HUD launches FHA-backed loan program to support manufactured housing communities

👋 Good morning. Thursday has touched down.

Today's newsletter is 494 words — a 2-minute read.

1. HUD launches FHA-backed loan program to support manufactured housing communities

HUD has introduced a new program to enable the purchase, refinance, or renovation of manufactured housing through FHA-insured loans.

The program aims to preserve and revitalize affordable housing communities.

Eligible entities, including resident-owned cooperatives, nonprofits, and local governments, can use these loans to maintain rent affordability and improve infrastructure.

HUD anticipates benefiting approximately 5,000 individuals and families over five years.

2. Why Austin won’t see many office-to-residential conversions

An audit by Austin's Office of the City Auditor suggests that converting vacant office spaces to residential units is largely impractical in Austin.

Most of the city's office buildings are relatively new, built in the last 10-20 years, making them unsuitable for such conversions. Only 16 years and older office properties, mostly smaller than 30,000 square feet, were identified as potential candidates.

While other cities like Dallas lead in office-to-residential conversions, Austin's younger building stock and financial hurdles make this approach less viable. LINK

3. Catch up quick

🤝 DFW indie brokerage Stryve Realty joins United Real Estate. (PRNewswire)

⚖️ Pinnacle Bank sues real estate investor Shulamit Prager over Arlington office campus debts. (TRD)

🏠 Oak Springs Development stalled after a court ruling. (AustinMonitor)

🏭 Velocis, Ironwood, MBK venture to develop over 1M sf. industrial space in Hutto. (BizJournal)

🌊 Prepare your home as NOAA predicts hurricane season will bring 4 to 7 major storms. (CNBC)

Put your money to work in a high-yield cash account with up to $2M in FDIC† insurance through program banks.

Get started today, with as little as $10.

4. Texas, where HOA fees take center stage

With approximately 23,300 housing communities in Texas, HOA fees play a significant role in home purchasing decisions. LINK

The prevalence of HOAs in Texas, encompassing one-third of owner-occupied homes, reflects the significant revenue generated, with associations collecting nearly $8 billion in assessments annually as of 2021.

5. Hilco Real Estate announces bankruptcy sale of 4.2± acre land in Dallas

Hilco Real Estate has set July 19, 2024, as the bid deadline for the bankruptcy sale of a 4.2± acre parcel of land along Texas Highway 78 in Wylie, Texas.

This shovel-ready property is ideally suited for the construction of 34 luxury townhomes, with plans featuring a mix of 3 bed/3 bath and 3 bed/2.5 bath units, each equipped with attached two-car garages.

The proposed neighborhood includes a community center, pool, and recreational sports space, all situated along the banks of Maxwell Creek.

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.

Interested in advertising with Texas Real Estate News? Email [email protected]