Showing posts with label Loans. Show all posts
Showing posts with label Loans. Show all posts

Sunday, November 16, 2025

8 villas to be built in LWB for qualified Buyers

Palm Beach County secures $2.8M to launch housing in Lake Worth Beach

Palm Beach County has finalized a $2.8 million financing deal to jump-start construction of a new for-sale housing development aimed at helping working families enter the housing market.

The funding, announced by the county’s Department of Housing and Economic Development, will support the Lake Worth Beach CRA Villas — a project that will add eight affordable, county-assisted homes across four sites in Lake Worth Beach. The closing was completed on October 29, 2025.

The county is leveraging two funding sources for the development: a $1.48 million loan through the Housing Bond Loan Program and $1.32 million in federal Community Housing Development Organization funds. County officials say the combined package underscores ongoing efforts to expand attainable homeownership options amid rising housing costs across South Florida.

The project will feature four single-family villa buildings, each containing two units, on scattered lots at 1306 1st Street South, 610 North E Street, 417 South D Street, and 625 North D Street. Once finished, the homes will be available to buyers earning up to 80 percent of the area median income.

Read more...

Monday, May 26, 2025

Last-Minute Biden-Era Loans - Department of Energy

Sen. Kennedy Stunned by Biden’s $93 Billion Loan Rush

Hold onto your wallets, folks—Sen. John Kennedy (R-La.) just dropped a bombshell about a staggering $93 billion in taxpayer-funded loans rushed out the door by the Department of Energy in a mere 76 days.

According to Breitbart, during a heated Senate Appropriations Committee hearing on Wednesday, Kennedy grilled U.S. Secretary of Energy Chris Wright over an eyebrow-raising spree of loans and commitments made between President Donald Trump’s election and former President Joe Biden’s exit from office.

“And during that short period of time, 76 days, how much taxpayer money went out the door?” Kennedy pressed. Well, Wright’s answer didn’t exactly inspire confidence: a jaw-dropping $93 billion, more than double what the department shelled out over the previous 15 years combined. If that doesn’t scream “fire sale,” what does?

“In Washington, common sense is illegal,” says Senator Kennedy.

Read about it...

Sunday, January 12, 2025

Democrat heir busted

Grandson of famous Democratic Chicago mayor challenges conviction at Supreme Court

An heir to a powerful Chicago political family went before the Supreme Court this week to challenge his conviction for bank fraud.

Patrick Daley Thompson, a former city alderman, was sentenced to four months in prison for lying about his taxes and making false statements to bank regulators. He is the grandson of former Democratic party boss and mayor Richard J. Daley, who was the mayor of Chicago from 1955 to 1976.

The case pivots on what counts as a "false" statement under a federal law that makes it illegal to influence regulators like the Federal Deposit Insurance Corporation.

In 2017, the FDIC shut down an insolvent Chicago bank with ties to Thompson, Washington Federal, and hired a loan servicer to collect the money owed. Multiple people tied to the bank were charged in an embezzlement conspiracy.

Thompson had taken out three separate loans totaling $219,000 plus interest, but the bank never demanded repayment, and Thompson only made one payment of $389.58 on the initial $110,000 loan. Prosecutors claimed during Thompson's trial that the bank gave him favorable treatment, something his lawyers denied.

When the FDIC tried to collect Thompson's debts, he claimed that he borrowed $110,000, and he disputed the full $219,000 amount. Eventually, he settled with the government and paid the $219,000 principal - only to be charged later with making false statements.

Read about it...

I think this guy needed a better lawyer to negotiate his settlement with the government.

Saturday, December 21, 2024

Biden and Harris preparing to leave the White House with parting middle finger to Taxpayers

administration announced another $4.28 billion in student loan forgiveness

The move will benefit 54,900 public workers. These include teachers, nurses, service members, and first responders.
LA$T-MINUTE MOVE: The latest massive loan handout will impact more 50,000 people and bring the total tally paid for by taxpayers to nearly $180 billion. https://t.co/Y2JAolI6VH pic.twitter.com/zMuSbQcHi0
— Fox News (@FoxNews) December 20, 2024
"Four years ago, the Biden-Harris Administration made a pledge… and I’m proud to say that we delivered," said Secretary of Education Miguel Cardona. He referred to fixing the Public Service Loan Forgiveness Program.

This action raises the total forgiveness approved by Biden to nearly $180 billion. It impacts almost 5 million borrowers.

Read more about student loan forgiveness

He's got 29 more days to do the ultimate damage to our country.

Sunday, November 24, 2024

Biden trying to push through loan forgiveness to Ukraine and let American citizens pick up the tab

biuden wants to fogive $4.65 billion of loans to Ukraine

In a move that has sparked outrage among fiscal conservatives, the Biden administration has informed Congress of its intention to cancel a staggering $4.65 billion in debt owed by Ukraine.

