Loans for future vintage units program

In June alone, nearly , total passengers flew in and out of the airport, shattering its previous June record by a staggering 23 percent. The demand has led to a flurry of announcements over the last year for new carriers, nonstop service destinations and increased service for existing routes.

Southwest Airlines, for example, brought much anticipated service to PSP in the middle of the pandemic, and now flies nonstop to eight domestic destinations.

Alaska and Allegiant Airlines also announced new nonstop routes to Austin and Nashville, making Palm Springs easier to visit than ever! As more travelers opt to stay closer to home, Palm Springs is also seeing increased demand from visitors within driving distance, such as Los Angeles and San Diego. With Palm Springs only a two-hour drive away, the desert offers a low-risk getaway option.

Festivals and events are also making a safe return to Palm Springs. Splash House, which sold out within two hours, was one of the first to return in August.

Aftab Dada, Chairman of P. Resorts, the group of stakeholders responsible for bringing Marilyn back, believes that her reach — ranging from the hundreds of news stories covering her return — to social media posts from locals and visitors alike — will ultimately bring additional tourism dollars into the city.

As Downtown continues to evolve, Forever Marilyn will soon be joined by the adjacent Downtown Park, slated to open this fall. Funded in part by Measure J, the 1. New affordable housing options are coming soon as well. The first affordable housing complex to be developed in more than a decade, the project will feature one-, two- and three-bedroom apartment homes located on more than 3.

New affordable housing for seniors is also moving forward. The development will provide housing and services, with 71 units, 25 for permanent supportive housing for seniors experiencing homelessness — and onsite medical and mental health support from DAP Health. The new 1. You can receive commercial lending from banks or credit unions or with an SBA 7 a loan. Buyers of a duplex or multi-unit home can sometimes use the projected rental income from the additional units to qualify for a loan.

For those payments to be taken into account, the renters usually must have already signed a lease. Lenders can consider rental income from the multifamily property as long as the prospective borrower can provide appropriate documentation of the payments.

According to Fannie Mae guidelines, the property must be either a two-, three- or four-unit residence that is owner-occupied, or a one- to four-unit investment property.

Not all the income applies though; typically, 25 percent is subtracted to account for vacancies and maintenance. Traditional mortgages require a 20 percent down payment. Lenders generally assume more risk with investment properties, so they might require 25 or 30 percent down, depending on the interest rates on offer.

When learning how to buy a duplex or other multifamily unit, there are unique characteristics you will not encounter with a conventional mortgage.

Appraisals might be rare to come by since there might not be as many comparable units in the area. So, if you use a multifamily conventional loan, you could end up having to shell out a higher down payment, upward of 15 percent for duplexes and 20 percent for multifamily homes those with three or four units.

How We Make Money. Zach Wichter. Written by. Zach Wichter is a mortgage reporter at Bankrate. Edited By Lance Davis. Edited by. Lance Davis. Lance Davis is the senior editorial director for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their …. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity.

Key Principles We value your trust. Bankrate Logo Insurance Disclosure. Duplex: Duplexes are multifamily homes with two units sharing the same building.

You can receive a mortgage for a duplex through FHA. However, if you want a government loan like an FHA loan or through Fannie Mae, you will need to occupy one of those units. Multifamily unit: Homes with up to four units are considered residential for the purpose of financing. In , shortly after current veteran council members first took office, the fourth building in the cluster — Market Street — also became available for purchase, so they bought it, too. The lower level of the Market Street building is currently occupied by the Market Street News adult book and novelty store, while the other spaces have remained vacant.

Some portions of the buildings have been deteriorating, and sections of the rear areas of the properties were recently torn down. This past week, members of the Development Committee of Wheeling City Council met with developers who submitted proposals to redevelop the block cluster.

One promising developer had stepped forward with a proposal, but with the COVID pandemic last year, that developer has since pulled out, the mayor said. Sweeny said they collaborated with Steadfast City, a national economic development consulting company that connects cities, towns and nonprofits with qualified preservation developers.

Steadfast City created a request for proposals and marketing campaign for them to advertise the buildings. Two of the three proposals for the block on Market Street were accepted by the city and were pitched to the Development Committee last week.