February 16, 2011
By Staff Reporter
By Harry Keaney
Irish immigrants thinking of buying homes in the hot U.S. property market may be about to get some help.
The Federal National Mortgage Association, commonly known as Fannie M’, the nation’s largest mortgage lender, has announced details of its New Immigrants Initiative, which is being offered in conjunction with lenders in selected parts of the country.
The purpose of the New Immigrants Initiative, according to a statement from Fannie M’, is to break down barriers faced by new immigrants seeking home ownership
However, while those hoping to benefit from the new initiative do not have to hold green cards, they must show evidence of having applied for one as well as evidence of the right to work in the U.S.
Key features of the initiative are:
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€ Downpayments as low as 3 percent on one-family homes and condominiums, and 5 percent on two-family homes and cooperatives. Cooperative loan financing is available in New York only.
€ Under certain conditions, related co-borrowers with no credit history are accepted.
€ Greater flexibility for borrowers with cash on hand.
€ A borrower’s most recent hourly wage rate can be used to determine qualifying income.
€ Under the initiative, boarder income from relatives living in the same household is recognized and
€ Applicants may apply on the basis of parttime or multiple-job income of a 12-month duration averaged over the most recent 24 months.
The initiative is operating in Boston, the Bay area of San Francisco, Chicago, Houston, Los Angeles, Miami, New York and Northern New Jersey.
For details on the initiative, call (800) 732-6643.
Hunting tax cheats
Ireland’s tax authorities are turning up the heat on cheats. Next year, the revenue commissioners expects to refer outstanding debts of £60 million to six firms of lawyers who will pursue about 6,000 cases through the courts.
And it’s not just the outstanding tax the defaulters will have to pay. "We will be insisting that the defaulter pays the cost of all legal proceedings in addition to the full tax and interest due, the chairman of the revenue commissioners, Dermot Quigley, said.
In recent years, the Irish tax authorities have invested several million pounds in technology as part of a drive to make the system more efficient.
Improving Irish roads
One of the first things visitors to Ireland now notice, particularly if they arrive in Dublin, is the traffic congestion. But, according to Liam Connellan, chairman of the National Roads Authority, that should become a thing of the past within the next seven years with the completion of the country’s £4.7 billion roads development plan.
In the effort to complete the ambitious plan, Irish construction firms are expected to form joint ventures with international partners.
Connellan said the country could look forward to having an efficient, free-flowing and safer network that was capable of coping with the forecast growth in traffic volumes.
The expanded roads development program is regarded as essential for regional development and for the sustained expansion of industry and tourism.
Already, there has been huge investment in upgrading Irish roads, with much of the money having come from European funds.
O’Reilly Theater opens
While Tony O’Reilly’s day-to-day role at the Heinz Company has decreased, his presence will continue to loom large in Pittsburgh, where the company’s headquarters is located. On this Wednesday, Dec. 15, the $25 million O’Reilly Theater will open with a production of August Wilson’s "King Hedley II."
In April 1997, the Pittsburgh Cultural Trust broke ground for the new home of the Pittsburgh Public Theater and announced it would honor O’Reilly. The new theater has 660 seats, was designed by internationally respected architect Michael Graves and theater design consultants from Fisher/Dachs Inc.
According to the Pittsburgh Post-Gazette, the city and Allegheny County each provided $2.5 million toward the project, the state provided $7 million and the rest came from private sources, including past and current senior executives at Heinz, and Chryss O’Reilly, wife of Tony O’Reilly. The newspaper added that Chryss O’Reilly and the executives contributed an amount the Pittsburgh Cultural Trust will not disclose to get the O’Reilly name on the theater.