Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Mon, Jun 22 1992 Date: Mon, 22 Jun 92 05:14:50 EDT Message-ID: 06-22 0000 DECISIONLINE: Real Estate USA TODAY Update June 22, 1992 Source: USA TODAY:Gannett National Information Network FLOOD INSURANCE REFORM DELAYED: Legislation aimed at restricting federal flood insurance for property on erosion-prone shorelines has pitted coastal preservationists and property owners against one another. The National Flood Insurance, Mitigation and Erosion Management Act, an insurance reform bill that once seemed destined for approval, has become mired in a battle between the two powerful lobbies. LAND-USE RULES MAY BE REMOVED: Some critics say that the only way to pass a measure correcting the flaw's in the Federal Flood Insurance Program is to remove any land-use provisions. The bill must not mandate land-use regulations for communities, but instead set premiums reflecting the government's risk, says Sen. Bob Graham, a Democrat from Florida, which has the most FFIP-insured property of any state. FIXED RATES DROP: Fixed mortgage rates dropped to a five-month low last week, according to the Federal Home Loan Mortgage Corp. Rates on thirty-year fixed mortgages fell to 8.48% from 8.54% the previous week. One-year adjustable rates fell to 5.84% from 5.90% a week earlier. CITY TO DEBATE DAY CARE PLAN: A public hearing will be held Thursday in Pittsburgh on a plan requiring day care space in new office buildings. Under the plan, developers of buildings larger than 90,000 square feet would need to set aside 1.4% of their space for day care for employees. A 1990 survey found that eight downtown day-care centers had space for 750 children and 1,500 on waiting lists. CALIF. FACES BOND BACKLOG: More than $13 billion in bond proposals await consideration for California's November ballot. Thursday is the tentative deadline for putting propositions on the ballot. Among the proposals are $900 million for school construction; $678 million for parks and other public lands purchases; $750 million in jail and prison construction; and $325 million for affordable housing. FIRST NEWPORT IN RECEIVERSHIP: The Office of Thrift Supervision Friday placed First Newport Bank, F.S.B., Newport Beach, Calif., in receivership. First Newport Federal Savings Bank, chartered to take its place, will operate in conservatorship under the management of the Resolution Trust Corporation. First Newport had insufficient capital because of high expenses and losses on commercial construction loans. INDIAN TRIBE TO BUILD CASINO: The Mesquakie Indians have signed a contract with Grand Casinos Inc. of Minnesota to build a casino on their land near Tama, Iowa. Under the contract, the tribe will receive 60% of the proceeds or a minimum of $100,000 a month. The casino will employ at least 1,000 people, officials say. MASS. BANK TO HELP HOMEBUYERS: Fleet Bank of Massachusetts is establishing an $8 million program for low- and moderate-income, first-time home buyers. Buyers with an annual income between $35,700 and $43,000 will qualify for the program, which will begin July 1. TOWN CHANGES NAME: Residents of East Detroit, Mich., saying that having "Detroit" in the name of their of town hurts property values and the town's image, have approved a measure that will change the name to Eastpointe. The change will take effect July 1. JUDGES GROUP PASSES RESOLUTION: The Pennsylvania Judges Association recently approved a resolution supporting the construction of more juvenile detention centers. The association cited the lack of space for the rising number of delinquent juveniles in custody. INSPECTORS GROUP FORMED: To help lending institutions make and administer construction loans, a membership association for construction inspectors recently formed. The Association of Construction Inspectors, which offers training and certification, hopes to provide lenders with qualified inspectors to verify work completed on construction projects. Real Estate Editor: Christopher Goldthwaite. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM