Restore Housing Loan Limits

October 31, 2011

On September 30th, 2011, the temporary loan limits for FHA and GSE insured home loans expired, resulting in a reduction of consumer credit in 669 counties across 42 states. The expiration is making a weak housing market even weaker and also makes it harder for middle class homebuyers to get mortgages when credit is already tight.

Luckily, there is a solution in the form of a bipartisan amendment, referred to as the Menendez-Isakson Amendment, which would restore the recently expired temporary loan limits until December 31, 2013.

Fortunately, some leaders in Congress are taking steps to extend the temporary loan limits and pass this important amendment. The legislation now goes to a "Conference Committee" to iron out differences between the House & Senate versions. But they need your help to succeed as some members of the US House are opposed to a loan limit extension and thus will likely push to exclude the Menendez-Isakson Amendment from the Conference Report. The Conference Report could be finalized as early as next week so time is very critical.

We need to apply pressure on rank & file House Republicans to reach out to House Leadership to encourage them to preserve the Menendez-Isakson language.

Please contact your elected representative in Congress today and ask them to support Appropriations Bill HR 2112. This legislation enjoys bi-partisan support in the House and is our only chance to restore the temporary loan limits that are so important to stabilizing the housing market.

Please click here to send your message to Congress today!

Sincerely,

Ken Gear
Executive Director
Leading Builders of America

Union Ranch Park ready to break ground

The most controversial neighborhood park project in Manteca’s history is about to break ground.

The City Council on Tuesday is expected to approve the final documents to allow work to start on improvements for the 7.37-acre Union Ranch East Park along with 3.3 acres of linear park improvements. It includes a bike path that will eventually connect to the Tidewater Bikeway.

Residents of the neighborhood immediately east of Del Webb at Woodbridge in North Manteca balked at being assed landscape maintenance district fees for a park that didn’t yet exist. They also argued the city had no authority to assess the tax.

City officials cited state law that gave them the power to do so. Most of the controversy occurred because the park wasn’t constructed when the development broke ground as has been the norm almost everywhere else in Manteca. Also, buyers said the developers didn’t make the actual cost per year clear in their disclosure documents.

The $1.2 million park project is being paid for with fees collected from homes in the 400-plus lot neighborhood.

Park improvements include two playground areas - one for preschoolers and another for those 5 to 12 years of age. The playgrounds will flank a picnic area with a 35-foot octagon canopy. There will be tables under the shade structure as well as outside of it. Several barbecues will be put in place along with a basketball court, drinking fountains, decorative security lighting, benches, and trash receptacles.

The park is expected to be ready for use by spring.

By Dennis Wyatt
Managing Editor
dwyatt@mantecabulletin.com
209-249-3519