TENTATIVE Agreement in Senate on Homebuyer Tax Credit

Homebuyer Credit Gets New Life

Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)

© Copyright 2009 Information Inc.

BOEING SELECTS NORTH CHARLESTON

Governor Sanford Welcomes Boeing to South Carolina

COMPANY ANNOUNCES 2nd PRODUCTION LINE IN NORTH CHARLESTON

Columbia, S.C. - October 28, 2009 - Gov. Mark Sanford today issued the following statement on Boeing Company’s announcement of its plan to establish a second production line for the 787 Dreamliner adjacent to the company’s existing facilities in North Charleston.

"Boeing's decision to expand their presence in our state with an infusion of jobs and capital investment - the largest announcement in South Carolina history - represents not only enormously good news for our state’s economy, but also a telling dividend from our state's continued efforts to better our business climate. For us, that means lowering taxes, easing regulatory burdens in our state’s tort and workers’ compensation systems, and keeping South Carolina a right-to-work state," Gov. Sanford said. "I'd first and foremost applaud the hardworking Boeing employees already in the Lowcountry for both their day-to-day efforts and their confidence in Boeing’s management, and in the same way I'd thank Boeing - and in particular Chairman Jim McNerney - for returning that vote of confidence in our state.

"Just as the similarly monumental BMW investment catalyzed a now extensive automotive presence across South Carolina more than 15 years ago, we believe Boeing landing decisively in North Charleston will spur on an already growing aerospace hub in our state. Also just like BMW, Roche, or the Global Aeronautica investment that led to Boeing’s foothold in South Carolina only four years ago, this project required a team effort from dedicated leaders in both the private and public sectors. Accordingly, I'd single out a few heroes in this process:

"First, I’d offer our and the state’s appreciation to Commerce Secretary Joe Taylor and Senator Hugh Leatherman, who worked side-by-side on this matter, and whose work was complemented by Jack Ellenburg and Daniel Young. Legislative leadership was similarly vital - and decisive - in Boeing’s commitment to South Carolina, and accordingly, I’d especially credit Senate President Pro Tempore Glenn McConnell and Speaker Bobby Harrell, along with Senator Leatherman, for the legislative yeoman’s work they’ve done. I would also thank people at the local level like David Ginn, Steve Dykes and Heyward Horton. Lastly, but certainly not least, I’d give real credit to U.S. Senator Lindsey Graham for his invaluable efforts along the way. With all that said, we look forward to welcoming the Boeing team to South Carolina."

-###-

--Benjamin D. Fox

Communications Director

Office of Gov. Mark Sanford

(803) 734.0076 - work

(803) 269.7959 - mobile

(803) 734.5167 - fax

Public input sought on revitalization plan for N. Charleston neighborhoods

Tuesday, 27 October 2009
Staff Report

NORTH CHARLESTON -- The Lowcountry Alliance for Model Communities is hosting a public meeting next week to gather input on the strategic plan for seven neighborhoods in Charleston’s Neck area that neighbor the S.C. State Ports Authority’s new terminal.

The open house is from 10 a.m. to noon Nov. 7 at Military Magnet Academy, 2950 Carner Ave. in the Chicora-Cherokee neighborhood.

The S.C. State Ports Authority is funding the revitalization study.

The plan identifies a number of strategies and goals for economic development, housing, community facilities and land use. Issues of concern include affordable housing, improvement of neighborhood appearance, increased parks and green space, preservation of existing neighborhoods, redevelopment of vacant and dilapidated properties and identification of traffic and transportation improvements.

Attendees at the meeting will receive information regarding the plan and will have an opportunity to make written or verbal comments. Displays highlighting the plan will be set up in the school auditorium, and project team members and North Charleston city employees will be available to answer questions.

The Lowcountry Alliance for Model Communities has been working with the city for the past eight months to create a unified community vision and implement a strategy for long-term growth and equitable development in the Liberty Hill, Accabee, Union Heights, Howard Heights, Windsor, Five Mile and Chicora-Cherokee neighborhoods.

“Neighborhoods deserve to participate as partners with policymakers, service providers, regulatory agencies, industry and developers to improve the community,” said Coakley Hilton, president of the alliance. “The LAMC revitalization plan gave us an opportunity to do that. How we act on that opportunity is up to us.”

More than 25 organizations and business leaders were interviewed to gain perspectives about the future of the neighborhoods involved. A series of public community visioning workshops involving hands-on exercises and discussions also took place.

For more information, contact Wannetta Mallette at 843-740-5835.

