Calculator stock – HOV Calculator http://hovcalculator.com/ Wed, 18 May 2022 22:36:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hovcalculator.com/wp-content/uploads/2021/09/icon-32.png Calculator stock – HOV Calculator http://hovcalculator.com/ 32 32 EPA Adopts New Standard for Environmental Assessment of Phase I Sites | Harris Beach PLC https://hovcalculator.com/epa-adopts-new-standard-for-environmental-assessment-of-phase-i-sites-harris-beach-plc/ Wed, 18 May 2022 21:43:14 +0000 https://hovcalculator.com/epa-adopts-new-standard-for-environmental-assessment-of-phase-i-sites-harris-beach-plc/ Lenders need to consider the scope and scale of the loan Phase I Environmental Site Assessment (“Phase I ESA”) they use them regularly in connection with the acquisition and financing of real estate projects. The Environmental Protection Agency (“EPA”) announced its intention to adopt a new standard on May 13, 2022, expanding the scope of […]]]>

Lenders need to consider the scope and scale of the loan Phase I Environmental Site Assessment (“Phase I ESA”) they use them regularly in connection with the acquisition and financing of real estate projects. The Environmental Protection Agency (“EPA”) announced its intention to adopt a new standard on May 13, 2022, expanding the scope of the review.

The proposed standard would not supersede or replace the existing rule, but would create a second set of standards for environmental consultants who are routinely engaged by banks, lending companies and other institutions in connection with real estate project loans.

EPA approved ASTM International (ASTM) Standard E1527-21 as an additional standard that includes the “all reasonable requests” (“AAI”) Component for potential liability protection under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”).

AAI is a process to assess the environmental history and condition of properties to assess potential liability for contamination from a Phase I ESA. AAI requirements apply to each party, including a lenderwho may be eligible for protection from CERCLA liability as an innocent landowner, related landowner, or bona fide prospective purchaser.

Lenders holding mortgages on properties as secured lenders are exempt from CERCLA liability if certain criteria are met. Section 101(20) of CERCLA contains a secured creditor exemption that exempts owners or operators from liability for lenders holding property in a CERCLA facility primarily to protect their security interests in that facility provided they do not participate “in the administration of the institution”.

In general, participation in governance occurs when a bank exercises decision-making power over the environmental compliance of a property or exercises control at a level similar to that of a manager of the facility or property. Participation in the management does not include Actions such as conducting property inspections, requiring a contamination response, providing financial advice, or renegotiating or restructuring the terms of the security interest.

The secured creditor exemption also provides that foreclosure on a property will not result in the liability of a lender provided the lender takes “reasonable steps” to dispose of the property “at the earliest, commercially reasonable time and on commercially reasonable terms”. to sell. Generally, a bank or other lender can continue in business and cease operations on a property so long as the property is put up for sale shortly after the foreclosure date or at the earliest commercially reasonable time. For now, the standards will coexist and any standard can be used.

Among the main differences between the standards:

  • Under the new standard, the consultant would appear to be instructed to consider risk factors that the consultant could have ignored under the previous standard, potentially leading to more conservative conclusions. Phase I ESA conclusions are based on the judgment of the environmental professional, which means that different consultants can and do arrive at different classifications after evaluating the same property. A lender should be aware of the different standards and inquire which standard is being used by their advisor. While the existing standard is still accepted by the EPA (for now) as meeting the AAI requirements for liability protection, it is perhaps foreseeable that over time the existing standard could leave lenders vulnerable to claims that a Phase I ESA performed under this Standard was intentionally less thorough and accordingly is not sufficient to protect the lender from the underlying conditions giving rise to a CERCLA liability. This could potentially trigger litigation aimed at stripping lenders of CERCLA liability protection for a Phase I ESA conducted under the existing standard.
  • The new standard could be further interpreted as instructing an environmental consultant to rely on the environmental professional’s experience of the likelihood that certain conditions will result in releases, rather than the risks associated with such activities due to the lack of current “evidence of a release”. “ depreciate. ”
  • The new standard would require Phase I ESAs to provide the basis for environmental professionals to identify controlled Recognized Environmental Concerns (CRECs) along with copies of the underlying regulatory documentation to support such a conclusion. For the prospective buyer or lender this is a positive change as it allows the user to better understand the risks associated with the property and provides the user with the source documents for any further obligations in the property in relation to a remedy.
  • According to the proposed new standard, the ESA phase I is valid for 180 days from the date of the review first of five elements by the environmental professional, so the ‘shelf life’ of the completed Phase I ESAs may be less than six months depending on the length of time needed to complete the review. Under the existing standard, the 180-day period runs from the date of issue of the report. In both cases, the phase I ESA can be extended to one year.
  • Certain historical sources must be considered in Phase I of the ESA, including aerial photographs, fire insurance maps, local street registers, topographic maps, building authority records, interviews, property tax records and zoning/land use records, with an explanation if specific material is missing.
  • The new standard clarifies that emerging contaminants will become subject to ESA’s Phase I review once they are classified as hazardous under CERCLA. Until then, lenders may wish to discuss the risks and benefits of including certain emerging pollutants within the scope of the Phase I ESA with their environmental advisor and legal counsel.
  • In practice, a Phase I ESA may become more expensive under the new standard, leading to additional costs for borrowers and buyers.
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Evan Spiegel, Miranda Kerr pay student loans for recent grads https://hovcalculator.com/evan-spiegel-miranda-kerr-pay-student-loans-for-recent-grads/ Mon, 16 May 2022 19:33:09 +0000 https://hovcalculator.com/evan-spiegel-miranda-kerr-pay-student-loans-for-recent-grads/ Evan Spiegel and Miranda Kerr paid off the student loan debt of 285 LA art school graduates. As a high school student, Spiegel attended summer courses at the school, Otis College of Art and Design. Student loan debt is a $1.7 trillion crisis in the US with an estimated 43.4 million people in debt. Loading […]]]>
  • Evan Spiegel and Miranda Kerr paid off the student loan debt of 285 LA art school graduates.
  • As a high school student, Spiegel attended summer courses at the school, Otis College of Art and Design.
  • Student loan debt is a $1.7 trillion crisis in the US with an estimated 43.4 million people in debt.

