Melrose Park
Real Estate
Victor Ciardelli and Rate Companies Increase Conforming Loan Limit to $792,000 Ahead of Official FHFA Announcement
CHICAGO, Sept. 24, 2024 /PRNewswire/ -- Rate, a leading financial services provider in the mortgage industry, today announced an increase in its conforming loan limit to $792,000 for select loan products across the contiguous 48 states. This move comes ahead of the Federal Housing Finance Agency's (FHFA) official 2025 announcement, making Rate one of the first lenders to implement this change. The maximum loan limit for properties in Alaska and Hawaii has also been increased to $1,185,000.
City Council moves to protect affordable housing on the Northwest Side
Residents of parts of Humboldt Park, West Town, Logan Square, Avondale and Hermosa have faced rising housing prices due to gentrification now for over a decade. In partnership with local officials, neighborhood organizations worked to create legislation that would protect affordable housing in their neighborhoods. A city ordinance passed last week is set to go into effect as early as October. It includes a $60,000 demolition surcharge per building, which will be put into a land trust for residents to buy homes in addition to giving tenants first right of refusal to buy their home if it goes up for sale.
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