Welcome to today’s Real Estate news roundup! Stay up-to-date with the latest developments in the housing market. Discover how the California High-Speed Rail Authority is making progress with track and electrical system design, and learn about the exciting advancements in high-speed rail. Explore the efforts to address California’s housing crisis, including the grant of over $16 million for affordable housing and the second lawsuit against Beverly Hills for rejecting a plan to build 165 new homes. Dive into the impact of framing lumber prices on the affordability of new homes and the initiatives by NAHB to ease supply-chain challenges. Get ready to explore these fascinating stories and gain valuable insights into the real estate landscape. Click here to read more.
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This web page does not have a title. However, you can learn more about the latest news release from the California High-Speed Rail Authority. Find out how they have approved a contractor and are moving forward with the design of track and overhead electrical systems. Exciting developments are happening in the world of high-speed rail!
California granted over $16 million for affordable housing – NBC Los Angeles
A combined $16.2 million has been awarded to California to develop new affordable housing for lower-income households and reduce regulatory barriers to housing construction and preservation. This funding comes from the competitive Pathways to Removing Obstacles to Housing (PRO Housing) grant provided by the U.S. Department of Housing and Urban Development (HUD). California is one of the 21 communities selected to receive this grant, with four initiatives benefiting from the funding: Los Angeles County, Metropolitan Transportation Commission of the Bay Area, Anaheim, and Arcata.
The PRO Housing grant aims to address local housing barriers such as outdated regulations, inadequate infrastructure, and lack of available financing for development. It is part of a larger effort to examine historical housing inequities and expand access to home loans in communities. The grant will support various initiatives, including supporting housing in unincorporated areas, modernizing infrastructure, and facilitating construction in areas with major public transit infrastructure.
By utilizing this grant, California is taking steps towards addressing systemic issues and promoting equity in housing. To learn more about this exciting development, click here.
Framing Lumber Prices | NAHB
NAHB continually tracks the latest lumber prices and provides insights into the U.S. framing lumber market. Softwood lumber prices have been volatile due to increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. The cost of lumber directly impacts the price of a new home, contributing to declining affordability in the housing market.
The NAHB advocates for actions to address high lumber prices, including addressing outdated regulations, improving infrastructure, and expanding access to financing for development. The PRO Housing grant aims to remove obstacles to housing construction and promote equity in housing.
To learn more about framing lumber prices and NAHB’s efforts to ease supply-chain challenges, click here.
Beverly Hills illegally rejected plan to build 165 new homes, C.A.R.-backed group says in second lawsuit against the city
A nonprofit organization called Californians for Homeownership, sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), has filed a second lawsuit against the city of Beverly Hills. The lawsuit challenges the city’s denial of an application to build a 165-unit mixed-use development in the urban core. This legal action is based on the “builder’s remedy” provision of state law, which requires the approval of mixed-income projects in cities that have violated state housing element law.
The lawsuit seeks a court order approving the project and highlights the organization’s commitment to enforcing state housing laws. By addressing the city’s resistance to housing development, Californians for Homeownership aims to contribute to solving California’s housing crisis.
The proposed development, located on Linden Drive, would include 165 residential units, with 33 units reserved for lower-income households. The project aligns with the “builder’s remedy” approach, focusing on developing vacant or nearly vacant lots in existing high-density commercial corridors.
Pretextual “incompleteness determinations” were used by Beverly Hills to disguise housing rejections. However, this lawsuit challenges such tactics and emphasizes the importance of complying with state law. Under the Housing Accountability Act, the burden of proof lies with the city, and if found to have acted in bad faith, the court can order the project’s approval without further hearing by the city.
To learn more about this lawsuit and the efforts to address California’s housing crisis, click here.