Recent grads from a Los Angeles art school saw their student loan debt wiped out in a single day — and they have Evan Spiegel and Miranda Kerr to thank.

The Snap CEO and his wife, a supermodel and founder of skincare brand Kora Organics, donated several million dollars to the Otis College of Art and Design on Sunday. The donation will cover the outstanding student debt for the 285 graduates of the 2022 class.

Otis College has not disclosed the exact amount of the donation, other than saying in a press release that it is the largest single gift in Otis College history. The Los Angeles Times reported that it surpassed the largest donation to date of $10 million.

“Student debt weighs heavily on our diverse and talented alumni,” Charles Hirschhorn, the school’s president, said in a statement. “We hope this donation will bring well-deserved relief and empower them to pursue their ambitions and careers, pass on that generosity and become the next leaders of our community.”

Spiegel attended summer courses at Otis College as a high school student before attending Stanford University and co-founding Snap. The Los Angeles Times reported.

“It changed my life and made me feel at home,” Spiegel told the students upon graduation from the school, according to the LA Times. “I felt pushed and challenged to grow surrounded by super talented artists and designers, and we were all in it together.”

Spiegel and Kerr received honorary doctorates from Otis College on Sunday along with Bobby Berk, one of the hosts of the Netflix series Queer Eye. Berk wrote in an Instagram post that it was an honor to sit alongside Spiegel and Kerr as they announced they were paying off the graduates’ debt.

“What a beautiful moment to watch the faces of these students and families as I realize that not only are they walking away with a degree they worked so hard to earn, but they are also walking away debt free,” Berk wrote.

A post by Bobby Berk 🇺🇦 (@bobby)

Hope Mackey, a member of the school’s Class of 2022, told the LA Times that she burst into tears immediately after the news was announced.

“It’s crazy,” she said. “I can’t believe this is actually happening.”

Student loan debt remains a $1.7 trillion crisis in the US – an estimated 43.4 million borrowers have federal student loan debt. Students borrow an average of $30,030 to earn a bachelor’s degree from a public university educational data initiative, and some face a lifetime of debt.

Since March 2020, those on federal loans have not had to make their payments and interest has been suspended, a program recently extended through late August. The Biden administration also wants to forgive at least $10,000 of debt per borrower, though some progressive lawmakers have pushed for $50,000.

The White House confirmed earlier this month that Biden is considering tying loan forgiveness to income, with limited relief for those earning less than $125,000 a year.

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The Day – Norwich is holding a public hearing on the Affordable Housing Plan on Monday https://hovcalculator.com/the-day-norwich-is-holding-a-public-hearing-on-the-affordable-housing-plan-on-monday/ Sat, 14 May 2022 19:29:12 +0000 https://hovcalculator.com/the-day-norwich-is-holding-a-public-hearing-on-the-affordable-housing-plan-on-monday/ Norwich – With more than 19% of the city’s housing stock listed as affordable, Norwich need not worry about a potential developer invoking state statute to override local zoning regulations and propose a large housing project. The state law, which allows for potential dezoning, applies to cities and towns where less than 10% of their […]]]>

Norwich – With more than 19% of the city’s housing stock listed as affordable, Norwich need not worry about a potential developer invoking state statute to override local zoning regulations and propose a large housing project.

The state law, which allows for potential dezoning, applies to cities and towns where less than 10% of their housing is defined as affordable.

But that doesn’t mean Norwich doesn’t have housing affordability issues, said Kathryn Crees, director of community development, who led the effort to write the city’s state-mandated Affordable Housing Plan. The 17-page plan provides data on residents’ current housing stock and income levels, and lists strategies to increase and improve affordable housing.

The plan is published under the label “News” next to the calendar on the city’s homepage, www.norwichct.org. The City Council will hold a public hearing on the plan at the beginning of its Monday meeting at 7:30 p.m. at City Hall.

Housing is considered affordable when a household spends no more than 30% of its income on housing expenses, including rent or mortgage, property taxes and utilities. U.S. Census data showed that up to 49% of Norwich households are “cost-burdened,” paying more than 30% of their income on housing expenses, including 23% of homeowners who don’t have a mortgage, Crees said.

Crees said when city officials researched data for the plan, they quickly realized that while the city has a high percentage of affordable housing, housing affordability for city dwellers needs to be addressed.

Federal COVID-19 relief grants have helped many families with rental and utility support, but when that money is gone, more people will struggle to pay for housing.

“It’s the affordability,” Crees said. “We just have too many people standing on the sidelines. That’s the conversation we need to have.”

The Affordable Housing Plan draws on the 2013 Conservation and Development Plan to provide guidance for improving urban housing, directing multi-family housing to areas with access to public transport, encouraging the rehabilitation of existing buildings, particularly historic ones, and reserving the more rural ones Areas of the city for single-family houses. The plan also promotes the use of various sources of financing for affordable housing, such as B. the Connecticut Housing and Finance Authority or CHFA, and historical tax credits for renovation of old buildings.

