Bankroll – Grover Chamber http://groverchamber.com/ Fri, 28 May 2021 12:03:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://groverchamber.com/wp-content/uploads/2021/05/default.png Bankroll – Grover Chamber http://groverchamber.com/ 32 32 What Is A Payday Loan? https://groverchamber.com/loan-to-decorate-the-house-of-your-dreams/ https://groverchamber.com/loan-to-decorate-the-house-of-your-dreams/#respond Tue, 11 May 2021 14:20:50 +0000 https://groverchamber.com/?p=605 If you’re ever in a pinch and need money immediately but don’t qualify for a personal loan, you might think about taking out a payday loan. A payday loan is a short-term, small loan that you repay once you receive your next paycheck, typically two to four weeks after you take out the loan. Payday […]]]>

If you’re ever in a pinch and need money immediately but don’t qualify for a personal loan, you might think about taking out a payday loan. A payday loan is a short-term, small loan that you repay once you receive your next paycheck, typically two to four weeks after you take out the loan. Payday loans tend to have small loan limits, usually up to $500, and don’t require a credit check.

While they might be easy for many people to get, they can be costly and harmful to you long after you borrow. Here’s how payday loans work, how they impact your credit and alternative options.

How a Payday Loan Works

You can take out a payday loan online or at an in-person location if it’s available in your state. For many payday loan lenders, there’s no credit check involved. It’s enticing for borrowers who don’t have great credit—or any credit—and need cash fast.

Once you complete an application, you’ll write a postdated check for the amount you borrow, including fees and interest, guaranteeing the lender gets paid by your next payday. If you can’t afford to repay the loan by the due date, some lenders have an option to renew or rollover your plan to extend the due date, but this requirement will result in additional fees and interest.

Payday Loan Dangers

Payday loan lenders prey on the most vulnerable groups: those who are in dire need of funds but don’t have a good credit history to borrow from banks, credit unions and online lenders. Because lenders tout immediate funds into your account and no credit check, many borrowers who don’t need to borrow a lot of money look toward a payday loan.

But predatory lenders are everywhere, so much so that some states don’t permit payday loans. Most states regulate payday loans, including repayment terms, finance charges and the loan amount.

Even with regulations in place, interest rates can approach 400%. Conversely, personal loan interest rates can be as high as 36%, and that’s for borrowers with very low credit scores or limited credit histories.

A big danger with payday loans is the repayment period. Traditional personal loans, even those in small amounts, let you repay your loan over the course of a few months. Payday loans, on the other hand, require you to repay the loan anywhere from 14 to 31 days after you take it out. Many borrowers don’t have the funds to pay back the loan in this time frame and, in some cases, end up borrowing more to repay their loan, along with the extra finance charges.

Who a Payday Loan Is Right For

Payday loans are costly and can cause more harm than good. While it’s one way to get money in your hands until your next paycheck, the risks typically outweigh the benefits. We don’t recommend using payday loans. Instead, look toward alternative options, including personal loans, credit cards or even borrowing money from friends or family.

Payday Loan Costs

How much your loan costs depends on how much you’re borrowing, your interest rate, your lender and where you live. Here’s an example of the costs you may experience when you take out a payday loan.

In Iowa, you can borrow up to $500 through a payday loan, and you’ll get charged up to $15 for every $100 you borrow. If you borrow the full $500, that’s an extra $75, or $575 in total. But your annual percentage rate (APR), which is calculated daily, will be much more than that. For example, in Iowa, you can borrow a loan for up to 31 days. If you borrow for the full term, your true APR will be 176%.

To compare, personal loans usually cap their APRs at 36%. If you use a credit card to make a purchase, you’re likely to have an APR that’s less than 30%.

Payday Loan Borrowing Limits

Borrowing limits usually depend on where you live. Since some states don’t allow payday loans, you might not have the option to borrow money through one.

Most states cap their borrow limits at around $500, but limits vary. For example, Delaware caps its borrow amount at $1,000 while California sets a maximum limit of $300.

Repaying a Payday Loan

For many lenders, you set up a single loan repayment when you borrow the money. You’ll typically repay your loan through a postdated check, including the full amount you borrowed plus any fees and interest. However, you may also be able to pay online or through a direct debit from your bank account.

Your payment date will be between 14 and 31 days from when you borrow the loan, usually by your next payday. The loan is repaid in one payment, compared to personal loans, which have installment payments for a set number of months. Personal loan lenders look at your income to make sure you can afford what you borrow, making sure monthly payments fit into your budget.

How Payday Loans Can Affect Your Credit

Many payday loan lenders don’t run credit checks, so applying for a payday loan doesn’t impact your credit score or report. Even if you borrow the money and repay it all on time and in full, the positive payment doesn’t impact your credit, either.

But if you don’t pay your loan back in full and your payday loan lender hasn’t electronically withdrawn money from your account, you could be on the hook for the unpaid balance plus any outstanding finance charges. If you’re long overdue in payments, the lender could get a collection agency involved and the delinquent mark can go on your credit report.

Payday Loan Alternatives

Payday loans aren’t a good option in almost every circumstance. If you can, explore all your other options before taking out a payday loan, including:

  • Personal loans. While many personal loan lenders only approve borrowers with at least fair or good credit, there are some lenders that tailor to borrowers with poor or subprime credit scores. Some credit unions have payday loan alternatives, letting borrowers take out loans up to $1,000, depending on the institution. Credit unions are not-for-profit and are more likely to work with borrowers who don’t have great credit.
  • Credit cards. If you already have a credit card, consider using it to make a payment or purchase. APRs are lower compared to payday loans and since you already have one, you don’t have to qualify for one. Most cards also offer a cash advance—which allows you to withdraw cash from an ATM—but these transactions come with high APRs and additional fees. However, both options are cheaper than payday loans.
  • Borrow money. If you don’t need to borrow much, ask friends or relatives to cover you until you can streamline expenses. Many times, borrowing money from loved ones means you have a little bit of flexibility when it comes to repaying your loan, and often without interest. If you choose this route, agree on terms and conditions that outline how to repay your loan and what happens if you can’t repay it.

In addition to these alternatives, review your financial situation carefully, including your required payments and monthly expenses, to see if you can free up some funds. For example, go over your budget and see if some not-so-dire expenses can wait. You might find you have enough spare cash to cover your needs until your next payday, allowing you to avoid the possible pitfalls that come with a payday loan.

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Landlords are still waiting for rent payments amid COVID-19 https://groverchamber.com/landlords-are-still-waiting-for-rent-payments-amid-covid-19/ https://groverchamber.com/landlords-are-still-waiting-for-rent-payments-amid-covid-19/#respond Tue, 11 May 2021 13:48:23 +0000 https://groverchamber.com/?p=596 As COVID-19 took root and jobs vanished, officials sought to avoid a wave of evictions, homelessness and the spread of deadly disease that could result. Governments from federal to local enacted rules allowing people whose finances have been affected by the pandemic to keep their housing if they don’t pay rent. The policies have been […]]]>

As COVID-19 took root and jobs vanished, officials sought to avoid a wave of evictions, homelessness and the spread of deadly disease that could result. Governments from federal to local enacted rules allowing people whose finances have been affected by the pandemic to keep their housing if they don’t pay rent.

The policies have been a lifesaver for many during a crisis when staying home meant staying healthy, but a year later landlords say the rules are heaping an increasingly unfair burden on them.

In interviews with The Times, property owners and managers said they understood the unprecedented nature of the crisis but that they are absorbing too much of the cost. Many said they or their clients are dipping into savings to keep properties afloat and delaying maintenance or repairs because they can’t afford them.

Some said they probably can’t or won’t hold on much longer under these circumstances.

“I am hoping something will turn around [so] I don’t have to sell,” said Beverly Rowe, who manages her family’s Los Angeles triplex, an asset she is proud to have secured to ensure her parents’ financial security in old age and to pass down wealth.

That asset, hard-earned for many Black households like hers, is now at risk. Rowe said a tenant owes $30,000 in rent payments missed over the last year.

Billions of dollars in federal rent relief for both landlords and tenants have finally started to flow in recent weeks, but it’s unclear how far the money will go.

The pandemic’s worst effects have been felt most by those who earn less — a demographic more likely to be renters, as well as people of color. Its jolt to livelihoods has been clear in data on lost jobs and the millions of Americans newly receiving food aid, among other indicators. Researchers have also documented well the rising debts that tenants owe their landlords — missed rent must eventually be paid back — and the long-term financial consequences for those renters.

The picture has been less clear on the other end of the housing equation: how property owners who depend on rent for income have fared as their tenants face financial hardship. Opaque ownership structures can make it difficult to know just who owns what property, for example, and some landlords are hesitant to talk openly about tenants or their own financial positions.

Several landlords interviewed by The Times asked not to be named, saying they feared that their comments would upset their tenants or the local authorities passing and enforcing tenant protections.

One property owner in her 60s said she is considering taking a second job to avoid having to sell her two 20-unit buildings because she’s having difficulty keeping up with mortgage payments. An owner in his 80s said he’s already told his lender he can no longer meet payments and anticipates handing the 200 units he owns back to the bank.

