Monroe, NY

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

The U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that single-family construction activity picked up in April compared to March, though the overall rate slumped to the lowest level on record due to a major slowdown in apartment construction.

The seasonally adjusted annual rate of housing starts fell 12.8 percent in April, to 458,000 units -- this rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal variation in construction activity.

The report revealed that single-family starts posted a 2.8 percent gain from March to April while falling 45.6 percent percent year-over-year in April. For structures with five or more units that year-over-year plunge was 74.8 percent in April.

Single-family permit activity was up 3.6 percent in April compared to May but down 42.3 percent compared to April 2008, and permit activity for structures with five or more units plunged 66.2 percent year-over-year in April.

Regionally, single-family and multifamily housing starts declined across every part of the country except the West (up 42.5 percent) in April compared to march. Starts stooped 30.6 percent in the Northeast, 21.4 percent in the Midwest and 21.1 percent in the South. These drops were mainly attributed to big declines in the more volatile multifamily sector.

Building-permit issuance leveled in the West, but was down in the Northeast (-7.1 percent), the Midwest (-4.8 percent) and the South (-3.4 percent) from March to April.

There are currently 101 active residential properties on the market in the Village of Monroe ranging in price fron $199,900-$799,900.

*20 Properties are currently listed as being under contract. Here's the current breakdown:

1- Under $125,000

3- Between $126,000- $300,000

4-Between $301,000-$350,000

6- Between-$351,000-$400,000

3- Between $475,000-$500,000

4- 500,000 +

For more details check us out at http://www.RemoRealty.com

NOTICE OF PUBLIC HEARING that the Town of Monroe Zoning Board of Appeals will hold a Public Hearing on the 14^{th day} of May, 2009 at the Monroe Senior Center, 101 Mine Road, Monroe, New York to consider the following applications:

PLEASE TAKE NOTICE

7:30 p.m. - The application of M & M HOMES LAND DEVELOPMENT OF PA, LLC for a variance from Section 57-10 of the Town Code to permit the issuance of a certificate of occupancy for a single-family dwelling on a lot with a side yard setback of 26Ν instead of the required 30Ν. Property Address: Orchard Hill Farms Subdivision, Section II, Lot 15, Tax Map No. 24-2-15.

The application of JOSEPH BELMONTE on referral from the Town Planning Board for variances from Town Law, Section 280-a to permit the subdivision of lands into four lots where two of the proposed lots do not have access on a public road. Property Address: The

Intersection of Lakes Road and Pinecrest Lane, Tax Map No. 3-3-15.

The application of RAFAEL EKSTEIN on referral from the Town Planning Board for an interpretation of the meaning of the term "everflowing watercourse" as found in Section 57-43A of the Town Code as the same relates to the establishment of 50 foot building setback lines. The applicant proposes to subdivide an existing parcel 1.49 acre parcel into four single-family residential lots. Property Address: Southwest corner of the intersection of Bakertown Road and Acres Road, Tax Map No. 1-3-9.

AT SAID TIME AND PLACE

TOWN OF MONROE PLANNING BOARD

AGENDA

The following matters are scheduled to be heard at a regular meeting of the Planning Board of the Town of Monroe at the Monroe Senior Center, located at 101 Mine Road,

Monroe, New York 10950 starting at 7:30 p.m.

PUBLIC HEARING