Since the release of this plan in 2013, the city has approved more than 300 new homes, a mix of off-the-shelf and designated affordable units in Taftville’s historic Ponemah Mill. Last year, the city partnered with Habitat for Humanity of Eastern Connecticut to use $1.2 million in American Rescue Plan grants to build new single-family homes in Greeneville and rehabilitate several derelict homes that the city acquired through foreclosures.

A total of 19.3% of the city’s 19,120 residential units are considered affordable housing within the meaning of the state statute. Of the 3,608 affordable units listed on the state Housing Department’s list, 191 have single-family mortgages in CHFA/US Department of Agriculture; 2,296 are government-subsidized units and 796 receive rent-aid.

The age of city housing is another factor in efforts to improve affordable housing, according to the plan, with 38% of housing units in Norwich built before 1929 and 29% built between 1929 and 1969. The Community Development Office provides approximately $250,000 per year of the city’s federal Community Development Block Grant for interest-free home renovation loans. Loan repayments from previous projects add another $100,000 to the pool, Crees said.

The bureau separately has more than $1 million left in a federal grant to combat lead paint, which is also being offered as an interest-free loan to homeowners.

What the city is missing are requests from property owners to use the money.

Crees said she was frustrated that despite aggressive marketing efforts, few applications were submitted, particularly for the lead-paint control grants. Bureau staff have reached out to local churches, promoted the program on English and Spanish-language radio programs, sent messages in city utility bills and set up tables outside local malls – including at the Norwich Walmart this weekend.

She speculated that part of the problem may be that almost 45% of the units are unoccupied. Many owners are absentee landlords living outside the area.

Crees emphasized the generous terms of the programs: rehabilitation loans are refundable after 10 years under certain conditions, and lead-reduction loans after five years. Both programs are interest-free loans.

“You can’t do better than that,” she said. “Even so, people don’t come in and take advantage of it.”

c.bessette@theday.com

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Short-term changing local governments in Michigan have led to the deterioration of water systems and other services https://hovcalculator.com/short-term-changing-local-governments-in-michigan-have-led-to-the-deterioration-of-water-systems-and-other-services/ Mon, 09 May 2022 12:58:00 +0000 https://hovcalculator.com/short-term-changing-local-governments-in-michigan-have-led-to-the-deterioration-of-water-systems-and-other-services/ Michigan has had its fair share of disasters. Dams collapsed after heavy rains, flooding Midland. A hole the size of a football field was caused by a sewer collapse in Macomb County. And in Flint, children were exposed to lead-contaminated water. “Flint was a financial crisis long before it was a water crisis, and those […]]]>

Michigan has had its fair share of disasters. Dams collapsed after heavy rains, flooding Midland. A hole the size of a football field was caused by a sewer collapse in Macomb County. And in Flint, children were exposed to lead-contaminated water.

“Flint was a financial crisis long before it was a water crisis, and those two things are closely related,” said Stephanie Leiser, an associate professor in the Ford School of Public Policy at the University of Michigan.

She said cities and towns across Michigan face increasingly desperate choices as they struggle to keep their infrastructure running — many of them with a shrinking number of taxpayers to foot the bill.

Many of Michigan’s 1,773 towns, villages and communities are reaching a crisis point as federal dollars for water and sanitation infrastructure are declining, aggravated by the state’s centralized tax system.

Even small disasters can be devastating. Many rural Michigan communities have to truck water in to help fight fires. That’s because they can’t put too much strain on the water system by tapping the hydrants.

Lester Graham

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Michigan radio

The water tank at the top of Akron Tower holds less than a day’s supply of water for the village. The state recommends storing for at least a day and a half.

This is also the case in the small village of Akron in Tuscola County.

I know if we start using too much water we end up not having to use the hydrants because we can’t let the pressure get too low and get everyone boiling so let’s stop using the hydrants.” said Marvin Hasso Jr. of the village’s public works department, a one-man operation.

As we explained earlier in this series, Akron’s water tower has reached its life expectancy and is not able to accommodate the state recommended amount of water. Hauling water to the scene of the fire is the only alternative.

“There has been significant divestment in our communities over the last several decades. And you couple that with a restrictive property tax system, and it absolutely expresses local government at its core, which is service delivery,” said John LaMacchia, director of state and federal affairs for the Michigan Municipal League.

He’s one of many people working closely with Michigan’s cities and towns, asking the state government to stop neglecting the communities responsible for providing critical services like safety and water.

We used to build in America

Much of Michigan’s water and sewage infrastructure began with a major move by the federal government to fund the construction of water and sewer systems beginning in the late 19th century. The federal government passed the Clean Water Act in 1972, and spending on drinking water and sanitation systems skyrocketed. In the late 1970s the issued by the federal government more than $20 billion (in 2022 dollars) per year for water and sanitation infrastructure.

This federal investment dropped dramatically after 1980 and continued to decline in 2008, to just $2 billion. The American Recovery and Reinvestment Act of 2009 caused spending on water infrastructure to spike, but quickly fell back to about $3 billion a year.

“Compared to what they’re doing now, the amount of money that the federal government used to put into these systems has changed drastically,” said LaMacchia of the Municipal League.

Don’t share fairly

The state of Michigan has also indirectly slashed the money municipalities can spend on water and sewage infrastructure through a series of changes in how Michigan distributes taxes.