A new survey published Monday by researchers from the University of Pennsylvania offers more specific insight into the pandemic’s effect on landlords in Los Angeles: More than half of 1,300 property owners surveyed in December last year said their business would face financial distress within six months if their situations didn’t improve.

The poll found that, compared with before the pandemic, more owners are facing delinquent rent payments and problems filling vacancies. That, in turn, has challenged their ability to pay their mortgage, property taxes and the costs of building upkeep.

The survey results show the ripple effect that missed payments from tenants can have on landlords’ ability to maintain their properties — and in some cases, their main source of income.

“There clearly is a lot of challenges being faced by property owners,” said Vincent Reina, the survey’s coauthor. The research is part of a collaboration between the Housing Initiative at Penn and six cities to analyze how local governments are responding to housing challenges brought on by the pandemic.

The poll left the definition of financial distress open but listed some examples: needing to sell assets, reduce services or lay off staff or being unable to pay mortgages or property taxes. In December, nearly 29% of those surveyed said they would reach that level of financial distress in less than three months.

Landlords are not a monolith: There are Wall Street firms that own tens of thousands of homes; secretive limited liability companies that pool investments from wealthy individuals; and the mom-and-pop landlords who own a few units and manage them as a full- or part-time job.

A study from the progressive think tank Institute for Policy Studies and other left-leaning groups found that 61 “billionaire landlords” with very large portfolios have seen their wealth collectively increase $24.4 billion during the pandemic — a far cry from the hardship reported by smaller owners in the L.A. survey.

L.A. property owners with five or fewer units were most likely, at 37%, to report an expectation of financial distress before three months. Owners with 30 or more units were least likely to expect financial distress before three months, but the percentage was still 20.3%.

The survey results could overstate the financial burden on landlords. The poll didn’t survey landlords broadly, rather only those with at least one tenant who had applied to an L.A. city rental assistance program launched early in the pandemic that contained far less money than recent efforts.

Still, Reina said that many distressed tenants probably did not apply for relief — meaning the survey may have left out many struggling landlords — and that the sample of 1,300 property owners represents a significant share of the city’s housing stock.

Some landlords and management companies said they suspect some of their nonpaying tenants aren’t facing financial difficulties, yet are still taking advantage of pandemic allowances. State law, for example, protects tenants from eviction for nonpayment if they sign a declaration under penalty of perjury that COVID-19 has affected them financially.

Landlords said that bar is very low, though they can request proof if they have evidence someone is high-income.

Dan Yukelson, executive director of the Apartment Assn. of Greater Los Angeles, which represents more than 10,000 landlords across Southern California, said there doesn’t appear to be wide-scale misrepresentation by tenants, but the approach still left open the door to abuse.

“There should have been some kind of means testing going on,” he said. “The majority of owners and tenants are honest, but there are some [tenants] who have taken advantage.”

Yukelson said any missed rent is a hit to association members, who have also faced added costs over the last year including rising water bills and requests for repairs as homes became offices, classrooms and all-around sanctuaries during the pandemic.

Larry Gross, executive director of the tenant rights group Coalition for Economic Survival, said he hasn’t come across tenants gaming the system. He said the tenants his organization works with are suffering and would pay rent if they could, because they know eviction protections will expire and understand the consequences for them of accumulating rent debt.

Gross said small landlords, in particular, should get more relief. But he said current eviction restrictions should not be rolled back: Tenants already are falling through the cracks and being forced out.

And red tape in the form of income verifications would make more people homeless than the small number of individuals who might be taking advantage. At particular risk are undocumented individuals who may be paid in cash at their jobs and could find it difficult to prove income loss.

“Given the housing and homeless crisis, we need it to be as easy as possible for people to be able to stay in their homes,” he said.

Falling behind

Though surveys show the vast majority of tenants are paying, a significant number are behind.

Moody’s Analytics and the Urban Institute think tank estimate 9.4 million U.S. renter households owed an average of $5,586 in back rent, utilities and related late fees as of January, for a total debt pile of $52.6 billion.

For landlords, the effect on their businesses depends on several factors, including whether they have a mortgage and the amount of reserves they’ve set aside to handle unexpected expenses at their properties.

Irma Vargas, the chief financial officer at property management firm RST & Associates, said that of the company’s clients, those with one to four units have been the hardest-hit.

The firm’s clients on average have nine to 12 units, and those owners should be able to hang on to their properties even though more are turning to savings to pay the property tax, Vargas said.

About 7% of the 3,200 units that RST manages in L.A. County have a tenant who is behind, she said.

If an owner with just a handful of units happens to have a nonpaying tenant, that’s a bigger bite out of revenue than it is for someone with dozens of units — a category of property owner that was also better off before the pandemic, the University of Pennsylvania survey showed.

Before March 2020, 4% of owners with more than 30 units reported problems with paying the mortgage, compared with 7.3% of owners with six to 30 units and 10% of owners with five or fewer units.

Vargas said two of her clients who own a few units each had to sell their respective properties recently because they couldn’t afford to keep them. “The little small mom-and-pops are getting burned on this one,” she said.

National delinquency rates spotlight the differences among property owners of different sizes.

According to the Mortgage Bankers Assn., delinquency rates for all multifamily loan balances — a figure that will be skewed toward larger properties — was 1.8% last month, lower than other commercial loans for hotel, retail and office properties.

Meanwhile, about 9% of loans for properties with two to four units were delinquent in October, several percentage points higher than the rate for single-family homes, according to data firm Black Knight.

If small property owners go under, the implications for them and their tenants could be wide-ranging.

Many small owners say they bought their units for rental income in retirement after years of saving, and their later years could grow more difficult if their main income is upended.

Their inability to hold on to their properties also raises the prospect of a scenario that housing activists have feared from the pandemic’s earliest days: that large corporations and investment funds more likely to raise rent will scoop up distressed housing en masse, similar to how Wall Street firms acquired tens of thousands of single-family homes in the wake of the 2008 financial crisis.

That doesn’t appear to be happening, but the stress is building. Nearly 31% of landlords nationwide said they felt increased pressure to sell during the pandemic, according to an October survey by real estate firm Avail.

Generational blow

For some, losing business properties risks a backslide from the economic mobility that getting into the housing market once promised — a particularly painful development for Black Americans whom the government once barred from access to homeownership.

“We are going to have to sell,” Rowe said. “That means we cannot pass this property down…. There will be no generational wealth to continue in our family.”

After moving in with her 85-year-old mother to help care for her, Rowe worried about bringing COVID-19 home and stopped working her usual job as a physician assistant. She said she has burned through savings to cover the mortgage and repairs at the Mid-City triplex after the tenant stopped paying rent there.

With cash tight and no income from the property, Rowe said she is scrambling to pay for the supportive care her mother needs after a heart attack. Offloading the triplex looks increasingly necessary. “It’s devastating,” she said.

Even some landlords with less immediate financial pressures are taking a hit.

Jef Vander Borght, 69, owns two fourplexes in Burbank and Glendale with his wife that they bought roughly 20 years ago to help them through retirement.

Vander Borght, a retired architect and former Burbank mayor, said his tenants had fallen more than $12,000 behind in rent since last spring. He understands they have lost work and can’t pay in full, and doesn’t want to evict them.

He criticized governments as failing to adequately help struggling residents and in turn landlords like himself, citing a tenant of his who got help from a county program for the first time last month.

The local aid reduced the debt he is owed to around $7,000.

“I never, ever imagined we would be in a position just to be told to house people for free and ‘good luck getting help — help will eventually appear,’” he said.

An improving economy and the flow of significant rent relief money could improve fortunes for both landlords and tenants in coming months. The two federal stimulus bills passed since December allocate about $50 billion to help tenants nationwide pay rent, with that money set to automatically go to landlords.

A lot rests on the relief being enough and doled out properly.

The city of Los Angeles last week opened applications to its $235.5-million rent relief program, funded through the federal stimulus. Officials don’t think the money will be enough to help everyone in need and are picking applications at random.

Some landlords are already heading toward the exits, and not just those who are in immediate financial jeopardy.

David Haas, managing broker with Ernst and Haas Management Co., said he has clients selling preemptively. The Long Beach firm specializes in managing one- to four-unit properties for mom-and-pop owners.

They are “liquidating because of the fear of the laws that are protecting only tenants,” Haas said, “fear that their tenant could go into default and they won’t be able to do anything.”

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The NYC mayor’s home through history https://groverchamber.com/the-nyc-mayors-home-through-history/ https://groverchamber.com/the-nyc-mayors-home-through-history/#respond Tue, 11 May 2021 13:26:36 +0000 https://groverchamber.com/?p=586 Gracie Mansion, the official residence of New York City mayors, is getting a new tenant next year.  The “Little White House” has been Mayor Bill de Blasio’s home for seven years, but when he retires from mayorship next year, the 220-year-old mansion will be occupied by whichever candidate New York elects on Nov. 2. Whoever […]]]>

Gracie Mansion, the official residence of New York City mayors, is getting a new tenant next year. 

The “Little White House” has been Mayor Bill de Blasio’s home for seven years, but when he retires from mayorship next year, the 220-year-old mansion will be occupied by whichever candidate New York elects on Nov. 2.

Whoever wins, the pale yellow-ocher-colored home is expected to continue hosting teas, fashion shows, fund-raisers, tours, meetings, protests and parties.

