will be $98, while the average increase for its Delaware County residents will be $28, according to district officials. The average tax bill in the district’s Chester County portion, where the average assessed home value is $189,950, will be $3,343; the average tax bill in the district’s Delaware County portion, where the average assessed home value is $289,443, will be $3,980. The district finance committee two weeks ago recommended a budget that included a 3.3 percent tax increase. Board member Maria Armandi Pimley on Monday proposed an amendment to that recommendation that brought the increase to 2.83 percent, and five of the eight board members present voted to accept her amendment.

Tredyffrin supervisors study student housing

Tredyffrin Township Supervisors are considering an ordinance to regulate student housing. Either a by-right or special-exception ordinance could be enacted. A by-right zoning ordinance would state that use of a property would be approved as long as it was in compliance with the ordinance, and special exception means that the Zoning Hearing Board would decide if an applicant is complying with the ordinance. The special exception would require the applicant to go through the ordinance and show how their project achieves compliance. The township has received complaints about problems near homes being rented to students relating to noise, traffic, parking and property maintenance.

Pennsylvania Adopts Sprinkler Requirement

Pennsylvania will be the first state to make automatic fire sprinkler systems mandatory in all newly constructed one- and two-family houses beginning, Jan. 1, 2011.

The state updated the Pennsylvania Uniform Construction Code last year. The action is expected to add $1 to $1.50 per square foot to the cost of new construction.

Firefighters support the code change saying that the death rate of firefighters in sprinklered homes is 80 percent lower. And the American Insurance Association says property/casualty losses in sprinklered homes are about 45 percent to 70 percent lower compared to nonsprinklered homes.

Neither the National Association of Home Builders nor the Pennsylvania Association of REALTORS® support mandatory sprinkler systems.

“We believe that mandatory sprinklers are yet another unnecessary and expensive government mandate for Pennsylvanians,” said PAR spokesperson Samantha Krepps. “Mandatory sprinklers in new one- and two-family construction will drive up new home prices in Pennsylvania and stall the recovery of the housing sector.”

Lakeview Shopping Center Trades for $23.5M

One Liberty Properties Acquires 194,000-SF Shopping Center

One Liberty Properties Inc. has acquired the Lakeview Shopping Center in Royersford, PA, from R.J. Waters & Associates for $23.5 million or about $121 per square foot.

The 194,451-square-foot shopping center at 947 S. Township Line Road was built in 2002 on 33 acres. The center is anchored by Giant and Kohl’s, and features a number of other tenants including Blockbusters, Marshalls and Lakeview Cleaners. It was 100 percent occupied at the time of sale.

Foreclosure Bargains Getting Harder to Find

Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Master Plan for Route 422 available for public scrutiny

The US 422 Corridor Master Plan Summary Report is now available for public comment at www.422corridor.com.  The report, which explores current conditions and long-term possibilities for the corridor, addresses each challenge of the corridor, and identifies strategic steps and investment decisions to sustainably accommodate growth and mobility for the long-term future – across a corridor spanning 24 municipalities in Berks, Chester and Montgomery Counties. The report, which was researched and written by the Delaware Valley Regional Planning Commission (DVRPC) and McCormick Taylor, is helpful for inventorying existing plans, programs and projects and outlining future needs of the corridor.

Upper Dublin School District posts preliminary budget

The preliminary 2010-2011 budget for Upper Dublin School District includes a tax increase of 12.68 percent. The school district is required to publish intent to raise taxes above the Act 1 index of 2.9 percent. Click here for the Upper Dublin School District comprehensive budget timeline.

West Norriton authorizes research of alternate sewer options

The West Norriton Board of Commissioners authorized the sanitary engineer to research optional sewage treatment plans. The first two plans would end the township sewage contract with the Norristown Municipal Waste Authority (NMWA) by either building their own treatment plant, or constructing a 24-inch force main and multiple pump stations to send the waste to the Lower Perkiomen Valley Regional Sewer Authority. The third option would continue sending waste to NMWA. West Norriton currently pays NMWA $750,000 per year to treat sewage.

County Department of Housing and Community Development announces informational grant meetings

The Montgomery County Dept. of Housing and Community Development will hold three public meetings designed to inform county residents about the Community Development Block Grant (CDBG), the Emergency Shelter Grant Program (ESG), the HOME Investment Partnerships (HOME) Program and the American Dream Downpayment Initiative (ADDI). The county is required to complete a Five-Year Consolidated Plan and Annual Action Plan that states a plan for the approximately $5 million received from HUD to improve the community. The meeting dates are:

- March 3, 2010, 6:00 p.m. at the Willow Grove Annex Eastern Courthouse Annex, 102 York Road, 3rd Floor Conference Room, Willow Grove, PA.

- March 4, 2010, 6:00 p.m. at the Montgomery County Community College West Campus, 101 College Drive Room 222, Pottstown, PA.

- March 8, 2010, 6:00 p.m. at the Montgomery County Human Services Center, 1430 DeKalb Street Room A/B, Norristown, PA.

Click here for more information on the Montgomery County Department of Housing and Community Development.

Jenkintown invites public to view updated revitalization plan

Jenkintown Borough announced a community presentation of the newly revised revitalization plan to be held Feb. 23 at 7:30 p.m. in the Jenkintown School auditorium. Key economic development initiatives will be presented. Borough council is scheduled to vote on the plan draft at the March 1 council meeting. Click here for the Jenkintown Borough notice of the presentation.