The 1978 Headlee Amendment to the Michigan Constitution established complicated limits on state and local taxes. Then Proposal A, approved by voters in 1994, provided further restrictions on how property taxes could be increased. With soaring property values ​​and tax hikes, that seemed like a great idea at the time. But with the Great Recession, real estate values ​​fell significantly. They’ve recovered and more, but the taxes they generate can’t catch up at the same pace because of Proposal A’s limitations.

The other tax change also came because of the Great Recession. Sales taxes are paid to the state and part is redistributed to towns, villages and communities. Some of this is mandated by the Constitution. A second formula, called the statutory share, ended when the state budget ran tight. Instead of splitting up that part of the sales tax, lawmakers now simply distribute what they want every year.

“And that’s really about $600 million down from any year where it should be, and that’s topped the billions and billions and billions of dollars over the last decade plus,” LaMacchia noted.

In fact, that deficit has increased to $800 million over the past year because the state has been getting a lot more money but not sharing much of it.

    The Michigan House Fiscal Agency shows that the state government has been sharing fewer state sales tax revenues with local governments since 2001.

Graham, Lester

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Treasury Board of the Michigan House

The Michigan House Fiscal Agency shows that the state government has been sharing fewer state sales tax revenues with local governments since 2001.

LaMacchia said that the municipalities must now also take into account the significant increase in inflation, which is currently over eight percent.

“You really have this almost perfect storm of things that take the already limited supply of revenue streams and then add these extra burdens and cost increases.”

Higher local taxes and fees

Because the cities rely more on the inhabitants.

“The problem is that they have to turn to more regressive forms of property taxes, fines, fees and other levies that are really disproportionately hurting low-income families and our black and brown communities,” said Rachel Richards, fiscal policy director at the Michigan League public order.

Families still pay the same rate of sales tax that goes to the state government, but their communities get less of it back. This has led to municipalities relying more on Millages. Citizens pay more property taxes, which also leads to higher rents. Local governments introduce more charges or increase charges for utilities such as water and sewage. It’s all an attempt by the local government to keep something close to the same level of service.

Richards said lawmakers could give cities more money from its general fund to invest in water infrastructure. The idea is that the money would keep water rates affordable for families and avoid water and sanitation crises.

Part of the water infrastructure crisis is the lack of political will to pay for it. When an elected official votes to spend money to improve a park or make a city visibly nicer, it deserves voters’ respect. If you vote to spend money on pipes underground when there is no obvious problem, you are less likely to win votes. But waiting until there is an obvious problem often creates a crisis, either for a neighborhood or sometimes for an entire city.

Get a loan (if you can)

Instead of direct aid, the state government points to the revolving credit funds available for both drinking water and sewage systems. Larger cities are often staffed with engineers and people who know how to complete the complex applications. But for smaller towns and villages, that’s just not the reality.

    Stephanie Leiser is an Associate Professor at the University of Michigan.  She works with a regular survey of community leaders through the Center for Local, State, and Urban Policy.

Lester Graham

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Michigan radio

Stephanie Leiser is an Associate Professor at the University of Michigan. She works with a regular survey of community leaders through the Center for Local, State, and Urban Policy.

“We’ve spoken to several communities who said it’s just a really difficult application process … So just filling out the forms and paperwork to actually get to the door and see if you can get that help is prohibitive for many communities.” said Stephanie Leiser, who works with a regular survey of community leaders by the Center for Local, State, and Urban Policy.

Small cities would have to spend a lot of money hiring consultants to see if they even qualify for a loan from the revolving fund. The Michigan Department of Environment, Great Lakes, and Energy (EGLE) said it will help small towns determine if it’s worth the effort.

The other problems are, although some loans can be made through the federally funded program, when they are not, these small towns may not be able to afford the debt. Even if they find they can afford the loan, interest rates on the revolving loan fund are sometimes higher than market rates on municipal bonds for some cities. This is something EGLE says it is working to improve.

John LaMacchia confirms that the application process is a major hurdle for many municipalities.

“You know, when we think about communities and their ability to apply for things like grants or loans that are out there, sometimes they look at it and they’re like, ‘I don’t understand the process,'” LaMacchia said. “And if they don’t understand the process, it’s a lot harder for them to get into the process.”

The Michigan Municipal League Foundation created a program to give these small towns free access to experts through grants from the Joyce Foundation and CS Mott Foundation. That should help

The really bright light in Michigan’s infrastructure needs is a bunch of federal money coming.

“More resources are being made available with America’s bailout plan and the resources our local entities are getting with the new Infrastructure Investment and Jobs Act,” LaMacchia said.

But this help is a one-time solution. And with deteriorating water infrastructure in cities big and small, it will take decades of new investment to recover.

“The backlog is so big, the maintenance deferred is so big, I doubt it’s going to make much of a difference,” Stephanie Leiser said, adding, “If you don’t maintain your infrastructure assets, you’re at greater risk of disaster.”

CLARIFICATION: An earlier version of this story said that children in Flint were poisoned by leaded water. While no blood lead level is safe and lead is a poison, “lead intoxication” requires a diagnosis of blood lead levels greater than 40 µg/dL. No kid in Flint has had blood counts that high.

Copyright 2022 Michigan Radio. To see more visit Michigan radio.