The white-trimmed, green-shuttered building’s address is at the corner of East 88th Street and East End Avenue and located in Carl Schurz Park on the east side of Manhattan.

While the coronavirus pandemic has halted a historic tradition of live tours through the mansion, the de Blasio administration has offered virtual tours on Zoom.

Explore the busy building’s history — including facelifts, restorations, famous visitors and, yes, scandals — through the photos below.

Gracie Mansion, the official residence of New York City mayors, is getting a new tenant next year.
Gracie Mansion, the official residence of New York City mayors, is getting a new tenant next year.
Patrick McMullan via Getty Image

Now: A tour inside the house

The NYC home’s yellow paint was chosen by former mayor Michael Bloomberg for historical accuracy, based on the coloring of a painting of a nearby house.

The gracious wraparound porch, restored in 1983, is actually the historic site where the New York Post’s founder Alexander Hamilton recruited investors for the budding New York Evening Post in 1801, according to the New York City Department of Parks & Recreation.

Its yellow front door has a wooden frame carved like seed pearls. It is flanked by leaded glass windows and topped with a semicircle window. The interior is a mix of modern and historical artifacts strewn across a ground-level floor plan that includes a foyer, parlor, kitchen, library and dining room.

The yellow door has a wooden door frame carved like seed pearls.
The yellow door is flanked by leaded glass windows and topped with a semicircle window.
Anthony Behar/Sipa USA

Inside, the foyer has tan-and-white striped wallpaper and a faux marble painted floor, a style called trompe-l’oeil that was popular in the 1800s. The center of the floor has a compass pattern and is overlooked by a chandelier. 

An ancient grandfather clock has ticked in the corner since at least 1942. Above the fireplace, a gold-framed mirror is flanked by light fixtures.

A winding staircase leads upstairs to the bedrooms, which are closed off to visitors. The second floor has five rooms which, for various tenants, have been configured as bedrooms, sitting rooms and dressing rooms.

Inside, the foyer a faux-marble painted floor, a style called Trompe-L’oeil which was popular in the 1800s.
Inside, the foyer boasts a faux-marble painted floor in a style called trompe-l’oeil that was popular in the 1800s.
Anthony Behar/Sipa USA
The foyer has a tan-and-white striped wallpaper, crown moldings and Federal-style furniture.
The foyer has tan-and-white striped wallpaper, crown moldings and Federal-style furniture.
Anthony Behar/Sipa USA

A patent yellow parlor sits to the right of the foyer and nods to the home’s early history with a cannonball on the fireplace mantel. The cannonball was excavated from the site of the mansion, where a British loyalist home once stood until it was destroyed in September 1776 — perhaps by that very cannonball, according to NYC.gov.

The parlor also has a circular convex mirror with an ornate gold frame and six candle sconces built into the fixture. The convex mirror maximizes light in the room, a trick that might have been used in the house before the installation of electric lights.

But the parlor also celebrates a side of history less often told. Under the de Blasio administration, the house has been filled with art by diverse talents. The yellow parlor most recently displayed art from Japanese artist Tōkō Shinoda and New York City collage artist Baseera Khan.

In the O'Dwyer administration, this room was tan. Recently, the Conservancy has been calling the room "peach-colored," so it's possible it could have been repainted since the most recent pictures were taken.
In the O’Dwyer administration, this room was tan. Recently, the conservancy has been calling the room “peach-colored,” so it’s possible it could have been repainted since the most recent pictures were taken.
Anthony Behar/Sipa USA

Behind the parlor is a kitchen that received a $1.4 million facelift under Mayor Bloomberg in 2012, according to the Observer.

To the left of the foyer is a very teal library. The carpets are teal, the sofas are teal, the walls are teal — you get the idea. Even the curtains, installed by Mayor John Lindsay in the 1960s, are a floral chintz pattern with a blue background. 

The library is also noted for its historic figurines of George Washington but, in a nod to more recent history, the library window is etched with the name “Caroline,” a mark by ex-Mayor Rudy Giuliani’s daughter in a tradition of children marking up the house. 

At least one of the maquettes of George Washington in the library were carved by John Quincy Adams Ward.
At least one of the maquettes of George Washington in the library was carved by John Quincy Adams Ward.
Anthony Behar/Sipa USA
The carpets are teal, the sofas are teal, the walls are teal — you get the idea.
The carpets are teal, the sofas are teal, the walls are teal — you get the idea.
Anthony Behar/Sipa USA
Even the curtains, installed by mayor John Lindsay in the 1960’s, are a floral chintz pattern with a blue background.
Even the curtains, installed by Mayor John Lindsay in the 1960s, are a floral chintz pattern with a blue background.
Anthony Behar/Sipa USA

The library fireplace mantel features art entitled “Raise Up,” a 2014 installation by Hank Willis Thomas that shows the heads and arms of 10 black men raising their arms; above them two posters say, “I am a man.”

“Raise Up” reflects on the American legacy of slavery and lynching as well as today’s mass incarceration. The repeating hands-up gesture is a nod to “the vulnerability of African-American men in the face of systemic racial injustice,” wrote the Gracie Mansion Conservancy on Instagram.

Through the library, a carpeted dining room is famous for its ornate French wallpaper.

The covering depicts a landscape garden scene and was manufactured in the 1820s by Zuber et Cie and installed under the Edward Koch administration to reflect the original style of the house.

The wallpaper actually does not reach the ceiling of the room, and the area above the wallpaper was painted to match the sky of the landscape, according to the conservancy.

The french wallpaper with a landscape garden scene was manufactured in the 1800's.
The French wallpaper, with a landscape garden scene, was manufactured in the 1800s.
Anthony Behar/Sipa USA
Gracie traveled to France often in his shipping business.
Gracie traveled to France often in his shipping business.
Anthony Behar/Sipa USA
Superstitiously-minded Gracie Mansion gossips say that Gracie’s daughter Elizabeth Walcott-Gracie still haunts the house.
Another view of Gracie Mansion’s dining room.
Alamy Stock Photo

The Susan E. Wagner wing

Mayor Robert F. Wagner Jr., who served from 1954 to 1965, installed an entire new wing to the house for entertaining in an attempt to create more privacy and safety for his family in the main house — a balance that has proved difficult for mayors throughout their residency in the hybrid public-and-private space.

“She started to complain that people found their way upstairs,” Paul Gunther, executive director of the Gracie Mansion Conservancy, said in a 2017 lecture. “She said, ‘Sometimes I have to get dressed in my closet.’ They took ashtrays, pipes, lipsticks and jewelry. The solution became a new wing.”

But Wagner’s wife wouldn’t live to see the completion of the $800,000 renovation designed by architect Mott B. Schmidt. Even as the 54-year-old selected silks and decor for the addition, she secretly battled lung cancer. She died at Gracie Mansion in 1964, and the renovation was completed in her name in 1966.

Mayor Robert F. Wagner, who served from 1954 to 1965, installed an entire new wing to the house for entertaining.
Mayor Robert F. Wagner, who served from 1954 to 1965, installed an entire new wing to the house for entertaining.
Anthony Behar/Sipa USA
Even as Susan Wagner selected silks and decor for the addition, she secretly battled lung cancer. She died at Gracie Mansion in 1964, and the renovation was completed in her name.
Even as Susan Wagner selected silks and decor for the addition, she secretly battled lung cancer. She died at Gracie Mansion in 1964, and the renovation was completed in her name.
Alamy Stock Photo
An ornate chandelier and crown molding overlooks the room, and another golden convex mirror.
An ornate chandelier and crown molding overlook the room, as does a golden convex mirror.
Bennett Raglin

Today, guests enter the blue foyer in the Wagner Wing through heavy wooden doors topped with an ornate semicircle window. 

An ornate chandelier and crown molding overlook the room, as does another golden convex mirror — topped with a bald eagle sculpture and installed by Bloomberg — that was used for maximizing light in the space during historical times. The mirror hangs above a historic fireplace taken from the Bayard home where Alexander Hamilton died following his ill-fated duel with Aaron Burr.

Through Sept. 8, 2021, the wing is displaying “CATALYST: Art and Social Justice,” an installation by photographers Gordon Parks, Martine Fougeron and about 50 other artists, activists, collective and student groups.

The "blue room" is pictured. The Susan E. Wagner wing cost $800,000 when it was built in 1966.
The “blue room” is pictured. The Susan E. Wagner wing cost $800,000 when it was built in 1966.
Anthony Behar/Sipa USA

Next to the foyer, carved white doorways lead to the “blue room,” an even bolder blue space equipped with a large bookshelf once owned by a Revolutionary War officer, an ornate chandelier, a fireplace, a convex mirror and a circular mahogany table with four chairs that originally belonged to descendants of Scottish shipper Archibald Gracie, who commissioned Gracie Mansion as a country house (that part of Manhattan was not yet developed) on the site in 1799, according to the conservancy.

The grounds: fences and bee problems

Speaking of privacy, there’s the matter of the fence — a criticism even older than the tradition of mayoral residence at Gracie Mansion.

When the NYC Parks department acquired the home in 1896, they installed the property’s first fence, maintaining fencing until former mayor Fiorello LaGuardia began his residence in 1942, conservancy director Gunther recently told The Post.

