 Home | Profile | Archives | Blog Manager Recent PostsStudy: State Laws Against Predatory Mortgage Lending Work Without Cutting Off CreditHaddonfield and Collingswood - Affordable housing advances Builders seek role in Mt. Laurel case Two Bills Clear Assembly Committee - NJAR FHA Relaxes Property and Fix-up Rules  RSS Blog FeedCategoriesGreeting - HouseJeanie TeamNew Construction Market Statistics Reynard Run Mortgage Information Real Estate and The Internet Selling Your Home Moorestown Cherry Hill Medford Cinnaminson Evesham/Marlton Mount Laurel Delran Palmyra Riverton Maple Shade Haddonfield Voorhees Schools Home Inspections Taxes Burlington County FHA VA Loan Legislature - New Jersey Camden County Philadelphia, Delaware Valley Home Buyers HUD Favorite LinksActive Listings from the MLSHouseJeanie Website HUD Sales HouseJeanie Team ArchivesFebruary 2006Study: State Laws Against Predatory Mortgage Lending Work Without Cutting Off CreditPosted at 10:41 AM, Feb. 28, 2006RISMEDIA RISMEDIA, Feb. 28 A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most.
"The Best Value in the Subprime Market: State Predatory Lending Reforms" is the most comprehensive study of its kind. Researchers examined more than 6 million subprime mortgages from 1998 through 2004, or three-quarters of all the loans in the subprime market during those years.
States with the strongest laws -- Massachusetts, New Jersey, New Mexico, New York, North Carolina, and West Virginia -- showed the largest declines in loans with predatory terms.
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Haddonfield and Collingswood - Affordable housing advancesPosted at 10:37 AM, Feb. 26, 2006By LAVINIA DeCASTRO
Collingswood will soon sign an agreement with a Haddon Township nonprofit to rehabilitate four houses to be sold to low- and moderate-income residents. Haddonfield's commissioners are scheduled to vote on an ordinance requiring developers to provide affordable housing.
Both boroughs are struggling to meet the requirements set by the state Council on Affordable Housing.
COAH has determined that Collingswood must provide 33 affordable units and Haddonfield 195.
For the complete article go to: http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060225/NEWS01/602250332/1006/ARCHIVES Builders seek role in Mt. Laurel casePosted at 10:47 AM, Feb. 25, 2006By ANNA NGUYEN
A national trade group has asked the state Supreme Court if it can intervene on behalf of a private developer in a case that will determine whether a municipality can use eminent domain to acquire property for the purpose of preserving open space and slowing development.
The National Association of Home Builders "urges that a balance is struck between the preservation of open space and the protection of private property rights," said Blake Smith, a spokesman for the group.
The township in 2002 condemned a vacant 16-acre High Pointe tract owned by Mi-Pro Homes LLC at Hainesport-Mount Laurel Road and Elbo Lane.
The township wants to turn the land into a park, Mayor Peter McCaffrey said.
The developer already had obtained planning board approval to build 23 homes and started construction for utilities.
For the complete article see: http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060224/NEWS01/602240387/1006/ARCHIVES
Two Bills Clear Assembly Committee - NJARPosted at 11:35 PM, Feb. 24, 2006Two bills, A798 and A1298, passed favorably out of the Assembly Housing and Local Government Committee on Thursday, February 23, 2006. A798, sponsored by Assemblyman Caraballo (D29), Assemblyman Biondi (R16), and Assemblyman Gordon (D38), will overhaul the laws governing homeowners associations. This bi-partisan legislation will expand homeowners access to records, create fair elections, give homeowners the ability to arbitrate disputes with the association and create an ombudsman with the Department of Community Affairs to train members and officers of homeowners associations. The bill will now move to the General Assembly for a floor vote.
To read A798, go to http://www.njleg.state.nj.us/2006/Bills/A1000/798_I1.PDF.