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Your cash savings can earn a higher return, but only with certain banks https://hovcalculator.com/your-cash-savings-can-earn-a-higher-return-but-only-with-certain-banks/ Sat, 07 May 2022 14:00:01 +0000 https://hovcalculator.com/your-cash-savings-can-earn-a-higher-return-but-only-with-certain-banks/ Guido Mieth | Digital Vision | Getty Images Banks are starting to pay a higher yield on your cash – good news for savers who have seen their stock holdings languish due to a cruel combination of low interest rates and high inflation. However, some banks are moving faster than others. Some, especially traditional brick-and-mortar […]]]>

Guido Mieth | Digital Vision | Getty Images

Banks are starting to pay a higher yield on your cash – good news for savers who have seen their stock holdings languish due to a cruel combination of low interest rates and high inflation.

However, some banks are moving faster than others. Some, especially traditional brick-and-mortar stores, may not budge for a while.

At least 10 banks have raised interest rates on their high-yield savings accounts or money market deposits since mid-April, according to data compiled by Bankrate.

According to Bankrate, these include: American Express National Bank, Barclays Bank, Capital One, CIT Bank, Colorado Federal Savings Bank, Discover Bank, Luana Savings Bank, Marcus by Goldman Sachs, Sallie Mae Bank and TAB Bank. A handful of others increased yields in early 2022.

Rates are still relatively low – no one pays more than 1% yet. Most are in the range of about half a percent to 0.80%, according to Bankrate data.

But the highest-yielding accounts pay about 10 times the national average, which is 0.06%, according to Greg McBride, chief financial analyst at Bankrate.

And consumer yields should rise steadily as the US Federal Reserve continues to raise its benchmark interest rate to curb inflation. The central bank cut that rate to rock-bottom levels in the early days of the Covid-19 pandemic to prop up the economy.

“If the Fed ends up being as aggressive as it’s expected to be, the top-yielding savings accounts could shed 2% later this year,” McBride said.

“It’s the only place in finance where you get the free lunch with higher returns without higher risk,” he added. “It’s pure gravy.”

emergency savings

Guido Mieth | Digital Vision | Getty Images

Financial advisors often recommend savers to park their emergency funds in such accounts. Funds are safe (deposits are insured by the Federal Deposit Insurance Corporation) and liquid (available at all times).

Savers should aim to have several months of household expenses on hand in the event of a job loss or other unforeseen event.

financial advisor Winnie Sun, co-founder of Sun Group Wealth Partners in Irvine, Calif., recommends saving at least six months on essential living expenses (like housing, groceries and medicines), plus an additional three months for each child in the household.

More from Personal Finance:
That means the Fed’s half-point rate hike for your money
Should
Mortgage Rates Rise, Should You Buy or Rent a Home?
Rising interest rates mean higher car loan costs

Consumers also don’t need to move all of their funds. They can continue to manage their day-to-day finances (such as their checking accounts) at their current bank to avoid the hassle of switching, and open an account at a new bank just for emergency funds, McBride said.

Not every bank is increasing their payouts or is doing so at the same pace.

Those who have increased their account rates (some have done so multiple times in 2022) are mostly online banks or the online banking divisions of traditional brick-and-mortar banks.

They have lower overheads and can use the appeal of higher rates to compete with traditional stores, which hold the lion’s share of customer deposits and are “in no hurry” to increase payouts, McBride said.

It’s pure gravy.

Greg McBride

Chief Financial Analyst at Bankrate

When the Federal Reserve raises its benchmark interest rate — known as the fed funds rate — it raises the cost of borrowing. Credit is becoming more expensive for consumers and businesses.

Banks make money from interest on loans. If the US Federal Reserve raises its benchmark interest rate, banks will generate more revenue from higher loan interest payments and may therefore be in a better position to pay a higher return on customer deposits.

The central bank raised interest rates by half a percentage point on Wednesday, the largest hike in more than two decades.

However, this seesaw effect does not necessarily apply to all institutions due to another factor. Banks use deposits to lend money to other customers. But customers flooded the US banking system with cash at an unprecedented rate during the first few months of the pandemic, in part due to cash hoarding and the flow of government payments like stimulus checks.

As a result, most banks may see no need to pay higher interest on savings accounts to attract deposits and boost their lending engine.

inflation

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The Day – Stonington launches home improvement loan scheme https://hovcalculator.com/the-day-stonington-launches-home-improvement-loan-scheme/ Thu, 05 May 2022 01:20:27 +0000 https://hovcalculator.com/the-day-stonington-launches-home-improvement-loan-scheme/ Stonington – The city will launch a loan program on Thursday that will help low- and middle-income households make home improvements they might not otherwise be able to afford. The Housing Rehabilitation Loan Program, funded with $150,000 from American Rescue Plan funds, aims to improve access to quality housing. First Selectwoman Danielle Chesebrough originally proposed […]]]>

Stonington – The city will launch a loan program on Thursday that will help low- and middle-income households make home improvements they might not otherwise be able to afford.

The Housing Rehabilitation Loan Program, funded with $150,000 from American Rescue Plan funds, aims to improve access to quality housing.

First Selectwoman Danielle Chesebrough originally proposed that the city use $500,000 of its $5.2 million in ARPA funding, but the Finance Committee reduced that request to $150,000 to fund the pilot program.

“Programs like this have the potential not only to address critical safety issues within a home, but also to significantly improve the physical and mental well-being of its occupants. We look forward to opening doors to repair opportunities that will allow residents to remain in their respective homes for many years to come,” said Leanne Theodore, the city’s director of human services, in the program’s announcement.

