Denver has a new strategy to keep track of a troubled affordable housing program: City staff will personally attend future sale closings for the 1,302 homes that are intended for people with lower incomes. The new strategy is a reaction to this year’s revelation that the owners of 306 properties were potentially breaking the rules of Denver’s affordable housing program. The homes were only supposed to be sold to people with low-enough incomes, but a new auditor’s report released Thursday shows that they slipped through cracks in city processes. Auditor Tim O’Brien’s team found that the city’s Office of Economic Development was “not ensuring housing affordability.” Among other shortcomings, the office failed to properly check people’s income for the program and recently failed to correctly monitor federally funded rental projects. Some buyers were unaware that they had violated income restrictions when they bought their homes, which … [Read more...] about Denver staff will personally attend hundreds of home closings to fix city’s affordable housing mess
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Josh Boak, Ap Economics Writer Updated 1:45 pm PST, Tuesday, December 18, 2018 FILE- In this Dec. 12, 2018, file photo trader Gregory Rowe works at the New York Stock Exchange in New York. The U.S. stock market opens at 9:30 a.m. EST on Monday, Dec. 17. FILE- In this Dec. 12, 2018, file photo trader Gregory Rowe works at the New York Stock Exchange in New York. The U.S. stock market opens at 9:30 a.m. EST on Monday, Dec. 17. Photo: Mark Lennihan, AP Photo: Mark Lennihan, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE- In this Dec. 12, 2018, file photo trader Gregory Rowe works at the New York Stock Exchange in New York. The U.S. stock market opens at 9:30 a.m. EST on Monday, Dec. 17. FILE- In this Dec. 12, 2018, file photo trader Gregory Rowe works at the New York Stock … [Read more...] about Stock market woes raise a nagging fear: Is a recession near?
Josh Boak AP Economics Writer Published 4:38 PM EST Dec 18, 2018 Baltimore – Fears of a recession have been mounting with the U.S. stock market appearing to be headed for its worst December since 1931 – during the Great Depression. Wall Street’s sustained slump has been fueled by investor concerns about lower corporate profits, higher corporate debt, a festering trade war between the United States and China and a broader global slowdown. So is a U.S. recession imminent? Not necessarily. Plenty of economic gauges suggest that far from being derailed by a stock market that’s set to suffer its first annual loss in a decade, the $20 trillion U.S. economy is barreling forward. Employers are hiring, consumers are spending ahead of the holidays and economic growth has been brisk, thanks in part to President Donald Trump’s deficit-financed tax cuts. But the economy has been growing since mid-2009 and nothing – not even what’s become the … [Read more...] about Stock market slump likely to slow economy
Daniel Howes The Detroit News Published 11:30 PM EST Dec 13, 2018 Nearly 10 years after its taxpayer-financed bankruptcy, General Motors Co. has moved on. But the rest of America, and members of Congress, haven’t. That’s shaping up to be a big problem for the automaker as it executes a sweeping restructuring expected to claim another 6,000 salaried jobs, target four U.S. plants in three states and potentially affect 3,300 hourly jobs. Look no further than the furious reaction to GM’s restructuring announced the first workday after the Thanksgiving holiday — reaction that continued Thursday when President Donald Trump used a Fox News interview to call GM's moves "nasty" and predicted, "General Motors is not going to be treated well.” Welcome to the present, GM, where your past is part of your future. The president of the United States uses Twitter to demand new product for plants expected to be idled next year. An Ohio … [Read more...] about Burden of old GM weighs on automaker amid restructuring
0 Have your say Only half of under-40s living in the North can afford to buy a home and Yorkshire and Humber needs around 6,000 extra houses built a year to solve the crisis, research warns today. The region needs 18,900 homes building every year, far more than the 12,600 that were built last year, to fix the housing shortage, according to the National Housing Federation, which represents housing associations, and the Crisis homelessness charity.Unlike most estimates, the innovative new research – conducted by Heriot-Watt University –calculates how many homes are needed to address the existing shortage of houses, as well as the future demands of the growing population.The study also suggests the types of homes which need to be built, calculating that Yorkshire and Humber needs around 5,500 affordable homes for people on the lowest income, more than the 1,800 built in the region last year.One of the main reasons for Yorkshire and Humber’s … [Read more...] about Only half of under-40 northerners can afford to buy a home, report says