To read A1298, go to http://www.njleg.state.nj.us/2006/Bills/A1500/1298_I1.PDF. FHA Relaxes Property and Fix-up RulesPosted at 5:10 AM, Feb. 17, 2006FHA Relaxes Property and Fix-up Rules
For the full article go to Beverly begins talks on redeveloping paint factoryPosted at 6:00 AM, Feb. 15, 2006Beverly begins talks on redeveloping paint factory By JASON BODNAR
BEVERLY City and county officials are scheduled to meet this afternoon with federal Environmental Protection Agency representatives in New York City in hopes of getting approval to redevelop an abandoned paint-manufacturing plant near the intersection of Cherry Street and Manor Road.
The 6.5-acre site has been vacant for almost 20 years. It is contaminated by paint-making chemicals used by Cosden Chemical Coating Corp., and the EPA has proposed a cleanup plan that city officials said would make redevelopment difficult.
The City Council plans to declare the site a redevelopment area, which would allow the council to use the right of eminent domain to condemn it. Under the plan, the council would then turn the property over to Denver-based developer Arcadis at little or no cost for rehabilitation and redevelopment.
For the complete Article go to: http://www.phillyburbs.com/pb-dyn/news/112-02152006-613137.html Development of the Pennsauken Mart SitePosted at 2:41 PM, Feb. 14, 2006In a press release published in SouthJersey.com, plans are in the works to develop a magnificent complex with 700 townhouses and condominiums, a hotel, conference center, amphitheater and upscale shops with underground parking.
The eyesore cinder-block building will be demolished within the next six months to make way for the new Crossroads development. The 35-acre site is situated at the northwestern corner of Camden County, near the Burlington County border, at the intersection of Routes 130 and 73.
Freeholder director Louis Cappelli Jr. says that the project – expected to take three to five years – incorporates smart growth principles by including a shuttle to the nearby River Line rail station on River Road and making the best use of the highway system.
For the complete article go to: Deal to bring distribution center appears to be donePosted at 11:49 AM, Feb. 5, 2006By TODD MCHALE
We are scheduled to close (on a deal with the owners of the Albert E. Price building) on Feb. 14, barring any unforeseen circumstances, said Edward Hovatter, a Pennsau-ken-based attorney who represents Dietz & Watson. If things go right with fitting out the building, the company hopes to be in there by November or December. While representatives of Dietz & Watson and Albert E. Price Inc. declined to release the purchase price, the agreement calls for Dietz & Watson to purchase the giftware importer's 32-acre property and warehouse on Coopertown Road near the township line.
Philadelphia-based Dietz & Watson, founded by Gottlieb Dietz in 1939, distributes premium deli meats manufactured in Philadelphia, and its artisan cheeses made in New York and other gourmet food products to about three dozen states from coast to coast.
Cindy Yingling, chief financial officer for Dietz & Watson, has said the family-owned company's growth forced them to expand.
Once the deal is complete, Dietz & Watson plans to use the 266,000-square-foot warehouse in Delanco for slicing, packaging, storing and distributing its products. In addition, the company expects to eventually move its development and research facilities and its corporate offices to the Delanco plant.
This building had everything we needed, Hovatter said of the warehouse. Hovatter said the company would need to install refrigeration systems, construct additional offices, reconfigure the parking lot and improve the landscaping and other areas around the property.
Basically, what we are going to do is take the existing factory and convert it, so the building is conducive for cold storage, Hovatter said.
The site, situated between the company's plants in Pennsylvania, Maryland and New York, was one of three locations considered.
Hovatter said officials from Pennsylvania and Maryland courted Dietz & Watson with extensive tax incentives, but the company felt the New Jersey location best fit its needs. Although, New Jersey wasn't the best deal, (Dietz & Watson) felt this location would be the most logical, Hovatter said.
The members of the Eni family, including Cindy Eni Yingling, who own and operate Dietz & Watson, are longtime Burlington County residents, but Hovatter said that did not play a role in the company's decision to relocate here.
The Township Committee did transfer the Albert E. Price Inc.'s tax abatement deal to Dietz & Watson in December. Last month, the township's Joint Land Use Board approved the deli-meat company's preliminary and final site plan applications and requested variances.