In exchange for a loan to complete certain renovations, the city holds a mortgage on the property and has an affordable housing deed restriction — meaning the property must remain affordable for the duration of the loan. Housing is defined as affordable if it is “sold or rented at or below a price on which a household can spend no more than 30% of its income”; In Stonington, the median family household income is $79,250.

Those receiving loans can repay them through a payment plan or repay them when the property is sold, refinanced, or transferred.

There are two types of loans:

  • According to a housing market study conducted as part of this study, interest-free deferred loans are available to owner-occupier households earning 80% or less of the median household income for the Norwich-New London Statistical Area, or $78,500 for a family of four, in preparation of the most recent Affordable Housing Plan City.
  • Soft loans are available to investor-owners whose tenants meet income criteria and agree to certain affordable rent requirements. The interest rate is 3%, payable monthly over a period of five years.

Details of the program, including how to apply, will be available on the city’s website. stonington-ct.gov, At the end of the week. Anyone interested in learning more about the program can also contact Human Services at (860) 535-5015.

The human services department will also be available to meet with owners and tenants to explain the program.

With one exception, applications will be considered on a first-come, first-served basis. An applicant who requires rehabilitation to address an emergency affecting the health and safety of the household is moved to the top of the list.

“Getting the new program off the ground took 11 months of work from many people. We are fortunate to have such dedicated staff at Stonington who genuinely care about the communities they serve,” said Chesebrough. “We are optimistic about the positive impact of this new program and its potential to last over time.”

j.wojtas@theday.com

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TPC Potomac at Avenel Farm https://hovcalculator.com/tpc-potomac-at-avenel-farm/ Sun, 01 May 2022 16:40:17 +0000 https://hovcalculator.com/tpc-potomac-at-avenel-farm/ 2. A NEW LOOK Rory Sabbatini and Adam Scott are part of the bridge from the old TPC Potomac to the new TPC Potomac. The 2003 and 2004 Booz Allen Classic champions will play a different track in their 40s than they did in their 20s. After the competition left TPC Potomac, then TPC Avenel, […]]]>

2. A NEW LOOK

Rory Sabbatini and Adam Scott are part of the bridge from the old TPC Potomac to the new TPC Potomac. The 2003 and 2004 Booz Allen Classic champions will play a different track in their 40s than they did in their 20s.

After the competition left TPC Potomac, then TPC Avenel, in 2006, the layout was modernized with a major renovation of the course. The Rock Run Stream Valley, one of the main tributaries of the Potomac River, had been severely eroded by the end of Booz Allen’s tenure, causing frequent flooding. The renovation restored 5,000 linear feet of the main stream and 2,250 linear feet of eroded riverbanks, improving the presence of water on the plaza while paving the way for a new, modern irrigation system.

The renovation also saw the addition of 15 acres of trees, restructuring the course to a 7,124-yard par 70, and remodeling the bunkers to their intended Mid-Atlantic style while adding a few Scottish-style traps. Greens, tees and fairways were rebuilt with bentgrass.

The 2006-08 renovation also dramatically changed the center of the square. The sixth par 5 hole has been converted into a long par 4. The par 3 9th hole has been remodeled while the 10th and 11th holes have been combined into a par 5 10th hole played around the restored creek. The 12th hole became the 11th hole and the par 5 13th hole was split into a par 3 12th hole and a short par 4 13th hole.

TPC Avenel was now TPC Potomac at Avenel Farm. The name was intended to pay tribute to the history of Avenel Farm, once Maryland’s largest shorthorn cattle ranch, while heralding a new era for the PGA TOUR’s TPC Network venue.

3. ARNIE’S ACES

TPC Potomac at Avenel Farm made its debut in 1986 through a few legends. It served as the inaugural venue for the Chrysler Cup, a senior team event featuring a US squad under Captain Arnold Palmer and an international squad under Captain Gary Player. This would serve as a precursor to the 1987 arrival of the Booz Allen Classic.

On the Tuesday before the event, a week before his 57th birthday, Palmer was playing a practice round when he hit a 5-iron on the 182-yard par-3 3rd hole and watched the ball land and go straight into rolled the cup – the first hole-in-one on one of golf’s newest competitive lanes.

The next day, Palmer hit another nice iron shot on the pin on the same hole with the same club. “Don’t go back into the hole,” he shouted. “Do not do that!” It did.

Palmer’s amazing two-fer marked his 12th and 13th career ace, and a plaque was promptly placed on the third tee. He would credit his hole-in-one theatrics as important in publicizing the Chrysler Cup in its freshman year. A TV camera had caught the (second) hole-in-one on Wednesday and while the world was still 20 years from Twitter, local TV news picked up the clip while newspaper writers worldwide gushed over the unlikely feat.

4. DEPARTMENT OF DEFENSE

In the last few years of the Booz Allen, TOUR pros had figured out TPC Potomac. Adam Scott won in 2004 with a total of 21 under. Ben Curtis followed with a score of 20 under and won in 2006.

But after the renovation, the grades cooled off. Mark O’Meara shot 7 under to win the 2010 Senior PLAYERS at TPC Potomac. On the Korn Ferry Tour, David Lingmerth shot 8-under to win there in 2012, as did Michael Putnam in 2013. When the PGA TOUR returned in 2017, Kyle Stanley defeated Charles Howell III in a playoff, with both players finishing 72 holes at 7-under.

Francesco Molinari was the exception to the rule, shooting a post-renovation record 21-under to win here in 2018. But to be fair, runner-up Ryan Armor was all the way back at 13 under. And as history now shows, Molinari was set to play golf without lights for the next several months.