LaGuardia, the first mayor to live in Gracie Mansion, installed a wrought-iron fence, and O’Dwyer moved it 25 feet further away from the house for privacy. Lindsay added a yellow pine stockade fence just inside the wrought-iron fence, and Koch had a double fence as well. Most recently, De Blasio built an additional “privacy fence” inside a brick wall and a wrought-iron fence.

In 1929, the city installed the property’s first steel chain-link fence, costing $2,000.
In 1929, the city installed the property’s first steel chain-link fence, costing $2,000.
Getty Images
Mayor Dinkins installed willows, poplars, daffodils and other flowers, which actually created a bee problem, according to reports.
Mayor David Dinkins installed willows, poplars, daffodils and other flowers, which actually created a bee problem, according to reports.
Patrick McMullan via Getty Image
LaGuardia filled the home with marigolds and cabbages, and the Wagners had flowering dogwood trees and bright azalea bushes.
LaGuardia filled the home with marigolds and cabbages, and the Wagners had flowering dogwood trees and bright azalea bushes.
Anthony Behar/Sipa USA

Inside the fences, the home’s gardens have featured centuries of careful cultivation. The original residents of the house had shade trees and flower beds, according to the National Archives Catalog.

Today, the front of the house is flanked by tulips, when in season. They offer free seeds for edible or flowering plants to the public in a small “seeds library.”

The grounds are used “to teach local students and young parents why and how fresh foods advance healthy living” in a greenhouse collaboration with Project EATS, according to the conservancy

Then: a trip through time

Tenant Year Legacy
Jacob Walton 1770-1776 Built pre-Revolutionary War house
Archibald Gracie 1799-1823 Built Gracie Mansion
Joseph Foulke 1823-1857 Bought Gracie Mansion
Noah Wheaton 1857-1896 Non-payment of taxes
New York Parks department 1886-1927 Ice cream stand and public restroom
Museum of the City of New York 1927-1934 Saved from disrepair
LaGuardia 1942-1945 First mayor in the house
O’Dwyer 1946-1950 Bribery and a quick exit
Impellitteri 1950-1953 Not enough ashtrays
Wagner 1954-1965 The Susan E. Wagner wing
Lindsay 1966-1973 Feud with the Wagners
Beame 1974-1977 National
Register of Historic Places
Koch 1978-1989 The Gracie Mansion Conservancy
Dinkins 1990-1993 “No drastic changes”
Giuliani 1994-2001 Divorce and disrepair
Bloomberg 2002-2013 $7 million historical renovation of “The People’s House”
De Blasio 2014-2021 Art gallery & West Elm furniture

Pre-mayoral years

British Loyalist Jacob Walton built a house on the site in 1770. His home was commandeered during the Revolutionary War for its strategic position near the water and was destroyed in September 1776, according to the NYC Parks website.

Historians believe Archibald Gracie’s house was built in part by slaves of Ezra Weeks, who is believed to be the builder, along with John McComb Jr., who also built City Hall, according to amNY.

Gracie lived there with his eight children, his wife Esther and three indentured servants. New York’s Gradual Emancipation Act passed the year Gracie Mansion was built. Among other measures, the act mandated that slaves would be called indentured servants, but essentially still treated them as slaves. Gracie finally released them from bondage in 1801. He completed a side addition on the house in 1811 before he ran aground with debts. 

“During the Napoleonic period, fighting on the high seas increased, embargos were imposed, and finally the war with England broke out in 1812. Gracie’s ships were in trouble and so was Gracie. He was a man so well-liked in the community that friends and associates tried to assist him financially, but in spite of their efforts, his company failed in 1819,” reads the National Registry of Historic Places application.

That year, Federalist statesman Rufus King, who signed the Declaration of Independence, took ownership of the house in exchange for loans he had given Gracie, according to the application.

Gracie’s son-in-law, a merchant named Joseph Foulke, bought the house from King in 1823 and sold it in 1857 to Noah Wheaton, who decorated the house in the Victorian style, according to the application.

The house still bears the mark of the Wheaton family. Amelie Hermione Quackenbush, Wheaton’s granddaughter, etched her name into a window with a diamond ring in 1893, and the mark still remains today — beginning the tradition of children marking their stint in the home. 

The city’s parks department took over the house when Wheaton, who hadn’t paid his taxes, died in 1896.

The house became a public bathroom and concession stand for Carl Schurz Park before the Museum of the City of New York took it over in 1923, according to the museum website.

Children who have left their mark on Gracie Mansion

  • Amelie Hermione Quackenbush, 1893
  • Margie Lindsay, 1965
  • John Lindsay, 1974
  • Caroline Giuliani, late ’90s

In 1934, the Parks Department began a $25,000 restoration of the house to a residence. Until then, mayors had lived in private residences.

This photo of Gracie Mansion is from the early 1900's.
This photo of Gracie Mansion dates from the early 1900s.
Bettmann Archive

First mayors in the house: LaGuardia, O’Dwyer and Impellitteri

LaGuardia began his mayorship at 1274 Fifth Ave., but he made Gracie Mansion his new home in 1942.

After the bombing of Pearl Harbor, famed city planner Robert Moses convinced LaGuardia to move into the space for security reasons during his third term. In preparation, the city added modern features like heating and electricity, juxtaposing them with 18th-century furniture.

“The petitioner told him [the briber] to ‘drop up’ to Gracie Mansion, the official residence of the Mayor of New York.”

O’Dwyer V. Commissioner of Internal Revenue, 1957

During his tenancy at the mansion, it was filled with items on loan from local museums, plus the family’s own personal household items.

Mayor William O’Dwyer wasn’t in the house very long, but he managed to get divorced and remarried during his residency. He resigned in 1950 because of bribery allegations. In fact, some of the bribery occurred at Gracie Mansion, according to legal documents.

After Mayor O’Dwyer resigned, acting Mayor Vincent Impellitteri’s wife, Elizabeth Agnes McLaughlin, ​said she planned to make no changes to the house when they moved in — and, in fact, her only complaint was that there weren’t enough ashtrays, according to historical reports

This photo of the mansion's north front was published in 1933, just before mayor LaGuardia moved in.
This photo of the mansion’s north front was published in 1933, just before Mayor LaGuardia moved in.
A second-floor bedroom fireplace is pictured. Every room in Gracie Mansion has a fireplace.
A second-floor bedroom fireplace is pictured. Every room in Gracie Mansion has a fireplace.
Alamy Stock Photo

Making the house a legacy: the Wagners

The Wagners are the darlings of Gracie Mansion history simply because they loved the house — and not only through the addition of the Wagner Wing.

Susan, who died in Gracie Mansion before the end of their tenancy, painted the living room pale blue and added eggshell damask upholstery. The home was littered with globes, radios, toy soldiers and roller blades, according to historical reports.

Susan took her children Robert and Duncan into consideration in the design, tossing a landscape in the drawing room that her children disliked and repainting Robert’s room light blue because he said he couldn’t sleep in a dark red room. She also converted the home’s elevator into a coat room, fearing it would be unsafe for the children.

Fun fact: In the 1600s, the site was a Dutch farm and later a tavern called the Horn’s Hook.

Susan Wagner died in 1964, and Robert remarried in 1965 before the end of his term. But he and his new bride, Barbara Joan Cavanagh, did not make Gracie their home. Wagner’s new wife became a champion of Susan’s work, defending her when the Lindsay family criticized the condition of the house when they moved in.

Dissatisfaction under the Lindsays

The Lindsays did not love their stint at Gracie Mansion, to say the least. John and Mary Anne’s loud dissatisfaction offended the Wagners, especially since renovations had been done in the name of the late Susan Wagner.

Fun fact:

Gracie Mansion was actually bugged during the Lindsay administration, which was during the same time period as the Watergate scandal, though no connection was ever found.

“Susan was ill for a year before she died — how was she going to worry about curtains and carpets? … I felt miserable because of Susan, and have ever since. And no one seems to answer back on it. So I will,” Wagner’s new wife Barbara Joan Cavanaugh said in 1966.

To be fair, the Lindsays had their fair share of woes at Gracie Mansion. The couple’s move-in was delayed by the Wagners’ renovations, and they found plenty of work left to do when they finally moved in.

The bedroom door often jammed, causing the couple to have to climb out the window and re-enter the house from another bedroom window, Gunther recently confirmed to The Post.

The windows were rotted with water, the floors were dull, the carpets had holes burned by cigarettes, and Lindsay’s wife objected to the outdated style. They discovered fire code violations and occasionally lost heat, said Gunther.

But by 1966, Cavanaugh said that she and Lindsay had “kissed and made up.”

“Nonetheless after departing at the end of 1973, the former first lady said that despite the wear and tear of a nearly 200-hundred-year-old house, ‘We had a wonderful time,’” Gunther recounted.

But Gracie Mansion found itself redeemed under the Abraham Beame administration, which added the house to the National Register of Historic Places for its architectural merit.

“The mansion is one of the finest Federal-style country seats remaining on the Island of Manhattan from that early period. It is a remarkably distinguished example of the Federal architecture and, as the home of the Mayors of the City of New York, it possesses a distinction in keeping with its architectural qualities and its historical renown,” said original application in 1978.

“Susan was ill for a year before she died — how was she going to worry about curtains and carpets?”