In addition, the Burlington County Economic and Regional Planning department assisted Dietz & Watson with finding loans and incentives available to businesses operating in redevelopment zones in New Jersey.
Hovatter said the company expects to create about 100 to 150 new jobs once the plant is in full operation. The company plans to have three shifts and, eventually, a total of 225 employees working in Delanco.
Township Administrator Steven Corcoran said that while Dietz & Watson's move won't result in a huge boost in tax revenues right away with the tax abatement deal in place, officials are pleased that a company of this stature chose Delanco for its new home. The impact of a well-known (company) like this moving to a small town like Delanco is enormous, Corcoran said. I'm sure there are people in Baltimore and Pennsylvania who are getting out the map and saying, "Where is Delanco, New Jersey?' Health of Burlington County BusinessPosted at 11:13 AM, Feb. 5, 2006In an article in the Burlington County times, In need of an office space, By Christopher Bishop, Burlington County Times, the Health of Burlington County Business is discussed.
The sun is shining over South Jersey, said Klein, a senior vice president for Grubb & Ellis, one the nation's largest commercial real-estate firms. Based in Northbrook, Ill., the company has a South Jersey office in Evesham.
Klein cited declining office-space vacancy rates and the potential for attracting tenants from outside the region as other positive signs for South Jersey.
She said vacancies declined in the third quarter of 2005 to 11.7 percent for the Burlington and Camden County market. A rate below 15 percent is considered healthy, experts say.
The vacancy rate in Philadelphia and its suburbs was 13.7 percent during the same period.
Real-estate experts generally defined Class A buildings as structures 20 years old or newer that have high-quality construction, state-of-the-art systems and rents above average for the region.
Dan McGovern, a senior associate with CB Richard Ellis, a Los Angeles-based company that is the largest commercial real-estate company in the nation, said the region's office market was in good shape because key industries were thriving. Health care, defense, the mortgage business all three of those are flourishing around here, McGovern said.
Big tax savings for moving costsPosted at 8:54 AM, Feb. 3, 2006How you can deduct some moving expenses
Friday, February 03, 2006
Whenever I see a moving van, I think to myself, "I wonder if those folks are deducting their moving costs." Although not every household move is tax-deductible, if you change your work location within 12 months before or after the move, your expenses could qualify for Uncle Sam's generous moving expense deductions. Both renters and homeowners are eligible for this tax break. Whether you itemize personal tax deductions, or claim the standard tax deduction, you can still deduct qualified moving costs on line 26 of your IRS Form 1040.
IRS Form 3903 must be used to list your deductible moving expenses. But there are two eligibility tests that must be passed. THE VITAL JOB RELOCATION TEST: The first and most important moving expense-deduction rule is the job relocation test. To qualify, your new job location must be at least 50 miles further away from your old residence than was your old work site. It doesn't matter if you changed employers, stayed with the same employer, became self-employed, or took your first job. To illustrate, suppose your old home was six miles from your old job location. To qualify from the moving expense tax break, your new job site must be at least 50 miles further away from your old home. In this example, that's six miles plus 50 miles, or 56 miles. Either spouse can qualify. Congratulations if you met this first test; now you have to meet a more difficult test. THE WORK TIME TEST: The second moving-cost eligibility test involves the length of your work time in the vicinity of your new job location. It doesn't matter if you change jobs, location, or employer, but to qualify you must stay in the vicinity and work full-time at least 39 weeks during the 52 weeks after your household move. Part-time work doesn't count. But either spouse can qualify. However, time spent searching for employment is irrelevant. If you are self-employed, the test is tougher. Self-employeds must work at least 78 weeks full-time in the vicinity of their new job location during the 104 weeks after the residence move. This tough rule prevents self-employed individuals from deducting moving expenses if they only work a few hours each week. However, the work time test is waived for disability, job layoffs, and the taxpayer's death. NO NEED TO MEET THE WORK TIME TEST BY APRIL 15, 2006. As long as you meet the 50-mile additional job distance test, if you have not yet met the 39-week or 78-week work time test by April 15, 2006, when your 2005 income tax returns