HUD launches $100 million Grant Program

1 Credits

Top Story – HUD announces “Pathway to Removing Obstacles to Housing” Initiative.

3 Things You Need to Know with Kayla Walsh

Story 1:

In a major move to tackle the nation’s housing crisis, the U.S. Department of Housing and Urban Development, or HUD, announced on Wednesday the launch of a new $100 million grant program aimed at reducing the cost of housing. The program, known as ‘Pathways to Removing Obstacles to Housing’ or PRO Housing, offers competitive grants to communities nationwide to cut through bureaucratic red tape and lower the costs associated with building and buying homes.

HUD’s initiative is part of the broader Biden-Harris administration’s housing supply action plan, which seeks to address the growing affordability challenges faced by both renters and homebuyers. Acting HUD Secretary Adrianne Todman emphasized the urgency, stating, ‘This funding is designed to ensure more homes, especially affordable ones, are built quickly, because people need help now.’

The PRO Housing program targets barriers like restrictive local land-use policies and aims to facilitate new construction, repairs to existing homes, and lower energy costs. Grants will range from $1 million to $7 million, with applications due by October 15, 2024.

This effort builds on a previous announcement by Vice President Kamala Harris in June, where the administration highlighted the critical issues of high land costs, aging housing stock, and inadequate infrastructure as key obstacles to affordable housing.

Story 2:

Yesterday, agents are now required to have a signed buyer representation agreement before taking clients on home tours. In response, Zillow has introduced 24 state-specific versions of its touring agreement, originally launched three months ago.

These agreements are designed to cover 80% of Zillow Premier Agent real-time touring connections. Although Zillow is not obligated to provide these agreements under the N.A.R settlement, the company sees it as an opportunity to support the industry while prioritizing consumer interests. 

Premier Agents using Zillow’s platform can opt in to this new process, which will automate the signing of a seven-day touring agreement before clients can view properties. Buyers will receive information on the purpose of the agreement and their options after the initial tour. Once the seven-day contract expires, clients will be guided toward longer-term agreements that outline expectations and agent compensation.

These state-specific agreements are available in 24 states, including Arizona, California, Florida, and New York. However, agents without Premier status and those in other states can still use the original version of Zillow’s touring agreement.

Zillow’s initiative follows a previous launch in April, which faced criticism in Virginia for potentially not complying with state laws. Zillow has since adjusted its approach, ensuring the agreements align with local regulations before expanding to additional markets.

Story 3:

Finally, in business news, Real Brokerage, listed on NASDAQ under ticker symbol R.E.A.X, reported its second-quarter earnings on August 7th, showing a slight improvement over analyst expectations. The company posted a loss of one cent per share, beating the consensus estimate of a two-cent loss. Despite a negative net margin of 4.63% and a return on equity of -98.38%, Real Brokerage saw revenue reach $340.78 million, significantly higher than the $264.06 million analysts had anticipated. This performance marks an improvement from the same period last year when the company also reported a loss of two cents per share.

Looking ahead, analysts predict that Real Brokerage will post a loss of 12 cents per share for the current fiscal year according.

Institutional investors have been making notable moves with Real Brokerage stock. AWM Investment Company increased its holdings by over 240% in the first quarter, now owning over 1.7 million shares valued at $5.3 million. Other major investors, including NewEdge Wealth and Bank of New York Mellon, have also acquired significant stakes.

 

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