This Wells Fargo Championship probably won’t be a birdie fest. The new TPC Potomac offers more water hazards, more tree problems and more distance at a lower par. It’s no pushover.

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Amending Rules April 2022 – Green Loans Series, Part 3 – Green Loan Principles in Real Estate Finance | Cadwalader, Wickersham & Taft LLP https://hovcalculator.com/amending-rules-april-2022-green-loans-series-part-3-green-loan-principles-in-real-estate-finance-cadwalader-wickersham-taft-llp/ Fri, 29 Apr 2022 22:10:21 +0000 https://hovcalculator.com/amending-rules-april-2022-green-loans-series-part-3-green-loan-principles-in-real-estate-finance-cadwalader-wickersham-taft-llp/ In our March issue of REF news and viewswe have focused on the four core components to qualify as a Green Loan Principles (“GLP”) compliant green lending product. As a reminder, the GLP seeks to facilitate and support environmentally sustainable economic activity by providing a framework of market standards, policies and methodologies that can be […]]]>

In our March issue of REF news and viewswe have focused on the four core components to qualify as a Green Loan Principles (“GLP”) compliant green lending product. As a reminder, the GLP seeks to facilitate and support environmentally sustainable economic activity by providing a framework of market standards, policies and methodologies that can be uniformly adopted across the green lending market, with the four key components being:

  • Use of Proceeds
  • Procedures for project evaluation and selection
  • management of proceeds
  • reporting

Whilst the GLP is intended to support the broader expansion of the sustainable finance products market, it is also intended to be used in a real estate specific context and in October 2020 the LMA published two guidance documents (the “Guidelines”) specifically to address some of the more frequently asked questions regarding the application of the GLP in real estate financing.

What is considered a green real estate project?

There is no qualified market definition for the term “green projects”. It is therefore the responsibility of market participants to agree and clearly define the appropriate and applicable eligibility criteria for this green loan. The guide also recommends carefully documenting this in financial records; It could also help to defuse the accusation of “greenwashing”.

The guide provides useful details on retrofit projects that qualify as green projects. Ultimately, refurbishment projects should lead to a significant improvement in the energy efficiency of the subsidized building/building portfolio. It should also lead to a significant reduction in the CO2 emissions associated with that building/building portfolio.

Evaluation of the green real estate project

Most green loans used in real estate financing are for development and investment in green buildings. However, as with a ‘green project’, there has yet to be an accepted market standard definition and classification for a ‘green building’. The guidance therefore advises lenders to use external standards and certifications to measure the “greenness” of buildings, and lenders are advised to detail such principles in financing documents so that the parameters are clear.

The guidance also notes that lenders need to be aware that buildings that qualify as green at the start of a loan term may no longer be able to meet the requirements during the life of the loan. Therefore, it is advisable that lenders agree on the methods and parameters for assessing the eligibility criteria not only on day one, but throughout the life of the loan; such mechanisms may be addressed in the loan documentation. This also extends further to the principles mentioned above regarding the separation of green credit from non-green credit so that such green credit proceeds can be properly tracked along with their progress and application.

reporting

The guidelines relate to reporting and recommend that borrowers should aim to report at least annually on the use of proceeds and any significant developments. However, it recognizes that such reporting requirements may depend on the size and type of transaction, project and borrower.

Final thoughts on GLP

While GLP is ultimately voluntary, an increasing number of national and international corporate governance, climate change and sustainability policies and initiatives are being discussed, created and imposed that are beginning to transform the way companies and the financial markets operate and do business .

With increasing socio-economic pressures, we expect continued green credit growth and GLP development and evolution in the coming years.

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The introduction of Square Loans offers Canadian companies quick and easy access to funds https://hovcalculator.com/the-introduction-of-square-loans-offers-canadian-companies-quick-and-easy-access-to-funds/ Thu, 28 Apr 2022 11:03:00 +0000 https://hovcalculator.com/the-introduction-of-square-loans-offers-canadian-companies-quick-and-easy-access-to-funds/ 46% of Canadian SMBs are bootstrapping by relying on personal credit cards; 92% find the traditional lending process intimidating and 84% find it complicated TORONTO, April 28, 2022–(BUSINESS WIRE)–Today, Square announced the launch of Square Loans in Canada to provide small businesses with quick and easy access to funds and to eliminate another major problem […]]]>

46% of Canadian SMBs are bootstrapping by relying on personal credit cards; 92% find the traditional lending process intimidating and 84% find it complicated

TORONTO, April 28, 2022–(BUSINESS WIRE)–Today, Square announced the launch of Square Loans in Canada to provide small businesses with quick and easy access to funds and to eliminate another major problem associated with running a business.

This press release is multimedia. Check out the full release here: https://www.businesswire.com/news/home/20220428005090/en/

Désirée Kretschmar, the owner of Plant Goals in Peterborough, Ontario, said Square Loans offers easily accessible financing to help it grow its business. (Photo: Business Wire)

By using transaction data, Square Loans proactively displays tailored offers to qualified sellers, offers them a hassle-free application process that requires no paperwork, and delivers funds the next business day. Businesses have a clear upfront credit fee that’s automatically paid back as a set percentage of daily Square card sales — so sellers pay back more when sales are strong and less when sales are slow. The credit fee never increases for the seller, so the amount owed is always clear.

