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Written by Karen Weise, ProPublica
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Thursday, 18 June 2009 |
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TARP funds set aside for the administration’s foreclosure relief program grew to a total of $18.3 billion [1] after the Treasury Department adjusted the caps on incentives for participating mortgage servicers. In the case of Countrywide, the total incentive payments it can receive nearly tripled to $5.1 billion. Treasury adjusted the caps based on updated data and projections from the servicers and will make similar adjustments each quarter, according to a department spokeswoman. Another servicer, Residential Credit Solutions, signed up, bringing the total to 16 participants in the Making Home Affordable [2] program, which provides incentive payments to servicers for modifying mortgages for struggling homeowners. Servicers get $1,000 for each modified loan that is current after a three-month trial period, as well as $1,000 annually for up to three years for each borrower that stays current on a modified loan. The government has other outlays too, such as subsidies for reducing borrowers’ monthly payments and incentives for modifying mortgages that are not yet delinquent. This all comes as ProPublica and other outlets have been reporting that the Making Home Affordable program has been off to a slow [3] and confusing start [4]. The reasons cross a wide spectrum, from servicers being slow to build up the internal staff and processes, to the adverse incentives created by second mortgages [5] and the competing interests of homeowners, servicers and investors [6]. One thing’s clear: There’s lots of frustration [7]. While we’ve been focusing on the modification portion of the program, several outlets have reported that the program’s other element [8], designed to enable refinancing for borrowers who might not otherwise qualify, is also moving slowly; many in need don’t qualify [9] and rising interest rates are making [10] the program face an uphill battle [11]. This article was originally published by www.propublica.org . ProPublica continues to cover the Making Homes Affordable program and how bailout funds are allocated. For more information click here.
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Written by Caryn Hunt
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Tuesday, 16 June 2009 |
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The Planning Committee of the Delaware River Waterfront Corporation (DRWC) will present the designs of the four finalists being considered for creating a public park at Pier 11, as part of a larger design including a municipal building and the intersection of Race and Columbus Boulevard. The event takes place Wednesday, June 17th, from 6 - 8:30PM at Festival Pier on Penn's Landing. Four finalists have been selected for this public presentation: Andropogon Associates , Field Operations , Michael Van Valkenburgh Associates and W Architecture and Landscape Architecture . "This is another step towards our vision of a green, accessible waterfront that all Philadelphians can enjoy," said Mayor Michael Nutter in a statement issued by the DRWC. "We are committed to an open and transparent planning process for the waterfront and Pier 11. The Pier 11 public presentation by four world-class design finalists is an opportunity for the public to re-imagine the Central Delaware waterfront, a vision that will be underway by this time next year." Last year, Mayor Nutter dissolved the Penn's Landing Corporation and created the Delaware River Waterfront Corporation (DRWC) to oversee the implementation of the Civic Vision for the Central Delaware. The DRWC is a nonprofit agency that "intends to transform the central Delaware River waterfront into a vibrant destination location for recreational, cultural, and commercial activities for the residents and visitors of Philadelphia", according to their statement. |
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Written by PHS News Release
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Friday, 05 June 2009 |
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A popular neighborhood park in Northern Liberties is not only being outfitted with new plantings and an amphitheater, but with an innovative storm water management system that will keep water out of the city's overburdened system and feed back to watering plants at the park. The improvements at Liberty Lands, located at Third and Wildey streets, are expected to be completed by June 6. The project, made possible by the Pennsylvania Horticultural Society (PHS), Philadelphia Water Department, and Northern Liberties Neighbors Association, was funded by more than $300,000 from the Pennsylvania departments of Environmental Protection and of Conservation and Natural Resources along with $25,000 from Tower Investments and $3,500 from nearby restaurant the Standard Tap. The Northern Liberties Neighbors Association will kick off the improvements with their first event of the season, the NLNA Spring Music Festival on June 6 starting at 4PM . "This neighborhood treasure now has a high-tech system that will reduce storm water flow into the city's system," said Joan Reilly, Senior Director of PHS' Philadelphia Green program. "Sustainable storm water management- rain gardens, rain barrels, and other non-traditional methods of controlling storm water- is an important next step in making Philadelphia one of the greenest cities in the country."
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