Barbara Joan Cavanaugh

Koch establishes Gracie Mansion Conservancy

Former mayor Edward I. Koch gestures towards newsmen as he escorts Republican presidential nominee Roland Reagan into Gracie Mansion in 1980.
Former mayor Edward Koch gestures as he escorts Republican presidential nominee Ronald Reagan into Gracie Mansion in 1980.
AP

For Mayor Edward Koch, Gracie Mansion was a slow burn.

The bachelor mayor started off his term living in Gracie Mansion part-time while spending weekends at his Greenwich Village rent-controlled apartments.

But he eventually moved in full-time and even established the Gracie Mansion Conservancy to care for the house. Today, the nonprofit spends $400,000 of privately-raised money annually to run and manage the house, according to tax documents.

By the end of his first term, Koch had solicited private donations and loans from museums and other collectors to furnish the home in the Federal style of the late 18th and early 19th centuries, said Gunther.

Koch also borrowed some notable and strange artwork for the house during his residency, including a 44-inch-high, black-and-white rabbit sculpture in the bedroom. The wooden, polyester-resin-coated work was selected by his art curator, Henry Geldzahler, Gunther confirmed.

Fun fact: Over the past two centuries, the mansion has played host to John Quincy Adams, Washington Irving, General Lafayette, Desmond Tutu, Nelson Mandela, Frederick Douglass and countless other history-makers.

David Dinkins was the city’s first black mayor, serving from 1990 to 1993, and — while the couple didn’t make many changes to the house — his wife, Joyce Dinkins, took on the role of “special projects organizer” at Gracie Mansion, with a focus on children and literacy, according to her obituary.

David Dinkins speaks to reporters at Gracie Mansion with singer James Brown, second from left, his wife Adrienne, and the Rev. Al Sharpton in 1992.
David Dinkins speaks to reporters at Gracie Mansion with singer James Brown (second from left) and his wife, Adrienne, and the Rev. Al Sharpton in 1992.
AP

Giuliani makes his home a battleground

Former mayor Rudy Giuliani’s then-wife Donna Hanover barred Giuliani’s then-girlfriend, Judith Nathan, from visiting the house.

The disagreement prompted a torrent of legal and personal drama that eventually prompted Giuliani to leave the mansion before his term ended.

During Giuliani’s administration, the house fell into disrepair with peeling paint, according to complaints at the time. 

“The house is crying,” former mayor Koch said, according to Vanity Fair. “The house wants to be loved.”  

Giuliani actually did have the house repainted as part of regular maintenance, and he also re-carpeted the floors, the conservancy’s Gunther told The Post. The home’s location near East River winds and Franklin D. Roosevelt Drive’s fumes may have accelerated the need for renovations.

*Former New York Mayor Rudolph Giuliani, center, his daughter Caroline and son Andrew pose for photographers as they arrive at Gracie Mansion for Giuliani's wedding to Judith Nathan in this May 24, 2003, file photo.
Former New York mayor Rudolph Giuliani, center, his daughter Caroline and son Andrew pose for photographers as they arrive at Gracie Mansion for Giuliani’s wedding to Judith Nathan in this May 24, 2003, file photo.
ASSOCIATED PRESS

Giuliani married Nathan on the lawn of Gracie Mansion in 2003.

Major renovation and restoration under Michael Bloomberg

Mayor Bloomberg was responsible for the pale yellow hue of the building, which used to be black and white.
Mayor Bloomberg was responsible for the pale yellow hue of the building, which used to be black and white.
Alamy Stock Photo

When Mayor Bloomberg took office in 2002, a peeling, drafty mansion didn’t seem to be the luxurious life he was accustomed to.

Bloomberg was the only mayor since LaGuardia not to live in the house but, rather than let it rot, he poured $7 million into its restoration, calling it “The People’s House” and opening it up for tours, meetings and events.

With the help of designer Jamie Drake, Bloomberg repainted, added mahogany and faux-bamboo furniture in the Federal-century style, installed French bronze chandeliers, re-carpeted and re-upholstered the furniture to be historically accurate, according to Architectural Digest.

West Elm-ification under Bill de Blasio

A far cry from NYCHA housing: the de Blasio family's new living room in Gracie Mansion, decked out in West Elm furnishings.
A far cry from NYCHA housing: the de Blasio family’s new living room in Gracie Mansion, decked out in West Elm furnishings.
West Elm

When de Blasio moved in, he found the mansion to be more like a museum than a home — particularly the bedrooms, which Bloomberg had not lived in and were filled with antique furniture for tours.

De Blasio received a donation of at least $65,000 in furniture from the multi-billion-dollar Brooklyn-based furniture chain West Elm in 2014 for the family’s bedrooms, putting some of Bloomberg’s period furniture in storage.

“When the present administration chose in 2014 to revive the residential role as envisioned by both the Parks Department and the GMC, the late 18th and early 19th century (often fragile) antique furnishings had to be placed in collections storage for future resident consideration. Thus these bedrooms were suddenly empty with immediate need to make them habitable for a 21st century family,” said Gunther.

In the public spaces, the home furniture remains unchanged and now offers even more historical and cultural education opportunities through first lady Chirlane McCray’s art exhibitions.

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Iowa Governor Signs Firearms Omnibus Bill and Liability Protection Bill | Iowa https://groverchamber.com/iowa-governor-signs-firearms-omnibus-bill-and-liability-protection-bill-iowa/ https://groverchamber.com/iowa-governor-signs-firearms-omnibus-bill-and-liability-protection-bill-iowa/#respond Wed, 07 Apr 2021 23:16:31 +0000 https://groverchamber.com/iowa-governor-signs-firearms-omnibus-bill-and-liability-protection-bill-iowa/ (The Center Square) – Iowans no longer required to have a license to carry a firearm, following Gov. Kim Reynolds signing HF 756. “Today, I signed a law that protects the 2nd Amendment rights of law-abiding citizens of Iowa while preventing the sale of guns to criminals and other dangerous people,” he said. said Reynolds […]]]>

(The Center Square) – Iowans no longer required to have a license to carry a firearm, following Gov. Kim Reynolds signing HF 756.

“Today, I signed a law that protects the 2nd Amendment rights of law-abiding citizens of Iowa while preventing the sale of guns to criminals and other dangerous people,” he said. said Reynolds in a press release of April 2.

To acquire a pistol or revolver from a federally licensed gun dealer, the purchaser must have a license to acquire or carry the gun or must complete a national instant criminal background check.

Firearms possession restrictions include its limitation to Iowans who are at least 21 years old (unless their employment involves work in security or a similar role) who have not been convicted of a felony, prohibited by court order from owning the gun or are addicted to alcohol or illegally possesses controlled substances.

In addition, if there are probable reasons to believe that the person, based on the actions of the individual over the past 2 years, is likely to use the weapon illegally or to endanger himself or other persons, it is forbidden for the individual to have a weapon, depending on a tax note On the bill.

The bill too forbids transfer firearm to an unlicensed person “if the person knows or reasonably should know that the recipient is prohibited from receiving or possessing a firearm” and prohibits the loan or rental of ‘firearms to persons for temporary use’ during lawful activities if the person lending or renting the weapon knows or should reasonably be aware that the recipient is prohibited from receiving or possessing a firearm under federal or state law, is not eligible under New Section 724.8B of the Iowa Code, or is intoxicated. “

If the dealer violates these provisions, he may be charged with a Class D felony.

The bill also requires the Iowa Department of Public Safety to create rules to approve organizations that can certify handgun safety training course instructors, bar towns, and owners who receive certain federal rent assistance payments by passing regulations on the possession or licensing of firearms. It allows emergency medical providers to obtain a license to carry weapons if they are part of a tactical law enforcement team, undergo some training and undergo a background check.

“This law also takes bigger steps to educate law enforcement about an individual’s mental illness, which helps ensure guns don’t end up in the wrong hands,” Reynolds said. . “We will never be able to ban or prevent every bad actor from getting a gun, but what we can do is ensure that law-abiding citizens have full access to their constitutional rights while ensuring the safety of the Iowans.

Iowa Democratic Party Chairman Ross Wilburn slammed Reynolds in an Iowa Democratic Party Facebook message as having “[limitless], reckless disregard for the safety and well-being “of Iowa residents and said the legislation” serves no purpose “besides” appeasing the gun industry “and lobbyists.

“Our communities are not safer when criminals can legally purchase a handgun without a criminal background check,” Wilburn said. “Background checks are extremely popular, even among gun owners, as a logical way to protect people.”

The Iowa Senate passed the bill in a 31-17 vote on March 22.

Reynolds also signed HF 621 April 2nd. With the new law, manufacturers of firearms, firearm accessories and ammunition and other companies in the industry cannot be held legally responsible for damages resulting from “criminal or illegal use” of such articles by another person or relating to “the lawful design, manufacture, marketing or sale of the articles.” Companies would still be liable for breaches of contract or warranty on firearms or related items, including damage caused by defective weapons.

The Iowa Department of Public Safety declined to comment on either bill.