Désirée Kretschmar, owner of plant targets, a thriving plant shop in Peterborough, Ontario, said Square Loans offers easily accessible financing to help it grow its business. “Our shop was only 85 square meters, I could reach out and touch both walls. We grew super fast in those first few months and signed a lease to move to a bigger location. The next day the pandemic hit, but we’ve been up and running ever since, offering online in-person sales and delivery,” said Désirée, who has since accessed Square Loans to buy more plants and supplies to keep up with the to keep up with strong demand from customers who want to make their homes greener.

“Square Loans is so easy. Everything is laid out neatly and presented in an accessible way, unlike… the rigamarole that another financial institution might put you through,” explained Désirée, who says she also encountered skepticism when she visited a traditional business financial institution in the city, before you decide on square loans.

92% of Canadian business owners who have received traditional credit find the process intimidating

A newly released poll commissioned by Square1 shows that approximately 7 in 10 Canadian small business owners have never resorted to traditional financing and prefer to “boot alone”. According to the survey, 46% admitted they were forced to rely on personal credit cards; while one in five has in the past resorted to loans from friends and family to keep their business afloat.

Although small and medium-sized businesses are often touted as the backbone of Canada’s economy, they make it to the 60% of the country’s jobs, Access to affordable finance is an unmet need that Square Loans was created to address. The survey found that 92% of business owners who had obtained traditional business financing found the process “intimidating,” while 84% said traditional business lending was overly “complicated.” Overall, 72% said they were dissatisfied with the traditional loan repayment process.

83% of small business owners say the pandemic has made access to business credit more critical

A third of Canadian small business owners reported that running their business has been “challenging” during the pandemic, but they are “proud to have made it so far”. More than eight in 10 entrepreneurs surveyed (83%) said the pandemic makes accessing business credit more important than ever, while 51% said the current business climate is a top concern when considering traditional loan repayments.

“It’s no secret that small and medium-sized businesses face enormous barriers when it comes to accessing finance to help them transition and grow. Now more than ever, as the pandemic subsides and Canadian business owners look to the future, they need help to move forward,” said Luke Voiles, GM Business Banking at Square.

“From the start, Square has focused on creating easy-to-use tools and services that enable entrepreneurs to be successful on their own terms,” ​​said Alyssa Henry, Square’s director, adding that 48% of surveyed entrepreneurs say that they feel positive entitled to easy, next-day access to a business loan with flexible repayments. Almost a third of respondents (29%) believe moving forward and trying to grow their business long after the pandemic would help them feel less stressed.

Since launching Square Loans in the US and Australia, Square has provided more than $9 billion in financing to more than 460,000 companies with an average loan size of $6,7502. In Canada, business owners can learn more and apply for Square Loans by visiting square.ca/loans.

1 A survey was conducted by Leger of 300 Canadian small business owners/decision makers between March 22 and March 27, 2022 using an online panel. The survey has an error rate of ±7.4%.

2 The numbers include merchant cash advances and business loans Square made to sellers in the US and Australia between May 2014 and March 2021.

About square

Square helps sellers run and grow their businesses more easily with its integrated ecosystem of commerce solutions. Square offers purpose-built software for complex restaurant, retail, and professional services businesses, versatile e-commerce tools, embedded financial services, buy now and pay later capabilities via Afterpay, human resource management and payroll capabilities, and more—all working together to deliver sellers save time and effort. Trusted by millions of sellers around the world to grow their business and help them thrive in business. Square is part of Block, Inc. (NYSE: SQ), a global technology company focused on financial services. For more information visit www.squareup.ca.

Safe Harbor Declaration

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact may be deemed forward-looking, including, without limitation, statements regarding expected benefits of square loans for clients. Risks that contribute to the uncertainty of forward-looking statements include, among others, risks and uncertainties related to Block, Inc. (the “Company”), which are listed from time to time in the Company’s filings with the Securities and Exchange Commission or (the SEC), including the company’s most recent annual report on Form 10-K or 10-Q on file with the SEC. All forward-looking statements are based on information and estimates available to the Company as of the date of this press release. Except as required by law, the Company assumes no obligation to update the statements in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220428005090/en/

contacts

Media contact:
press@squareup.com

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Alternative Personal Loans 2022 Review https://hovcalculator.com/alternative-personal-loans-2022-review/ Tue, 26 Apr 2022 18:58:06 +0000 https://hovcalculator.com/alternative-personal-loans-2022-review/ You can qualify with a low score or none Credit-worthiness: Some borrowers may qualify for a loan with a FICO® score of 580. Upstart also offers loans for people with no credit history – education and employment are taken into account when making loans. However, keep in mind that interest rates on Upstart loans are […]]]>

You can qualify with a low score or none Credit-worthiness: Some borrowers may qualify for a loan with a FICO® score of 580. Upstart also offers loans for people with no credit history – education and employment are taken into account when making loans. However, keep in mind that interest rates on Upstart loans are higher when your credit score is low.

Large selection of credit options: Standard personal loans range from $1,000 to $50,000. As such, it offers some of the best personal loans for people looking to borrow smaller amounts of money.

Funding next day: According to Upstart, 99% of the time you should get your money within 1 business day. That means if you need money to cover an emergency expense, the money will be in your account quickly.

Repayment options: You have the choice between a loan term of three or five years. The five-year term keeps your monthly payments lower, but the three-year term saves you money in the long run.

No prepayment penalty: If you want to pay off Upstart personal loans early, you can. Because Upstart loans have no prepayment penalty, you can make additional payments to reduce the loan amount. This will save you money in the long run.

Check your rate without hurting your credit score: Curious applicants can submit basic details and receive an offered loan rate without affecting their credit score.

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