DAP Code of Conduct In an attempt to establish a clearer set of standards and regulations for down payment assistance programs (DAPs), Sacramento-based non-profit Nehemiah Corp. of America recently unveiled the Nehemiah Code of Conduct, a guideline of policies and standards. Nehemiah called on the $700-million down payment assistance program industry to adopt similar standards and offered to partner with the U.S. Department of Housing and Urban Development (HUD) to help institutionalize reforms.
According to recent remarks by HUD officials, DAPs now represent roughly 30 percent of the entire FHA single-family loan portfolio representing approximately $17 billion.
The complete Code of Conduct can be found at www.getdownpayment.com/pdfs/codeofconduct.pdf.
Schar Shells Out Dwight Schar, CEO of McLean, Va.-based NVR, recently purchased a Palm Beach, Fla., mansion for a record $70 million. No other residence in the country has previously sold for more than $50 million.
Named Casa Apava, the six-acre oceanfront estate boasts 33,000 square feet of interior living space throughout several buildings. A movie theater, swimming pool, pool house, gym, boat dock, and walk-in humidor are just some of the estate's features.
Midwest Slowdown Citing the housing market decline in the country's Midwest region, Douglas Borror, chairman and CEO of Dublin, Ohio-based Dominion Homes, announced lower-than-expected sales for the company's third quarter. Down 16 percent, Dominion also posted a backlog at Sept. 30 of 845 sales contracts with an aggregate sales value of $166 million—down 36 percent from the previous year's numbers of 1,326 contracts with an aggregate value of $251.2 million.
Corrections The top five builders in Atlanta in 2004 (“Power Ratings,” November, page 84) were misreported. They are: Ashton Woods (125); John Wieland Homes (123); Pulte Homes and Venture Homes (tie at 122); and Centex Homes (120). The J.D. Power and Associates satisfaction scores are listed in parentheses.
An article entitled, “Got Air?” (October, page 31) on a Drees Co. program to install Bryant Heating and Cooling's Evolution system in Cincinnati homes incorrectly stated the amount of annual utility bill savings to customers with the new system. The Evolution's savings over conventional 80 percent gas and 10-SEER air conditioning systems is close to $700 a year.
Going For Gold Celebrating its 24th year in 2005, The Nationals will honor Gold and Silver winners in a ceremony held Jan. 13, 2005, in Orlando. The event will be held at the Orlando World Center Marriott's Crystal Ballroom. Silver Award winners are the top vote recipients in each category and are the finalists for the Gold Award, which will be announced and presented at ceremony.