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Kissimmee Main Street businesses seek help with new PPP loans https://groverchamber.com/kissimmee-main-street-businesses-seek-help-with-new-ppp-loans/ https://groverchamber.com/kissimmee-main-street-businesses-seek-help-with-new-ppp-loans/#respond Wed, 07 Apr 2021 23:16:09 +0000 https://groverchamber.com/kissimmee-main-street-businesses-seek-help-with-new-ppp-loans/ KISSIMMEE, Florida – On a strip of historic Main Street in Kissimmee, businesses continue to struggle to survive during the COVID-19 pandemic. “I think we’re about 60% back from where we were last year,” said Jackie Espinosa, who owns seven businesses in the area. “I think people are still scared.” What would you like to […]]]>

KISSIMMEE, Florida – On a strip of historic Main Street in Kissimmee, businesses continue to struggle to survive during the COVID-19 pandemic.

“I think we’re about 60% back from where we were last year,” said Jackie Espinosa, who owns seven businesses in the area. “I think people are still scared.”


What would you like to know

  • Current cycle of PPP loans to focus on minority businesses
  • Only 27% of previous loans went to low- and middle-income communities, SBA said
  • Kissimmee Main Street gang struggles to survive during COVID pandemic
  • The Main Street Board in Kissimmee will help homeowners understand the process

In order to get by, Espinosa applied for paycheck protection program loans for some of his struggling businesses.

“It was a bandage for now,” she said.

The third round of loans from the Small Business Administration’s Paycheck Protection Program will focus on helping owners of minority-owned businesses like Espinosa, the SBA said. She plans to apply again to help start her business.

“As we have grown into the new era of the pandemic, it is important that we understand that it is about survival,” she said.

The SBA reports that 27% of the PPP loans it has distributed have gone to [income] communities ”, where many minorities live.

However, several businesses in the Kissimmee area still need help applying.

“Some of our business leaders speak more Spanish than English, and it is difficult for them to understand the logistics behind the real PPP requirements,” Espinosa said.

The Main Street Board is helping to solve this problem, providing business owners with step-by-step bilingual instructions and helping them connect with a local bank. The last time PPP loans were given out, the Main Street Board helped about 40 companies, Espinosa said.

“Our role is to make business owners, both local and downtown, feel like we have someone to talk to,” said Espinosa, Main Street board member.

She said she hopes the conversation leads to a thriving downtown area again.

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4 reverse mortgage tips for a smooth browsing process https://groverchamber.com/4-reverse-mortgage-tips-for-a-smooth-browsing-process/ https://groverchamber.com/4-reverse-mortgage-tips-for-a-smooth-browsing-process/#respond Wed, 07 Apr 2021 23:15:53 +0000 https://groverchamber.com/4-reverse-mortgage-tips-for-a-smooth-browsing-process/ (MENAFN – Web portal media) A reverse mortgage is no longer a last resort for homeowners. Homeowners are increasingly turning to reverse mortgages to increase their liquidity, pay off other high interest debts, renovate their homes, and more. There are also several advantages to getting a reverse mortgage. For example, a reverse mortgage is tax […]]]>

(MENAFN – Web portal media)

A reverse mortgage is no longer a last resort for homeowners. Homeowners are increasingly turning to reverse mortgages to increase their liquidity, pay off other high interest debts, renovate their homes, and more.

There are also several advantages to getting a reverse mortgage. For example, a reverse mortgage is tax free, unlike 401k draws which are more common among retired or older U.S. adults. No tax means more loan money.

You also get to know all about reverse mortgages during an counseling session when considering this type of home equity loan.

“The FHA and reverse mortgage lenders need to ensure that all reverse mortgage applicants truly understand what a reverse mortgage is and their requirements as a homeowner getting a reverse mortgage,” said Michael Branson, CEO by All Reverse Mortgage. reverse mortgage advice.

Before we jump into reverse mortgage advice, let’s take a quick look at housing type and eligibility.

Reverse Mortgage and Eligibility Explained

There are certain factors that will determine whether you can qualify for a reverse mortgage. There are also different types of housing that can play a role.

For example, you may receive a Home equity conversion mortgage (HECM) on single-family residences or up to a four-unit building. Mobile trailers, condos and other types of housing and urban development units (HUDs) are also eligible for a loan, provided the structures were built after 1976, in accordance with the guidelines.

The eligibility requirements for the owner are also important to understand. To be eligible for a reverse mortgage, the owner must be 62 years of age or older and live in the house year round (primary residence).

Homeowners should also be free of federal debt and have training with a HUD HECM counselor. And don’t forget the initial and ongoing costs associated with reverse mortgages.

For example, the interest rates on these types of home equity loans are higher than the average 30-year fixed mortgage rates. Potentially as high as 4.5 percent. In some cases, higher. There is also HUD insurance premiums, annual insurance premiums, closing costs, loan origination fees, and more.

Receiving a reverse mortgage is indeed an important decision for any homeowner. It is important to understand all of the above so that you know what to do and the costs involved.

The good news is that there are a few tips to make the loan process easier.

1. Research, research and more research

Research cannot be overstated when it comes to reverse mortgage options. You want to make the best choice and the most informed decision possible to get the best loan.

You should know the house requirements, the counseling steps, the upfront and ongoing fees, the costs and taxes involved, and much more. The Internet is a great place to start your research, but also to call the professionals and get as much information as possible.

Once you think you’ve exhausted your research avenues, you can sit down and discuss the different options available to you for getting a loan based on your home equity.

2. Get your loan and home documents in order

This is a very important tip to use if you want your backhand mortgage process be gentle. Most of the bottlenecks in loan processing are due to a lack of documentation or unorganized paperwork.

Keeping track of your documents and financial statements is essential to facilitate the loan process. When you schedule a reverse mortgage consultation, you will receive a package from the reverse mortgage lender or agency to help you compile all the documents you will need.

3. Access a reverse mortgage counseling session

A counseling session is very important. It is also mandatory to attend if you wish to qualify for a reverse mortgage. These counseling sessions may seem like a time-consuming annoyance, but they’re the exact opposite.

In fact, they can be the most important part of the process. The counseling session is an opportunity for you to learn more about loan terms, options and best practices. It’s also a good time to ask any questions you might have about the loan, the loan process, benefits, and long-term guidelines.

4. Make sure the whole family is on the same page

This is another essential tip to make sure that a reverse mortgage is right for you, your family, and the situation you’re getting the loan for. Getting the whole family on the same page when it comes to leveraging your home equity for a loan is absolutely important.

This is essential – If you are transferring and still have the loan, your family (heirs) will be responsible for the rest of the loan payments. Those responsible for your estate after death can then decide to sell your house to pay off the loan or to pay off the loan and keep the house.

In conclusion . . .

The above four tips for a smooth loan process can certainly come in handy if you are serious about getting a reverse mortgage. There are definitely things on the checklist to check, like attending a counseling session and doing due diligence in the research department.

MENAFN27032021005499012181ID1101818388

Legal disclaimer: MENAFN provides the information “as is” without any warranty of any kind. We accept no responsibility for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this item, please contact the supplier above.

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How this Napa entrepreneur is piloting 2 restaurants through the pandemic https://groverchamber.com/how-this-napa-entrepreneur-is-piloting-2-restaurants-through-the-pandemic/ https://groverchamber.com/how-this-napa-entrepreneur-is-piloting-2-restaurants-through-the-pandemic/#respond Wed, 07 Apr 2021 23:14:50 +0000 https://groverchamber.com/how-this-napa-entrepreneur-is-piloting-2-restaurants-through-the-pandemic/ Sometimes living in the present isn’t all it’s meant to be, especially if you’re a restaurateur trying to keep your business alive in a pandemic. Just ask Chuck Meyer, a native of the Bay Area and owner of two businesses in downtown Napa. “I spend more time thinking about the future than what is happening […]]]>

Sometimes living in the present isn’t all it’s meant to be, especially if you’re a restaurateur trying to keep your business alive in a pandemic.

Just ask Chuck Meyer, a native of the Bay Area and owner of two businesses in downtown Napa.

“I spend more time thinking about the future than what is happening now. We know what we are supposed to do today. What are we going to do tomorrow? Says Meyer, who is married to his wife, Carly, and has two young sons. “It drives a lot of people around me crazy.”

Six years ago, Meyer, 49, opened Napa Palisades Saloon, a gastropub that offers more than 30 local house and craft beers on tap, as well as a full bar with cocktails and wines.

On March 16, 2020, Meyer was scheduled to launch First and Franklin Marketplace, a delicatessen and gift shop. As it turned out, the timing couldn’t have been worse. The state was locked down that day due to the coronavirus pandemic. First and Franklin opened on June 15, shortly after Napa County allowed restaurants to resume food service.

Work to stay afloat

Due to multiple closings over the past year, business has been tough, to say the least. Meyer said he left 2020 with a loss of income of $ 1.5 million at the Napa Palisades Saloon. First and Franklin Marketplace had not been open long enough to fully assess revenue, he said.

The catering portion of First and Franklin survived on take-out, but the gift shop struggled as it catered to tourists, of which there aren’t many these days.

“The tourists we have come from the local towns,” Meyer said. “A lot of these people don’t really have a ‘Napa Valley’ T-shirt.”

To help pay the rent, Meyer said he sublet part of the market to a local roaster and a donut company.

Meanwhile, Napa Palisades is restarting as COVID-19 restrictions ease.