Published Oct. 27, 2009
Reprinted from http://www.scbizmag.com/content/view/135232/1/

BEWARE OF REVERSE MORTGAGES

Increasingly, strapped U.S. homeowners are opting to take out a “reverse mortgage,” a loan against a house’s value that is repaid when the borrower dies or sells the property. The number of federally insured reverse mortgages issued to senior citizens in the past three years alone—nearly 335,000—is more than the total from 1990 through 2006. Consumer advocates have long cautioned that reverse mortgages should be used as a last resort because of their high fees. Now, those warnings are growing louder due to a spate of fraud.

The National Consumer Law Center says seniors are facing the same kind of aggressive tactics that were common during the subprime lending boom. And according to a recent report from the FBI and the U.S. Department of Housing and Urban Development (HUD), a host of “unscrupulous loan officers, mortgage companies, and loan counselors” are defrauding desperate Americans. In one scheme, people facing foreclosure are told that a reverse mortgage can save their homes, then “ rejected” for the mortgage and steered into a deal that transfers title of their property to “ investors.” The end result: They lose their homes anyway.

Other scam artists sell loans that appear to be HUD-insured reverse mortgages but are not, according to the AARP, the nonprofit advocacy group for Americans 50 and over. Still others, billing themselves as “investment advisers,” persuade consumers to invest the proceeds of reverse mortgages in other financial products that come saddled with extra costs. And in some cases, the FBI report says, the proceeds of investment schemes are not invested—they’re simply stolen.

Homeowners should turn down any pitch that uses reverse-mortgage funds to purchase financial products. In fact, they should think twice before signing up for this type of loan at all. Other options—like taking a home-equity line of credit or even moving to a smaller place—may be able to meet your needs at a lower cost, according to the AARP.

— Gary Weiss

Originally published at http://www.parade.com/news/intelligence-report/archive/091025-beware-of-reverse-mortgages.html

City of Charleston Comprehensive Plan Survey

I received this yesterday from the City of Charleston, what a great way to have your voice heard as the City works on its comprehensive plan.

Take a few minute and tell them what you think!

The City of Charleston invites anyone who lives, works, or frequents the City to take a few minutes to respond to a quick on-line survey to help plan Charleston's future.

The Department of Planning, Preservation, and Sustainability is updating our City's comprehensive plan (the backbone of all City plans), and we need as much input as possible from people around the City. Please share this link with friends, coworkers, email lists, neighbors, or anyone who cares about Charleston's future:

http://www.charlestoncity.info/COMP-SURVEY

PP&S developed the online survey for residents of the Charleston area as part of the public input gathering process for the City's comprehensive plan update. In conjunction with public meetings held in the last couple of weeks, the on-line survey is another way of allowing the public to comment on the City's current planning efforts and future direction. The survey takes only 5 minutes to complete and will be available online from now through early November.

Thank you!
Christopher Morgan
Director, Planning and Neighborhoods Division
Department of Planning, Preservation, and Sustainability
City of Charleston
75 Calhoun Street
Charleston, SC 29401
(843) 724-3774

Charleston is runner-up in Conde Nast awards

By Allyson Bird
The Post and Courier
Monday, October 19, 2009

For the second year in a row, Charleston took the No. 2 spot among American cities in Conde Nast Traveler's 2009 Readers' Choice Awards.

Only the perennial favorite, San Francisco, fared better than the Holy City in the U.S. division. Santa Fe bumped New York out of the No. 3 spot after Charleston stole the second-place ranking from the Big Apple last year.

The annual rankings consider the best in travel, including cities, hotels and airlines. The November issue containing the awards hits newsstands Tuesday.

Meanwhile, Travel + Leisure magazine readers, in the recent "America's Favorite Cities" survey, rank Charleston the top destination in the country for bed-and-breakfasts, the No. 1 place to spend Thanksgiving and among the best spots in a host of other categories.

The annual survey ranks 30 U.S. cities on everything from its food and hotels to its nightlife and residents.

Charleston earned the No. 2 spot for a romantic escape, losing only to Honolulu. It also placed second for its antiques and vintage shops, its peace and quiet and its noteworthy neighborhoods. Readers ranked Charleston third among relaxing retreats, third for safety and fourth for historical sites.

The Holy City even beat celebrity-rich Los Angeles for the No. 3 spot for most attractive people (Miami and San Diego topped that list). But on one particular ranking held close to heart, Charleston fell.