are due, you can still claim the deduction if you plan to continue working in the same vicinity. However, if you later don't meet the 39-week or 78-week work time test, then you must amend your 2005 income tax return to delete your moving cost deduction and pay the extra income tax. Another alternative, which most tax advisers don't recommend, is avoid the deduction when filing your original tax returns but later amend your return to claim a tax refund when you meet the work time test. The prime reason this choice is not recommended is that you might forget to later claim the large moving cost deduction. DIRECT MOVING COST DEDUCTIONS ARE UNLIMITED. If you passed the two eligibility tests above, there is no limit to your direct moving cost deductions. If you drive from your old to your new home, you can deduct actual out-of-pocket costs, such as gasoline and oil, but not auto repairs and depreciation. Or, you can elect to deduct 15 cents per mile for 2005 household moves until Aug. 30, 2005, and 22 cents per mile for moves until the end of 2005. In addition, you can deduct parking and tolls. NO DEDUCTIONS FOR INDIRECT MOVING COSTS. But non-deductible expenses involving your household location change include pre-move inspection trip fares, meals and lodging enroute, and real estate sales or lease commissions. The expenses of moving your cook, maid, chauffeur, nurse, nanny, and butler are also non-deductible indirect moving costs. If your employer reimbursed you for indirect moving expenses, such as a loss on the sale of your home, that reimbursement is taxable income to you. For this reason, it is usually best to ask your employer to pay any indirect moving costs directly rather than reimbursing you and raising your taxable income for the non-deductible indirect moving cost. HOW EMPLOYER REIMBURSEMENTS AFFECT MOVING COST TAX DEDUCTIONS. When your employer reimburses you for your direct moving costs for which you have receipts, you have no additional taxable income because the reimbursement is offset by the deductible moving costs. However, if your employer gave you a flat moving cost allowance, regardless of your actual moving expenses, the excess allowance exceeding your deductible direct moving costs becomes taxable income. Thus, employer reimbursement for non-deductible indirect moving costs becomes taxable income. Military taxpayers have special rules that do not include in gross income the costs of moving and storage expenses paid by the military, or cash reimbursements that do not exceed actual expenses paid for permanent changes of duty station, including moving your spouse and dependents. Only reimbursements in excess of actual moving expenses are included in the service member's gross income, while expenses exceeding reimbursements are tax-deductible. For full details, please consult your tax adviser. (For more information on Bob Bruss publications, visit his Wood-Destroying InsectsPosted at 11:44 AM, Feb. 2, 2006Every year, termites or other wood destroying organisms infest thousands of homes. Mortgage lenders require the home purchaser to have the home inspected by a reputable exterminating company, to determine if there is any damage caused or infestation by termites or other wood destroying insects. Usually, the Buyer will pay for this inspection. The contract for sale will state that the report will be furnished to the Seller a specified number of days (usually ten days) prior to settlement. If infestation is found, the seller, at the Sellers expenses, shall have the infestation treated and have repaired or replaced any wood, which is deemed unserviceable. Treatment and/or repairs of the damage must be completed before settlement. Usually, in the contract, there is a limit (around $1,500) for the cost of treatment and repairs. If the cost is above the stated amount, the Seller has the option to cancel the contract. However, the bugs belong to the seller, and under disclosure laws, the seller is required to disclose any infestation or damage to any future Buyer. As REALTORS®, we have seen many homes that have had termite damage; one or two homes we have seen had damage up into the second floor. Costs of repair can be up to fifty or sixty thousand dollars. Your home is the largest single investment you will make. Make sure you protect this investment by having periodic inspections by a reputable exterminating company. If you need help in finding a Termite Specialist, contact us by email or give us a call. Bart Erickson The HouseJeanie Team South Jersey Schools Get Better GradesPosted at 6:00 AM, Feb. 2, 2006By BARBARA S. ROTHSCHILD Courier-Post Staff The state Department of Education on Wednesday released its 2005 School Report Card, a tool for public school districts, parents and taxpayers to see how their schools are faring and how they stack up against others across the state.
Related Stories Click on a link below to find the test results for your school: |