“We certainly didn’t make up for all of these lost income, but we were able to stay alive,” Meyer said. “We have made many agreements with our landlord and, personally, with our mortgage. So we were able to sort of put a lot of stuff on hold to get ready to go back to business and start paying all the bills again. “

Meyer was able to secure two Paycheck Protection Program loans totaling $ 500,000. Most of it went to the payroll.

“We were really able to keep the core team together and keep them alive, even when we weren’t that busy,” Meyer said. It currently has around 24 employees, about five fewer than at the start of last year.

“As evidenced by the pandemic, it is first and foremost an employee-first operator,” said David Blumenfeld, longtime friend and co-founder of NextRivet LLC, a consultancy that helps bring digital technologies to retailers and businesses. restaurants. “And really, to his financial detriment, he kept (all) his employees as long as he could.

Meyer signed a contract with San Francisco-based NextRivet last year to build the online ordering platform for its two locations, as well as to build the First and Franklin website, Blumenfeld said. NextRivet also took over marketing, including social media, for both companies.

Find your way

Meyer found his professional calling in Los Angeles while studying at UCLA, where he graduated in 1994 with a degree in political science and business.

“I always thought (and of course my parents told me) that eventually I should ‘find a real job’. I tried so many times to do it, but they never got stuck, ”Meyer said. “Eventually I decided that I was going to try and embark on restaurant business as a career, so I took my first managerial job. I got the job of managing director in less than three months and never looked back.

Meyer continued to advance in the restaurant industry and in 2015 he became an entrepreneur when he launched Napa Palisades Saloon, with an investment of approximately $ 250,000.

“I pulled all the favors I could to make it a workable figure,” Meyer said, including the money he had from some investments and credit cards. “I mean, it was just a bootstrap all-around thing.”

There was also a bit of luck in the mix.

One day in 2015, while visiting a chef friend in San Francisco, Meyer noticed a sign at the nearby Marriott indicating that auditions were being held for the “Who Wants to Be a Millionaire?” Game show.

“And so on a whim I went over there,” he said. “I ended up getting a place in the series and I got to the second round. I won about $ 50,000. “

Help create fun

“I think when you first meet Chuck he turns out to have a very easy going and relaxed style, and that’s really who he is as a person,” Blumenfeld said. “But he’s also very business-oriented and very entrepreneurial in his thinking.”

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Colorful American museum curator Christopher Monkhouse lover of British art and design – Obituary https://groverchamber.com/colorful-american-museum-curator-christopher-monkhouse-lover-of-british-art-and-design-obituary/ https://groverchamber.com/colorful-american-museum-curator-christopher-monkhouse-lover-of-british-art-and-design-obituary/#respond Wed, 07 Apr 2021 23:14:50 +0000 https://groverchamber.com/colorful-american-museum-curator-christopher-monkhouse-lover-of-british-art-and-design-obituary/ Monkhouse was so in love with England that after obtaining a degree in fine arts, in 1970 he obtained a Thouron Prize to study at the Courtauld Institute in London, where he completed a master’s thesis on British Railway Hotels to a doctoral thesis on large hotels. under Sir Nikolaus Pevsner (never finished). An internship […]]]>

Monkhouse was so in love with England that after obtaining a degree in fine arts, in 1970 he obtained a Thouron Prize to study at the Courtauld Institute in London, where he completed a master’s thesis on British Railway Hotels to a doctoral thesis on large hotels. under Sir Nikolaus Pevsner (never finished).

An internship with Desmond Fitzgerald, the Knight of Glin, in the furniture and carpentry department of the V&A followed.

Monkhouse has become familiar with the Victorian Society, the Irish Georgian Society, SAVE, and a contributor to Country Life. He seemed ready to live in London forever, but found himself propelled to America by the architecture editor of Country Life. John cornforth, who took a keen interest in leading young colleagues in their careers. Monkhouse had so much luggage, including a fabulous Bugatti chair, that he had to return by sea.

Over the next 40 years, he worked in the decorative arts and architecture departments of four major American museums – in Providence, Pittsburg, Minneapolis and Chicago.

In the excellent museum of the Rhode Island School of Design in Providence, he enriched collections and published catalogs while welcoming British and Irish friends, taking them to visit the famous millionaire mansions of Newport.

He was then recruited by Drue Heinz (who was, along with her husband Jack, famous museum donor) to launch a successor to the Heinz Gallery in Portland Square in London (creation of the brilliant John Harris). Located at the Carnegie Museum of Art in Pittsburgh and aided by a generous acquisitions budget, Monkhouse has amassed a treasure trove of superb architectural designs.

Monkhouse then boldly moved to the Midwest as curator of architectural design and decorative arts at the Minneapolis Institute of Art. There he was fortunate to acquire a remarkable 1962 house from the great modernist architect Marcel Breuer.

All the while, Monkhouse was returning to England to maintain friendships, entertaining himself at the Garrick and Reform clubs (reciprocated with his New York Club, the Century Association) while having English and Irish friends to stay in his summer home. by the sea in northern Maine, where they endured outdoor showers and feasted on lobsters.

Then came the crowning achievement of his career as Curator of Decorative Arts at the Art Institute of Chicago. Here he has secured an impressive series of acquisitions. One was a golden Pugin chandelier 11 feet high; others were the trademark padauk wood and ivory cabinet designed by Horace Walpole and the 1782 library ladder from Badminton House in the Chinese Chippendale style.

Monkhouse’s moment of glory in Chicago came with his ambitious exhibition Ireland, Crossroads of Art and Design, 1690-1840, almost exclusively using loans from American collections to showcase the best of Irish Georgian art and design. Nothing like this had never been attempted before, making it a major diplomatic coup.

Monkhouse had planned a golden retirement. He had purchased a stately 1850s sea captain’s house in the college town of Brunswick, Maine, filling it with his books and drawings and comfortable rooms for his many friends. A life of travel and entertainment awaited him but, alas, he died suddenly of a stroke.

Christopher Monkhouse, born April 2, 1947, died January 12, 2021

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Thomas Edison’s Man in Santa Cruz https://groverchamber.com/thomas-edisons-man-in-santa-cruz/ https://groverchamber.com/thomas-edisons-man-in-santa-cruz/#respond Wed, 07 Apr 2021 23:14:50 +0000 https://groverchamber.com/thomas-edisons-man-in-santa-cruz/ The Golden Gate Villa is the crowning glory of Beach Hill, built by legendary Major Frank McLaughlin. He had many adventures, in a career so vast that it included Wild West lawyers, the wizard of Menlo Park, and American presidents like his close friends. Susan Dormanen has long been her biographer, since she resided at […]]]>

The Golden Gate Villa is the crowning glory of Beach Hill, built by legendary Major Frank McLaughlin. He had many adventures, in a career so vast that it included Wild West lawyers, the wizard of Menlo Park, and American presidents like his close friends.

Susan Dormanen has long been her biographer, since she resided at Golden Gate Villa in 1991 and wrote her century-old story. In my own research on McLaughlin, the issue has always been the chronology of his adventures. What is beyond doubt is that his villa was the scene of both triumph and tragedy.

McLaughlin said he was born in 1845, probably in Newark, New Jersey, of Irish descent. He had a jovial nature and well-groomed manners. As a teenager he fought for the Union during the Civil War, where he probably resumed his excellent marksmanship. After the war the nation was to be united with the construction of the Transcontinental Railroad, so he became a civil engineer to take advantage of the construction jobs of the Union Pacific. He headed west with the railroad, having adventures along the way, serving as a major in the National Guard and as a coach driver. In 1869, the golden point marked the completion of the Transcontinental railway.

McLaughlin and colleagues at the Menlo Park Laboratory in Edison, New Jersey, circa 1879. Top row: unknown; glassblower Ludwig K. Bohm; founding member Charles Batchelor; Francis Jehl. Second row: stagehand David Cunningham; Thomas A. Edison; maker Frank McLaughlin. Third row: assistant George Carman; experimenter John Ott. (Contributed)

McLaughlin returned to Newark shortly thereafter, where he became a police officer. This led to a friendship with Thomas Alva Edison, a 23-year-old inventor who had moved to Newark in 1870 and hired artisans to build his fellows. McLaughlin went to work for Edison, then in 1876 Edison brought in McLaughlin and several other men to found his laboratory at Menlo Park, the world’s first research and development center. Edison’s genius often lay in improving the inventions of others. Here, in 1877, Edison invented the phonograph and carbon telephone transmitter, an improvement on Alexander Graham Bell’s telephone.

These were exhibited at the Paris Universal Exhibition of 1878. The vigilantes hailed his phonograph as a miracle of science (listened to with headphones), while some thought it must have been ventriloquist. Edison called the phonograph a book for the illiterate, a task master for memorization, or a way to make dolls talk. The fair also exhibited the head of the Statue of Liberty, with interior supports by Gustave Eiffel (whose namesake tower did not appear until the 1889 fair). McLaughlin promoted the phonograph throughout Europe.

When McLaughlin returned to Menlo Park on August 1, 1878, Edison was discussing the idea of ​​a small monorail mail delivery missile. He envisioned it on poles like a telegraph, with a missile-like compartment to deliver mail faster than a train. McLaughlin wondered if something similar could not also be developed to transport ore from the mines.

