Latest news with #HUD
New York Times
a day ago
- Business
- New York Times
Who's More Likely to D.I.Y.?
Being a homeowner means taking on projects big and small, long-planned and unexpected. But will you do-it-yourself, or will you find that the job is best suited for a hired professional? The answer largely depends on your income and age, according to a report and expert insight from the Joint Center for Housing Studies of Harvard University. In its latest report, Improving America's Housing 2025, the center conducted an analysis of the U.S. Department of Housing and Urban Development's 2023 American Housing Survey. Household income and homeowner age were among the factors that influenced spending on home improvements and repairs, and the type of projects that were undertaken. The report compared five income groups, the lowest earning less than $37,500 and the highest more than $172,000. The lowest earners spent an average $3,100 a year on projects like landscaping, minor plumbing repairs and bath upgrades. That was a fraction of the $10,900 spent by the highest earners, who tended to hire professionals for pricier and more complex installations, such as window replacement. While the bottom fifth spent less, their expenses represented a greater slice of their income — 16.3 percent versus 3.7 percent of the top income group. 'Lower-income householders are often cash strapped,' said Sophia Wedeen, a senior research analyst with the Joint Center. 'The fact that they're investing so much less in dollars but spending more of their incomes is certainly reinforcing inequities in housing conditions and finances.' The calculations also considered race and ethnicity, household composition and other traits, but of the homeowner characteristics evaluated, Ms. Wedeen noted, income is a main driver of spending. Professional installations make up the bulk of home project spending. Yet, when looking at D.I.Y.s, Ms. Wedeen explained, lower-income and younger homeowners — specifically those under the age of 35 — were 'most likely' among other age and income groups to undertake and spend money on doing the work themselves. 'There are many drivers of D.I.Y. activity, and certainly part of it is age,' said Ms. Wedeen. Younger homeowners have lower incomes, have had less time to build the home equity often used to fund larger professional projects and are more likely to live in newer homes that don't need major work. D.I.Y. jobs are typically smaller and less expensive. Plus, she said, this group tends to be more interested in being hands-on. Home Improvement Spending Snapshot The disparity in spending between D.I.Y. and professional projects is notable, as is the gap in what the highest and lowest earners spend for each. D.I.Y. project spending MOST SPENT BY AGE LOWEST EARNERS HIGHEST EARNERS $376 $1,086 $1,020 BY THOSE UNDER 35 YEARS OLD Professional project spending LOWEST EARNERS HIGHEST EARNERS MOST SPENT BY AGE $1,884 $8,018 $4,717 BY THOSE 35 TO 44 YEARS OLD D.I.Y. project spending Professional project spending LOWEST EARNERS LOWEST EARNERS $376 $1,884 HIGHEST EARNERS HIGHEST EARNERS $1,086 $8,018 MOST SPENT BY AGE MOST SPENT BY AGE $1,020 $4,717 BY THOSE UNDER 35 YEARS OLD BY THOSE 35 TO 44 YEARS OLD Source: Joint Center for Housing Studies of Harvard Univiersity By The New York Times
Yahoo
3 days ago
- Business
- Yahoo
Churchill Stateside Group Provides $4,528,000 Permanent Loan Commitment for 101-Unit Affordable Family Housing Community in North Charleston, SC
CLEARWATER, Fla., June 17, 2025--(BUSINESS WIRE)--Churchill Stateside Group, LLC ("CSG"), a real estate and renewable energy financial services company, is pleased to announce the commitment of a $4,528,000 permanent loan for Cooper Crest Apartments, a 101-unit new construction affordable family housing community located in North Charleston, South Carolina. The financing, provided through Churchill Mortgage Investment LLC ("CMI"), will support the development of this modern apartment community with a 16-year term and 35-year amortization. The community will feature a mix of one-, two-, three-, and four-bedroom apartments, all income-restricted between 20% and 70% of the Area Median Income (AMI), offering high-quality, affordable living options for families in the region. Construction of the Cooper Crest Apartments is scheduled for completion in 2026. Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, commented, "It's a privilege to support this impactful project that addresses the critical demand for affordable family housing in the Charleston area. Our forward-committed permanent loan structure continues to offer unique value to our developer partners, helping them lock in long-term financing certainty with favorable terms. Thank you to our development partners for allowing CSG to be part of the financing." Keith Gloeckl, Chief Executive Officer of CSG, added, "We're proud to play a part in expanding access to affordable housing through Cooper Crest Apartments. At Churchill, we remain committed to financing developments that strengthen communities and improve quality of life for families nationwide." Churchill Stateside Group continues to be a leader in affordable housing finance, dedicated to advancing strong, inclusive communities through creative, client-focused capital solutions. Looking for creative financing solutions for your next affordable housing project? Visit us at or reach out to our production team at production@ About Churchill Stateside Group Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6.5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer. View source version on Contacts Carter Daignault(727) 233-0614Marketing@ Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Churchill Stateside Group Provides $4,528,000 Permanent Loan Commitment for 101-Unit Affordable Family Housing Community in North Charleston, SC
CLEARWATER, Fla., June 17, 2025--(BUSINESS WIRE)--Churchill Stateside Group, LLC ("CSG"), a real estate and renewable energy financial services company, is pleased to announce the commitment of a $4,528,000 permanent loan for Cooper Crest Apartments, a 101-unit new construction affordable family housing community located in North Charleston, South Carolina. The financing, provided through Churchill Mortgage Investment LLC ("CMI"), will support the development of this modern apartment community with a 16-year term and 35-year amortization. The community will feature a mix of one-, two-, three-, and four-bedroom apartments, all income-restricted between 20% and 70% of the Area Median Income (AMI), offering high-quality, affordable living options for families in the region. Construction of the Cooper Crest Apartments is scheduled for completion in 2026. Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, commented, "It's a privilege to support this impactful project that addresses the critical demand for affordable family housing in the Charleston area. Our forward-committed permanent loan structure continues to offer unique value to our developer partners, helping them lock in long-term financing certainty with favorable terms. Thank you to our development partners for allowing CSG to be part of the financing." Keith Gloeckl, Chief Executive Officer of CSG, added, "We're proud to play a part in expanding access to affordable housing through Cooper Crest Apartments. At Churchill, we remain committed to financing developments that strengthen communities and improve quality of life for families nationwide." Churchill Stateside Group continues to be a leader in affordable housing finance, dedicated to advancing strong, inclusive communities through creative, client-focused capital solutions. Looking for creative financing solutions for your next affordable housing project? Visit us at or reach out to our production team at production@ About Churchill Stateside Group Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6.5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer. View source version on Contacts Carter Daignault(727) 233-0614Marketing@ Sign in to access your portfolio
Business Wire
3 days ago
- Business
- Business Wire
Dwight Capital and Dwight Mortgage Trust Finance $475.5MM in May 2025
MIAMI--(BUSINESS WIRE)-- Dwight Capital and its affiliate REIT, Dwight Mortgage Trust ('DMT'), closed $475.5 million in real estate financings in May. Highlighted transactions included a bridge loan for a skilled nursing portfolio in Florida, a bridge loan for Moment Apartments in Minneapolis, and a HUD 223(f) refinance for Pointe Grand Brunswick in Georgia. DMT closed an $80 million bridge loan to facilitate the acquisition of a five-property, 518-bed skilled nursing portfolio spread throughout central Florida. In conjunction with the bridge loan, Dwight Healthcare Funding provided a $12 million working capital line of credit to support the portfolio's ongoing operational needs. This transaction was originated by Josh Sturm, Managing Director of Senior Housing and Healthcare. DMT also provided a $49 million bridge loan to refinance Moment Apartments, a newly constructed 222-unit luxury apartment community in Minneapolis, MN. The property consists of a 10-story building with 14,713 square feet of ground-floor retail space, occupied by Starbucks and New Horizon Academy. Residents enjoy premium amenities, such as a fitness center, business center, golf simulator, sauna, and swimming pool. Loan proceeds were used to retire