THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, July 15, 1995 TAG: 9507130304
SECTION: REAL ESTATE WEEKLY PAGE: 20 EDITION: FINAL
COLUMN: ON THE MOVE
LENGTH: Medium: 51 lines
The nation's condominium owners will be able to borrow money to finance renovations, capital improvements or repairs under a program recently established by the National Cooperative Bank in Washington, D.C.
The congressionally chartered bank announced it will make the funds available through community associations such as condominium and homeowners organizations.
Many condo owners often are subject to large special assessments that have to be paid in lump sums, rather than stretched out in monthly payments over several years.
``Now, homeowners who have had to endure heavy one-time assessments of an average of $3,000 will have the option of amortized payments that create a less costly, more affordable monthly payment,'' bank vice president Kathleen Luzik told a news conference.
Associations will be able to obtain loans for such projects as roof repairs and replacement of windows or heating and air conditioning systems. Loans also could be used to build swimming pools or tennis courts.
Condo owners, who would have to pay a one-time $1,500 special assessment for replacement windows, would pay only $31 a month with a five-year loan arranged through their homeowners association, bank figures show. The bank said more than half of all condominiums in the United States were built prior to 1985 and now need repairs.
The Tidewater Association of Realtors has scheduled its Annual Technology Fair for Sept. 8 from 1:30 to 5:30 p.m. at the Greenbrier Holiday Inn in Chesapeake. Some 30 exhibitors are expected to be on hand. The deadline to reserve space at the event is Aug. 15. Phone Tara Boyce, the TAR's sales representative, at 473-9700.
The federal government's role in expanding homeownership should be limited to helping low-income, first-time buyers, according to a survey by the Mortgage Insurance Companies of America. The poll reports that 71 percent of Americans responding feel this way. MEMO: On the Move reports management changes, awards, seminars and new
services offered by real estate firms, mortgage companies and builders.
Send the information to Real Estate Weekly, The Virginian-Pilot, 150
W. Brambleton Ave., Norfolk Va. 23510, or fax it to 446-2531.
by CNB