This decision comes as part of a broader economic loan package offered earlier this year, raising eyebrows and concerns among those who prioritize American taxpayer interests.

State Department spokesperson Matthew Miller confirmed the administration’s plans, stating, “We have taken the step that was outlined in the law to cancel those loans, provide that economic assistance to Ukraine.” This announcement follows an April decision by Congress to pass a supplemental funding package, which included a hefty $60 billion in aid for Ukraine. Notably, $9 billion of this was structured as a loan with a provision for potential forgiveness—a provision the Biden administration is now exercising.

In response, Representative Thomas Massie, R-Ky., has introduced a resolution to block this controversial debt cancellation. Senator Rand Paul, R-Ky., has also vowed to introduce a similar resolution in the Senate. However, with a Democrat-controlled Senate and President Biden’s veto power, the chances of overturning this decision appear slim.

Read about it...

Democrats trying hard to forgive this huge debt before Trump takes office in a war that can not be won.

Sunday, August 25, 2024

Communist Newsom wants to give taxpayer funded home loans to Illegals

California’s Taxpayer-Funded Home Loans for Illegal Immigrants Spark Outrage

The California Senate Appropriations Committee, dominated by Democrats, has advanced AB 1840, a bill designed to extend the California Dream For All Shared Appreciation Loan program to unlawful immigrants.

This program, initiated last year, offers first-time homebuyers a loan equivalent to 20% of the house’s purchase price for downpayment or closing cost.

Should the bill pass and be signed into law, all illegal migrants calling California home would be eligible to apply.

“California has once again placed illegal immigration and fiscal recklessness ahead of its citizens’ needs, while facing a whopping $60 billion deficit that will inevitably fall on the taxpayers,” said San Diego County Supervisor Jim Desmond.

Read about Governor NewScum's priorities

Sunday, January 21, 2024

Will Gen Z Support Biden in 2024?

Biden Gets Devastating News from 1 Voting Group – Joe May Never Recover from This

In recent weeks, we’ve seen big problems hit the Biden campaign. The Democrat incumbent is losing support with groups he needs, if he wishes to remain in office. Biden has lost tremendous support among black voters.

But that is only the beginning. There was one group that came out in record numbers to elect the man in 2020.

A new report is giving the Biden campaign some very bad news. The president has failed to keep this group happy. And it is unclear if there is anything he can do to fix this crisis.

The youth vote is turning on a system they “cannot support.” This could be due to Biden’s failures on the economy or his support for Israel.

Read about the "me" generation

BUT, Biden just ignored the Supreme Court that may turn Gen Z around again--people who think it totally acceptable to take out loans and not pay for them....as the government is there to prop them up--socialism.

The Biden-Harris Administration announced the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).

The announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $136.6 billion for more than 3.7 million Americans.

Tuesday, February 7, 2023

Joe Biden takes out $250,000 line of credit

Biden $250,000 SCANDAL Breaks…

So, the sitting president of the United States just took out a line of credit.

We are now learning that in December, right after the GOP took over the House, Biden applied for a $250,000 line of credit against his Delaware beach home.

I have to ask, what is the money for, Joe?

All those years of dirty dealings were finally paid off, and Biden became a multi-millionaire overnight.

He has millions in the bank, yet he is now taking out a new credit line?

Read to find out why

Friday, July 10, 2020

Firm Linked to Pelosi's husband got PPP Loan

Pelosi Caught Red-Handed Taking Profits from Paycheck Protection Program

House Speaker Nancy Pelosi just got caught red-handed.

"One of the companies that is connected to her super-rich husband received a loan from the Trump administration's Paycheck Protection Program (PPP).

You know, of course, that this program was created to help small businesses survive through the coronavirus stay at home orders during the height of the pandemic.

Read about it...

Friday, February 2, 2018

Want a zero interest loan?

The Lake Worth CRA is offering an opportunity for all who can qualify to fix up the exterior of your residence.

The Lake Worth Community Redevelopment Agency (CRA) is now offering homeowners living within the Lake Worth CRA district an opportunity to apply for zero interest loans which must be applied towards new, significant exterior improvements to the street front portion of their property.

OWNER OCCUPIED RESIDENTIAL ROOF, FENCE & FRONT FACADE LOAN PROGRAM

To view the qualifications or download a form please visit lakeworthcra.org.

Tuesday, January 23, 2018

City Commission places a $1.5 million item on Consent Agenda at last minute

Going against its own rules, the present commission allowed an item to be placed on the Consent Agenda WITH NO DISCUSSION that involved $1.5 million in debentures for the CRA.

