HUD wants to limit Exclusionary Zoning
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Uncle Sam wants to boost affordable housing by limiting exclusionary zoning. Exclusionary zonings are part of the city rules that many experts say drive up housing prices by putting restrictions on multifamily housing such as apartments, townhomes, and others that might be considered “undesirable” land uses in some circles. In a recent Kiplinger article, they report that the Housing and Urban Development Department Grants fund some local infrastructure projects. HUD has proposed tying grants to relaxing zoning laws, an idea with broad support.
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When it comes time to plan for the later years of life many people put off the decision for much too long. The main purpose of sitting down to do what is usually called succession planning is to make sure ones survivors are provided for in a way that supports a comfortable life after you’re gone.
Such things as housing and income and health care are just a few of the issues that must be prepared for so that the surviving family members can avoid unexpected or unplanned for financial short falls.
It is best to seek an attorney to help with this type of planning. The fees are modest, especially when compared with the potential for oversights when dealing with the complicated issues of finances and property and health needs that extend into the distant future. You can Get More Info here about the Trustee Services.
A special need trust can be created to provide for your minor children or incapacitated adult relatives for their care after you are gone and until they are old enough or healthy enough to care for themselves.
A parent can name a trustee to be in control of the finances and to decide whether to sell or keep property, and manage assets such as real estate.
Revocable living trusts or family trusts are trusts that can be terminated or modified at any time by the grantor for any reason. An irrevocable family trust cannot be terminated or changed under any circumstances. Properly created trusts can maximize the amount of your estate that will flow to your relatives.
One of the principal benefits for creating an irrevocable family trust is that your assets are then protected from nursing home expenses or uncovered medical expenses.
Opponents believe the White House is trying to undercut fair housing laws, though, because HUD is changing restrictive zoning by revision of a desegregation rule. But the idea, with fans on the left and right, is here to stay. It will gain traction as long as the shortage of affordable housing in many cities around the U.S. persists.
California’s property tax laws are making the state’s housing market tighter. Valuations are frozen if a property owner’s progeny inherit the land, which encourages keeping ownership in the family and renting out the property instead of listing it. These transactions make up 10% of home sales. By one estimate, 60% of those sales were converted to rental or other uses so far. The trend does not seem to be abating.
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A vote overturning the carve-out could be held. The exception is a great deal for families of older property owners, but other homeowners resent the tax inequity. One study pegged the lost tax revenue at $1.5 billion. Those factors will likely give rise to an eventual political move to upend the proposition that put it in place. Expect a compromise, a lengthy period in which valuations gradually rise, perhaps.
Parker Associates works closely with Builders and Developers to ensure that the planning is done up front so that the final product is as good as it gets. New Home Builders that Parker Associates and the REMA Team work with are great examples of this. The REMA Team works closely with their customers to ensure they are planning the development and the homes with all of the most affordable and functional features while considering the holistic design of the site and home on the site. It doesn’t happen without a focused approach and they are very good at making sure this happens.
There are so many difficult questions that must be faced in a great many developments and building construction. We can help. Contact our seasoned professionals at info@realestatemarketingteam.us or (904) 607-8763.
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If you have or are living in a community that is in need of improving their position, give us a call or email us. We offer FREE advice. Stay on top of the competition. Know the latest data and market research that can help improve your chance for success in business and the real estate industry. PTC Computer Solutions, Parker Associates, and REDdot Marketing work closely as the REMA Team to provide a great number of services for developers, builders, and professional business operations. Contact REMA for more information.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry; President of PTC Computer Solutions, IT Specialist, and an active real estate sales professional with PARFAM REALTY based in Jacksonville, FL. He can be reached at 904-607-8763 or via email davidp@ptccomputersolutions.com.