Real Estate & Construction Updates

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Sustainable Development Update - October 2016 #4

Sustainable Development Focus - New LEED version to spur green building - Commercial Property Executive - Oct 20 - Green energy continues to advance, with a major milestone set for November 1. That’s when...more

6 ways to build a foundation for a development project

The best laid development plans often go astray. When a new commercial or housing development, warehouse or other major project is on the drawing board for a Pennsylvania community, project leaders must look at far more...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

Criminal Law - Finance

Banks and financial institutions are a part of everyone’s life. The financial relationship between a person and his bank is government by documents and agreements. In the event of loans, especially mortgages, this...more

SIFMA Sends Comment Letters to FHFA on Credit Risk Transfer

SIFMA, along with the Association of Mortgage Investors and the National Association of Real Estate Investment Trusts, and separately along with the ABA, AMI, HPC, MBA, and SFIG, submitted comment letters to the FHFA in...more

CFPB Mortgage Servicing Rules Published

With the Oct. 19. publication of the Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules in the Federal Register, the 12-month clock has started for lenders and servicers to implement most of the...more

Florida Supreme Court Rules Incorrect Denial of Insurance Benefits Can Trigger Award of Attorneys’ Fees to Insured

On September 29, 2016, the Florida Supreme Court held, in Johnson v. Omega Insurance Company (No. SC14-2124), that a homeowner is entitled to an award of attorneys’ fees after an improper denial of insurance benefits. The...more

Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the...more

Ninth Circuit Denies Motion to Dismiss and Motion to Stay Publication of Decision Holding Nevada HOA Super-Priority Lien Statute...

As we have previously covered in a series of blog posts, the Nevada Supreme Court held in September 2014 that Nevada Revised Statute chapter 116 allows homeowners’ associations (HOAs) to non-judicially foreclose on homeowners...more

New draft regulation on REITs

On 14 October 2016, the Polish government published a long-awaited draft of a new law on real estate investment trusts (REITs) (Polish: spólki rynku wynajmu nieruchomosci). The draft has now been referred to public...more

The Attorney Client Privilege in Community Associations

Few legal concepts rival the complexities surrounding the attorney-client privilege in community association matters. The confusion about these complexities, and the resulting misunderstandings, do not discriminate, roping...more

Trouble in Paradise: Florida Third DCA’s Opinion in Beyer v. City of Marathon Declaimed as “For The Birds”

Nestled in the center of the Florida Keys lies the City of Marathon; a tropical paradise splitting the Atlantic Ocean and Gulf of Mexico. Recently, Florida’s Third DCA hatched the case of Beyer v. City of Marathon. On...more

Financing Increased Demand On Pre-Existing Services Constitutes “Additional Services”

California Court Decision Rules on Mello-Roos Community Facilities Act of 1982 - Community Facilities Districts formed by a landowner vote may be used to finance increased demand on pre-existing services, a California...more

IRS Relief Available to Victims of Hurricane Matthew in North Carolina, South Carolina, Georgia and Florida

Some good news in the wake of Hurricane Matthew: participants in 401(k) and similar employer-sponsored retirement plans who have been adversely affected by Hurricane Matthew may be eligible to use their retirement savings to...more

Eleventh Circuit Holds That Reg. X Does Not Require Mortgage Servicers to Evaluate Untimely Loan Modification Plans Even If the...

In a recent decision, the Eleventh Circuit (Lage v. Ocwen Loan Servicing, LLC, No. 15-15558 (11th Cir. Oct. 7, 2016)) held that a loan servicer is not required to evaluate a completed loan modification application if that...more

Court Upholds City’s Communities Facilities District and Related Special Tax

The question of who should pay the cost of municipal services for new residential development is a vexing question. The answer is critically important to the developers and homebuilders who must finance and market their...more

PHFA Announces RFP for PHARE/RTT to Address Housing and Community Development Needs

The Pennsylvania Housing Finance Agency (PHFA) announced a Request for Proposals (RFP) inviting applicants to participate in the Pennsylvania Housing Affordability and Rehabilitation Enhancement/Realty Transfer Tax Fund...more

Court Rules CFPB Unconstitutional and Finds CFPB Improperly Applied Mortgage Lending and Reinsurance Laws

In PHH Corporation v. Consumer Financial Protection Bureau, no. 15-1177 (D.C. Cir. Oct. 11, 2016), the Court of Appeals for the D.C. Circuit recently held that the organizational structure of the Consumer Financial Protection...more

"IRS and Treasury Issue Final Debt/Equity Regulations"

On October 13, 2016, the Internal Revenue Service (IRS) and the Treasury Department (Treasury) issued temporary and final Treasury regulations under Section 385 of the Internal Revenue Code of 1986, as amended (the Final...more

Amendments to real estate legislation for the third quarter of 2016

Amendments to federal laws - Changes to the RF Town-Planning Code - In the summer of 2016, roughly a dozen federal laws were adopted to amend the RF Town-Planning Code (RF TPC).1 The main changes of significance to...more

Prop U Would Expand Income Range for Affordable Housing Eligibility

Prop U dovetails with the City’s new increases in required affordable housing percentages by proposing to expand the range of household income levels that would be eligible to rent an affordable housing unit. According to the...more

Fire Sprinkler Retrofitting

As you may be aware, the deadline for condominium associations to vote to forego retrofitting with a fire sprinkler system is rapidly approaching....more

Unique New Jersey: Legal Pitfalls in Real Estate Transactions

Real property transactions in New Jersey can trigger several tax consequences that must be addressed at the time of closing. In New Jersey, real estate deals are subject to a variety of unique requirements that can...more

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