My backup of the meeting did not show any explanation for these bonds and I had to appeal to the City Clerk.
Read the back-up

From the Back-up
Last year, the City approved the issuance of the CRA’s debenture in the principal amount not to exceed $4,000,000.00 to provide funds for the acquisition of property and other CRA projects. The $1,500,000 was an additional amount needed by the CRA to acquire some larger parcels with higher asking prices and for other projects. On January 23, 2019, the interest rate will be fixed at 4.696%. It will mature on December 23, 2026.

How is it secured?
The Debenture shall be payable from and secured solely by the CRA's redevelopment trust fund and the increment revenue (as defined in Section 163.340(22), Florida Statutes, required to be deposited therein.

What properties are they looking at--where are they located--what do they want to do with them--how much Tif money are they getting this year? And last, but not least, if the CRA defaults guess who pays?

Monday, June 20, 2016

Lake Worth getting into the Mortgage business

Comment Up

We're getting into the mortgage business but we won't make a dime.  We can't even fix a pothole, so why the heck not get into loaning money? Makes a lot of sense.

On the Agenda under New Business is an Interlocal agreement between the City of Lake Worth and the Lake Worth Community Redevelopment Agency.

A Residential Conservation and Rehabilitation Program is being established to provide technical and financial assistance to qualified property owners (with residential structures containing one detached dwelling unit) for the purpose of addressing residential energy analyses and possibly urgent/emergency conditions to meet applicable housing and building code standards.

In addition, the Program may also address issues related to household stability in an effort to reduce homelessness and promote self-sufficiency. Improvements may include: roofing, electrical, HVAC, plumbing and major structural repairs. If you qualify, a maximum of $20,000 on a 10 year interest free loan can be obtained with the city holding the Mortgage and Promissory note. Over and above they will have three, $10,000 grants that will be awarded to some lucky needy person for costs such as inspection and risk assessment report fees, clearance testing, lead-based paint hazard reduction or control costs.

The City and the CRA will pay for it. Also they will be seeking grants and donations. $75,000 will come from our Electric Utilities Department. No where does it mention the total estimated cost of this program regarding implementation and constant supervision in a city that has no money. How many residences are they anticipating to be included in this program and how many houses need a lot of help? 5,000.  More? Where will all the money come from?

All owner-occupied households that are homesteaded within the City limits may apply for a Conservation Audit Report and technical assistance, while only households earning 120% or less of the Area Median Income (AMI) may be qualified to receive financial assistance and other services.


Wednesday, February 24, 2016

The Siemens Loan deal - Legal Fees and Costs

Comment Up

When I think of the Siemens deal, Donald Trump and the Iranian deal comes to mind. Last month when speaking about Iran he said that the nuclear deal with Iran was so bad he is close to wondering whether it was done poorly on purpose. “It’s almost like there has to be something else going on."

One thing that is going on with Siemens--the costs:
Click graph to read


Bond Counsel: $17,500.00
Financial Advisor: $5,000
Lake Worth City Attorney: $16,028
Bank Counsel: $12,500

TOTAL: $51,028

Now here is the BIG WHOPPER--The cost of these loans:

There are two separate loans that run simultaneously and the payments are impressive:

Loan #1 above is in the amount of $9,882,632.00 payments until year 2031 and is for LED street lighting, solar paneling, etc. At the end of this loan the interest and principal break-down is as follows:
INTEREST: $3,103,292.76
PRINCIPAL: $9,882,632.00


Loan #2 is in the amount of $12,663,088.83 payments to year 2031 and is for accessories, parts and other equipment.
INTEREST: $3,977,959.68
PRINCIPAL: $12,663,088.83

The interest compounds and we are paying a whopping 31.41% for these loans with some of the improvements not having a life of the loan. We will have to provide constant maintenance, something we don't do well or at all.

This is what all of the incumbents voted for and Mayor Pam Triolo signed the contracts.

To read it all, Click Here

Wednesday, April 15, 2015

Lake Worth - 2" watermains

Comment Up
Peter Timm and Mary Watson--
silent demonstration last night against city privatizing our beach
 and secret meetings

Last night, Larry Johnson, Director of our Water Department gave his presentation on the 2" water line replacement for 17 miles of roads within our city. We have heard this presentation before during the Lake Worth 2020 presentation. Staff came with rusty pipes and cloudy water to make its point--"We need to do this."

The first work would start in College Park where the mayor can't drink the stuff--too nasty with chlorine. The Vice Mayor pitched for District 1 to be next on the six year cycle as it will have the most work done. Former commissioner of district 1, Retha Lowe, was there to listen. At the moment, the schedule for this replacement work is District 4, 3, 2 and 1 and the Director did not say whether this would be changed.
  • Alley water piping construction cost: $6,545,000
  • Easement water piping construction cost: $5,490,000
  • Road water piping construction cost: $1,566,000
  • Engineering/survey: $2,460,000
  • Loan fees and Reserves: $746,000
  • TOTAL COST: 16,806,000
However, the city has funded $828,000 and that amount will be reduced from the above total.