In 1879 McLaughlin married widow Margaret Loomis and adopted his daughter Agnes, two women who were the loves of his life. When Edison’s interest turned to the bulb, bulb life was based on filament life, so many substances were tried, finding great promise in platinum. Edison sent McLaughlin west to search for platinum deposits, giving him $ 500,000 for exploration. McLaughlin stopped in Dodge City, a town just 8 years old, and was appointed MP by Field Marshal Bat Masterson, along with Wyatt Earp. Earp once vowed to shoot McLaughlin on sight for what he said. But when they finally met in a living room, after a moment of tension, Earp said, “You wouldn’t have said what you did, unless you thought it was true,” and Earp is left.

In 1880 McLaughlin moved to Oroville, Calif., With his wife and daughter, to learn that Edison was now looking for tungsten as a more efficient filament. However, Edison told McLaughlin to invest the money in gold mining. With the support of Dr. Ray V. Pierce, McLaughlin built the Big Bend Tunnel for $ 750,000, 12,000 feet long, completed in 1887, including a water-powered power plant to operate pumps and hoists for mining. Although this is a technical success, gold has not been found in sufficient quantity.

McLaughlin pursued other large projects, with the support of Edison and the Governor of California he went to England to propose a business to build a massive wall diverting the Feather River from its bed to mine the river bottom. Due to a misunderstanding, he told the British his dollar value, and they paid him in 12,000 pounds. The massive undertaking was an engineering marvel, which Edison made from the very first construction site with nighttime lighting. It was built from 1892 to 1896.

It was Thomas Edison’s electric light experiments that sent Frank McLaughlin west in search of platinum deposits for the filaments. (Contributed)

Meanwhile, McLaughlin vacationed with his family every summer in Santa Cruz, at a small Beach Hill house he named “Golden Gate Cottage” after one of his mining companies. While the State Militia held their annual camp meetings in Santa Cruz, Major McLaughlin enjoyed generously entertaining officers.

McLaughlin attended the World Middleweight Championship game in New Orleans on January 14, 1891, betting $ 17,000 on Fitzsimmons to defeat Jack Dempsey. Fitzsimmons fought Dempsey for 13 rounds, knocking him down a dozen times, but each time the critically injured Dempsey got up. Fitzsimmons ultimately won in a knockout. McLaughlin decided to build the most beautiful house possible with the earnings of $ 25,000.

He hired Holy Cross Church architect Thomas J. Welch, moved his cottage to Second Street, and built a Queen Anne Shingle-style mansion in its place. Its 35 rooms include a music room, library, billiard room, refrigeration room, wine cellar, massage room and an open porch at the top of the tower. The outbuildings were a greenhouse, a car shed and stables. Entering the car brought one into the central staircase hall, with a stained glass window at the stair landing, believed to depict his daughter Agnes in one of her party costumes. McLaughlin was friends with Teddy Roosevelt, whose donation of elephant skins was used to line the dining room. The McLaughlins loved to organize fancy events for major city or state lights.

In 1896 McLaughlin became chairman of the Republican State of California Central Committee. His diplomatic skills were such that William McKinley gave McLaughlin credit for delivering the California vote. McLaughlin attended McKinley’s inauguration, also congratulating its vice president, Teddy Roosevelt. There was a lot of goodwill in this election, as McLaughlin turned down a position in McKinley’s cabinet and an appointment as either California governor or state senator.

When Edison’s patented film strip and projector were first exhibited in New York in 1896, McLaughlin made arrangements with Edison to bring them to Santa Cruz for a special screening at the Palm Theater in 1897, at the southeast corner of Pacific Avenue and Laurel Street. That year, its great diversion wall moved the Feather River to begin mining the riverbed, only to find that the gold miners had already done so, leaving behind rusty pans and spikes. It was a great humiliation.

Then, on March 24, 1902, the Western Power Company was formed to create a hydroelectric power station on the Feather River. Pierce asked McLaughlin to incorporate a rival Eureka Power Company on July 3 to use the Big Bend tunnel to generate hydroelectric power. Western Power did not want competition and was ready to buy out McLaughlin when the 1906 earthquake destroyed San Francisco. Their only reason for hydroelectric power was gone. The same was true for most of the convention halls. McLaughlin therefore invited the Republican State Convention to Santa Cruz, to use Golden Gate Villa, the Sea Beach Hotel and the Boardwalk Casino.

However, by the time the delegates arrived in Santa Cruz, the Casino had burned down and had been replaced by a circus tent. The boss of the machine, Abe Reuf, was working behind the scenes to make the progressive Republicans in the fight against corruption resign. When this was revealed, the convention became known as “The Shame of California”. Then, on November 16, McLaughlin’s beloved wife passed away, a blow to both father and daughter. A year later, they celebrated a special mass at Sainte-Croix on the anniversary of his death.

That afternoon, County Bank Chairman and former Lieutenant Governor Wm. T. Jeter received a phone call from McLaughlin, who said, “I killed my daughter and took poison!”

Jeter rushed to the Villa, but it was too late. How could someone so loved and so devoted to their family do this?

As his friends put the puzzle together, they discovered McLaughlin was broke. He had pledged or sold most of the jewelry, took loans from his secretary who was unable to repay her, and only had $ 21.60 in cash. In addition, a series of good investments had gone wrong. He was swindled out of his stake in the successful Western Power Co. hydroelectric power plant The rich Cananea copper mine in Sonora, Mexico, in high demand for electric wires, had fallen in value due to a panic, a strike and a riot. And the Ocean Shore Electric Railway, under construction, was badly damaged by the earthquake. McLaughlin couldn’t pay for his daughter’s wedding, his secretary said he had to carry a gun for fear of enemies, and he wrote that hiding his poverty from his wife and daughter for seven years led him to the madness.

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Newtek Small Business Finance started accessing the Paycheck Protection Program Loan Portal today https://groverchamber.com/newtek-small-business-finance-started-accessing-the-paycheck-protection-program-loan-portal-today/ https://groverchamber.com/newtek-small-business-finance-started-accessing-the-paycheck-protection-program-loan-portal-today/#respond Wed, 07 Apr 2021 23:14:50 +0000 https://groverchamber.com/newtek-small-business-finance-started-accessing-the-paycheck-protection-program-loan-portal-today/ Receive instant alerts when stock news is available Claim your free one-week trial for StreetInsider Premium here. BOCA RATON, Fla., January 15, 2021 (GLOBE NEWSWIRE) – Newtek Business Services Corp., (Nasdaq: TRITON), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally approved Section 7 lender […]]]>

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BOCA RATON, Fla., January 15, 2021 (GLOBE NEWSWIRE) – Newtek Business Services Corp., (Nasdaq: TRITON), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally approved Section 7 lender (a) from the US Small Business Administration (“SBA”) Program, has been granted early access to the Paycheck Protection Program (“PPP”) loan portal effective today. As of 9:00 a.m.ET this morning, the SBA reopened the PPP loan portal to PPP-eligible lenders with $ 1.0 billion in assets or less, including community banks and credit unions, for first and second draw PPP loan applications. The PPP loan portal will be fully open on Tuesday, January 19, 2021 to all other participating PPP lenders to submit first and second draw PPP loan requests.

Barry Sloane, President, President and CEO, said, “We greatly appreciate the opportunity to serve independent business owners across the United States, and we are currently submitting applications for both first and second PPP loans. second SBA draw on behalf of our clients. We appreciate the SBA’s designation of NSBF in the First Group of Lenders, which will help our borrowers have priority in receiving their SBA Loan Numbers (E-Tran). We believe we started 2021 in a strong position, as we have made significant improvements to our lending platform since 2020, including software, technology and operational processes, and we believe these improvements leave us well. positioned to deliver strong results.

Mr. Sloane concluded, “For businesses looking for first and second draw PPP loans, please visit our website at https://www.newtekone.com for more details on the PPP loan program, or contact us at 1-855-763-9835, and one of our loan specialists will help you. “

About Newtek Business Services Corp.

Newtek Business Services Corp., Your business solutions company®, is an internally managed BDC, which, together with its controlled holding companies, offers a wide range of business and financial solutions under the Newtek® brand to the small and medium-sized enterprise (“SME”) market. Since 1999, Newtek has provided cutting-edge, cost-effective products and services as well as effective business strategies to SMB relationships in all 50 states to help them grow sales, control expenses and reduce risk.

The products and services of Newtek and its portfolio companies include: Business Loans, SBA Loan Solutions, Electronic payment processing, Technological solutions (Cloud Computing, Data backup, storage and recovery, IT consultancy), e-commerce, Accounts receivable financing and inventory financing, Insurance solutions, Web services, and Payroll Solutions and Benefits.

Newtek® and your business solutions company®, are registered trademarks of Newtek Business Services Corp.

Note regarding forward-looking statements

This press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “plans”, “anticipates”, “foresees”, “objective” and “future” or similar expressions are intended to identify forward-looking statements . All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, increased competition, operational issues and their impact on revenues and profit margins, future business strategies and expected financial performance, anticipated future number of customers, business prospects, legislative developments and similar issues. The risk factors, cautions and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in the documents filed by Newtek with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in such statements.

SOURCE: Newtek Business Services Corp.

Investor relations and public relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com

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