existing debt, fund reserves, and cover transaction-related costs. This financing was originated by Vice President Daniel Malka and Jonathan Pomper for the borrower, Sherman Associates. Additionally, Dwight Capital financed a $43 million HUD 223(f) loan for Pointe Grand Brunswick, a 264-unit lakefront community in Brunswick, Georgia. Built in 2023, the property comprises eight three-story garden-style apartment buildings, exclusively featuring two-bedroom, two-bathroom units, situated on over 23 acres. Loan proceeds were used to repay existing debt, including a bridge loan from DMT, cover closing costs, and return equity accumulated since the project's initial construction. The refinance qualified for a reduced Green Mortgage Insurance Premium (MIP) to 25 basis points, due to the property's National Green Building Standard (NGBS) Bronze Level Certification. The transaction was originated by Managing Director Josh Hoffman and Jonathan Pomper for a recurring Dwight client, Hillpointe, which has successfully developed over $1 billion in multifamily housing assets. About Dwight Capital Dwight Capital LLC is a leading commercial real estate finance company in the United States, with a loan servicing portfolio exceeding $13 billion. Our services encompass a wide range of commercial lending options, including Balance-Sheet Bridge & New Construction Loans, FHA/HUD Insured Loans, C-PACE Financing, Mezzanine Financing, and Preferred Equity. For more information about Dwight Capital, please visit: About Dwight Mortgage Trust Dwight Mortgage Trust LLC ('DMT' or the 'Fund') is an actively managed real estate investment trust specializing in the origination and financing of commercial mortgages across a range of real estate asset classes. DMT works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The Fund partners with experienced sponsors on projects in major markets, focusing on investments with a clearly defined exit strategy. For more information about Dwight Mortgage Trust, please visit:
Scoop
6 days ago
- Business
- Scoop
Affordable Homes To Address Rotorua Housing Shortage
Associate Minister of Housing Rotorua whānau will enjoy greater access to modern affordable housing thanks to a community-led partnership delivering 189 affordable homes backed by the Government, Associate Housing Minister Tama Potaka says. Up to 150 of these will be social housing homes to be delivered by end-June 2027 under a new community-led approach through the Rotorua Lakes Council (RLC), the Ministry of Housing and Urban Development (HUD), and Community Housing Providers. In addition, a project consisting of 39 affordable rentals will be delivered in 12-months by Ōwhata Kōhanga Rākau, which is partly funded by HUD's Māori Housing programme. 'Rotorua is a priority location for housing,' Mr Potaka says. 'We're backing community-led solutions to address the need here, which has seen disproportionate numbers of people in emergency and temporary housing, and about 700 applicants waiting on the social housing register. 'Rental affordability has been a long-standing issue. Some whānau have struggled to find an affordable rental home so they've been limited to emergency and social housing. 'The new homes will complement RLC's new Rotorua Housing Plan to enable iwi and hapu housing aspirations, increase housing choice and support diverse housing needs. The plan was developed with extensive local engagement. 'As promised, we are also making solid progress toward ending Contracted Emergency Housing. We prioritised exiting two motels located near Whakarewarewa Village and this will be followed by the exit of a further two motels by the end of July, with all remaining motels exited before the end of the year. 'Progress has been the result of the Government's significant investment in the city, working with central government agencies such as HUD, leadership from Rotorua Mayor Tania Tapsell and the RLC, as well as by Iwi and other local parties to increase social and affordable housing. 'The 150 social homes to be delivered are part of the 1,500 homes to be built by CHPs and funded from Budget 2024. The Government committed $140 million in new funding for 1,500 new social housing places in May last year. Funding has been approved for these Rotorua social homes under this pathway. 'The 39 affordable rental homes are part of a $200 million package announced in February that will enable the delivery of 400 affordable rentals in high-need areas by the end of June 2027. 'Further to the 189 new homes announced today, the Government is also in the early stages of progressing a further 80 affordable rental homes for whānau Māori in Rotorua and we'll have more details on this next stage soon.'