The Water Distribution System consists of 157 miles of watermains ranging in size from 36-inch to 2- inch diameter. There are approximately 23 miles of 2-inch watermain. The 2-inch watermains are generally constructed of galvanized steel with internal and external corrosion resulting in poor water quality and reliability issues. The city plans to replace only 17 miles with 4" pvc. No one on the dais asked about the other 140 miles that are larger than 2". Are they in good shape?  How many are steel and are corroding? Have some caused problems or already been replaced?  If so, where?  How many miles? etc. The watermains are breaking more often, and we have spent $23,000 in yearly overtime labor repairing the breaks but it never was mentioned the cost of supplies to repair those breaks. 

The five financing options were read from the Power Point presentation. There was not one question from the dais on what it was going to cost all the rate payers in the city on their water bill for those 17 miles by going with Option 4, the State Revolving Fund Loan, staff's recommendation. A huge majority of our streets (140 miles of watermains) will not be affected by these replacements.

A chart was provided in the presentation that showed a water increase through year 2024 of 45.08%. So what will happen here is that the bigger users of water such as the condos, whose residents are retirees who live along Lake Osborne Drive and whose pipes will NOT be replaced and have no alleyways, will be greatly impacted on their water bill and greatly subsidizing this project.

Funding for the project has been recommended by staff and is staggered SRF borrowing from year 2016 through year 2020 and the anticipated rate adjustments are a 4.50% for 2016, 4.00% for year 2017 and 3.5% for 2018 through 2024 that will help pay for it. The replacement piping will last 30-50 years. The term of this loan (30 plus years--(36 years from the last borrowing)) was never mentioned nor was it asked from the dais.

Monday, April 13, 2015

Skinning the Cat

Comment Up

On Saturday, the Mayor's letter to the residents was hung on the doors in various parts of the city explaining that it is their job to provide safe, clean water. There are 2 inch pipes in various locations of our city that need replacement that are old and rusty. In one case, water could no longer get through the pipe. There are 23 miles of pipes that the City wants to replace but they will only touch on 17 miles over a six year period.

She wants the commission to approve of a State Revolving Fund Loan for this purpose that provides lower interest rates. The Commission directed staff to fund the capital improvement through water system revenue financing, proving that there is more than one way to skin the cat, as the general obligation bond was defeated. Estimated engineering, construction and financing costs for the six year project are $16.9 million. The remainder of funds will be from Water System reserves.

The city reports that the Water Distribution System consists of 157 miles of watermains ranging in size from 36-inch to 2-inch diameter. There are approximately 23 miles of 2-inch watermain. The 2-inch watermains are
generally constructed of galvanized steel with internal and external corrosion resulting in poor water quality and reliability issues.

All people in the city will be affected in their water rates even if pipes are not replaced where they reside. (They will not be replaced where I live). What she failed to tell you is the cost and the term. So you need to come to the Tuesday workshop, 6pm at City Hall.  Of course, it's only a workshop so you won't be able to speak. They need the money and this is how they will get around a general obligation bond for this one six year project.



Borrowing details
  • Term: 30 years
  • Interest Rates: 1.25% for funds borrowed in FY 2015, 1.50% in FY 2016, 1.75% in FY 2017, 2.00% in FY 2018 and each year thereafter.
  • Loan Service Fee: 2.0% of capital costs
  • Debt Repayment: begins after completion of each phase (for conservative purposes, construction is assumed to be complete in one year for each phase)

Friday, November 1, 2013

A Thief by any other name...

Comment Up

We keep hearing sob story after sob story as to why 47 million people need hand-outs. Many do, no question about it and the government bends over backwards for those who are needy. But now it's some Walmart worker who stole lottery tickets that she says was to pay off  her student loan. We believe that one just like we believe her reason why she committed theft and sympathize that she was given a loan for higher education, got it, and then decided to default to let the taxpayers pick up her tab. Current rates on student loans for undergraduates are at 3.86%.

BankRate says--The federal government currently offers four basic types of repayment plans.
Current repayment plans:
  • The standard plan lets students pay the same fixed amount each month ($50 per month minimum).
  • An extended plan stretches payments across 12 years to 25 years (available only for borrowers with loans totaling more than $30,000).
  • A graduated plan requires lower payments in the first few years, and then the payments are increased every two years until the loan term is up.
  • An income-contingent plan assigns payment amounts based on a percentage of the graduate's annual income (anywhere from 4 percent to 25 percent).
Currently, the poverty level for a single person is about $11,000 according to BankRate. So at 150 percent, the income floor is about $16,000. "That would mean that payments would be 15 percent of any income over $16,000." So, if this Walmart worker earns $16,000 or less per year, she will have no payments until she starts earning more.

Isn't education supposed to make you smarter?

Read about it.