New NYC Evacuation Zones | Reverse Mortgages | Gowanus Clean-up

Past and current landmarks near MOMA. (Museum of the City of NY, Ozier Muhammad/NYTimes)

1. Reverse-Mortgage Defaults Increasing. “Reverse mortgages allow people age 62 or older to convert their home equity into cash. Of the almost 600,000 reverse mortgages outstanding, 9.8% are currently delinquent, up from 8% in 2011, the first year for which statistics are available, according to the federal Department of Housing and Urban Development, whose Federal Housing Administration insures virtually all reverse mortgages. [Wall Street Journal – 05/05/13]
2. Gowanus Clean-up Faces Challenges. “But a $500 million plan by the Environmental Protection Agency to do just that has run into protests from otherwise environmentally conscious residents in several Brooklyn neighborhoods. They want the canal purged of pollutants like PCBs, lead, mercury and raw sewage, but are fighting the methods the agency has chosen.” [New York Times – 05/05/13]
3. Economists Cast Their Eyes on Sandy. “The six-month anniversary of Superstorm Sandy last week received only a modest amount of attention for an event that was supposed to derail the local economy and require years to overcome. Six months later: the economy has recovered,local governments will be made whole, and maybe even come out ahead; and private individuals have collected billions, too.” [Crain’s New York – 05/05/13]
4. Why the ‘Rent Is Too Damn High’ Guy Still Matters. “You know, the guy with the white wrap-around facial hair, gloves, and “The Rent is Too Damn High” message who made the 2010 New York State governor’s campaign interesting, even funny. He dropped a record late last month with an anthem themed around the same singular message of his earlier campaign. He’s also contemplating a run for New York City mayor. As zany and unrealistic as his campaign is, the message is undeniably, brutally true.” [City Lab – 05/03/13]
5. MoMAs History of Demolishing Potential Landmarks. “The blogs are aflame with righteous indignation at the Museum of Modern Art’s decision to demolish its new acquisition, the 2001 American Folk Art Museum, at 45 West 53rd Street, designed by Tod Williams and Billie Tsien. But MoMA’s plan can hardly be a surprise, because its entire history since 1937 is based on demolishing potential landmarks.” [The New York TImes – 05/02/13]
6. Questions Over New Jersey Seizure of Affordable Housing Funds. “Amid objections from municipal officials and housing activists, the Christie administration has begun the process of seizing $150 million or more in subsidized housing money from municipalities around the state. The governor’s office is keeping a tight lid on its policy objectives.” [Philly.com – 05/05/13]
7. Thousands More FHA Loans set for Auction Block. “Approximately 20,000 severely delinquent FHA-guaranteed mortgage loans will be offered to investors through two Department of Housing and Urban Development (HUD) sponsored auctions this summer.  The sales are part of HUDs expanded Distressed Asset Stabilization Program designed to reduce FHA’s shadow inventory, target relief to geographic areas that have been especially hard hit by foreclosure activity, and shore of FHA’s mortgage insurance fund.” [Mortgage News Daily – 05/03/13]
8. LICH Supporters Slam SUNY’s Search for New Hospital Owner. “State University of New York’s (SUNY) search for an entity to take over Long Island College Hospital (LICH) may be designed to fail, warned LICH supporters Thursday night at the Cobble Hill Association’s community forum to discuss the future of the 150-year-old hospital.” [Brooklyn Eagle – 05/03/13]