Anaheim California is a Go With a Mixed Use Development Project

CALIFORNIA - Anaheim City Council approved $4 Billion OC VIBE mixed use project surrounding the Honda Center. The construction project is scheduled to start before 2023. The 95 acre development calls for 50,000 square foot market hall, 20 acres of public space, 2 hotels totaling 650 rooms, 1.1 million square foot of office space and 1,500 apartments -15% affordable housing and 5,700 seat concert hall. The project’s first phase is scheduled to open in 2024 to the public. Developers expect 10,000 new construction jobs, and 3,000 permanent jobs upon it's final completion. The end goal is that OCVIBE project will be completed by the summer Olympics in Los Angeles in the summer of 2028. The Honda Center will host the indoor Volleyball.

REAL ESTATE - Amazon is encouraging more call center workers to work from their homes so they can cut back on their need for office space. The pandemic fundamentally changed the "office job" Amazon has concluded that their customer service jobs do not need to occupy expensive office space. Technology has made it easier to work more efficiently with monitoring. Amazon currently allows remote work for their corporate employees. What impact will this have on residential and commercial real estate? What type of design layout will remote workers demand?

LANDLORD - FHA Moves forward to include on-time rental payments for First Time Home Buyers. "If you’re regularly paying your rent on time that’s a good indication you will also pay your mortgage on time" says the Federal Housing Commissioner. First Time Home Buyers are much needed. This move is believed to boost them by improving credit scores when they apply for a mortgage. FHA will consider positive rent payment history over a 12 month period. The lenders originating the First Time Home mortgages specifically for FHA insurance is required to obtain verification of the borrower’s rentals history and indicate their total mortgage score card which FHA will then use to evaluate their credit history and mortgage application. Fannie Mae launched last week a "Multi family Positive Rent Payment Reporting" pilot program. In 2021, Freddie Mac announced a New Program to help renters build up their Credit histories. The initiative gives landlords and property managers of mutli family subjects to report on-time rental payments to all three bureaus.