Turns out, T+L readers think Nashville and New Orleans people are a bit friendlier this year. Not that we're keeping score, but they ranked fourth and seventh, respectively, last year.

And those Conde Nast readers who ranked Charleston the country's second-best city also determined it the friendliest.

Have you lost your job?

Is your monthly income less than before?

Are your mortgage payments becoming too much for you?

If you’re behind on your mortgage or fear you may have trouble making payments in the future, let us help. Join us October 24 for a FREE event at the North Charleston Convention Center, as we pull together the region’s experts and HUD counselors who may be able to help you keep your home, and make life affordable once again.

There is HOPE!

How can this event help me? You’ll meet with a certified HUD counselor, who will discuss an array of financial matters with you to try and find the best solution to your situation. Experts in budgeting, credit counseling, foreclosure prevention, legal issues and other related topics will work with you individually to help you to form a plan and remain in your home. Follow up work will be required, so don’t expect a quick fix on the spot.

What do I need to bring?

- Your mortgage statement and any other correspondence from your lender or attorney
- Two (2) pay stubs for everyone in the household along with proof of any other form of income
- Two (2) of your most current bank statements
- Most Recent Tax Return with W-2’s
- Recent Utility Bill

Important Notes:

- Advance registration (http://HopeForHomesCharleston.com) is requested but NOT required. Walk-ins are welcome.
- To ensure we are able to serve all attendees quickly, please leave children and pets at home.
- Parking is free!

If you are unable to attend on this date, or will not be able to attend without children or pets, please download the information from Family Services, here. You may also call 843.735.7862


Host organizations include the City of Charleston, the City of North Charleston, the Homeownership Resource Center, Charleston Trident Urban League, Charleston Area Community Development Corporation and Charleston Trident Association of REALTORS®.

AMERICAN HOMES ARE GETTING SMALLER

October 11, 2009

In a reversal of a decades-long trend, the median size of new houses in the U.S. shrank last year, and the downsizing continues in 2009. New houses under construction through June were nearly 200 square feet smaller than two years ago. Has the McMansion era come to an end?

Jeffrey Mezger, CEO of residential construction giant KB Home, thinks so. “We were in the most overheated housing market the country has ever seen, and I don’t think it will revert back to that anytime soon,” he says. Eric Belsky, executive director of the Joint Center for Housing Studies at Harvard University, says that’s a good thing: Smaller houses suited to first-time buyers could help the struggling construction sector rebound faster. “Demand has shifted from people looking to trade up to larger homes to first-time buyers who are typically younger, with less income, looking for a place that is more modest,” he says. Smaller houses are also attractive to empty-nesters looking for places that are more energy-efficient and less expensive to maintain, according to Stephen Melman, an economist with the National Association of Home Builders. “People want to buy only the home they need right now,” Melman says. “They’re not going for an extra 1000 square feet anymore.” Yet, by any international measure, American homes are still extra-large: Average new-home size peaked here in 2007 at 2521 square feet. At that time, the average house in Germany and France was about 1200 square feet; in England it was 900 square feet.

-J. Scott Orr

CAROLINA COVE

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | 843-224-5398 415 Parkdale Drive, 10 D, Charleston, SC Carolina Cove 2BR/1.5BA Condo offered at $83,000 Year Built 1973 Sq Footage 868 Bedrooms 2 Bathrooms 1 full, 1 partial Floors 2 Parking 2 Uncovered spaces Lot Size Unspecified HOA/Maint $143 per month DESCRIPTION Clean well kept unit in centrally located Carolina Cove, minutes to Historic Charleston, close to I-526. Wood floors down, tiled baths, wall to wall carpet up. Renovated in 2004, appliances convey including stacked washer and dryer. Large enclosed patio with lots of privacy close to Club House. Custom closet shelving in bedrooms. Monthly regime covers water/sewer, ext insurance, pest & termite control, pool, club house, fitness center, and grounds maint. Nothing to do but move right in! If square footage is important - MEASURE!! see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Walk-in closet - Hardwood floor - Tile floor - Family room - Dishwasher - Refrigerator - Stove/Oven - Washer - Dryer - Balcony, Deck, or Patio COMMUNITY FEATURES - Guest parking - Clubhouse - Fitness center - Swimming pool(s) - Playground ADDITIONAL PHOTOS Photo 1 Contact info: Owen Tyler Carolina One Real Estate owen@owentyler.com 843-224-5398 For sale by agent/broker Equal Opportunity Housing Posted: Oct 10, 2009, 8:36am PDT