Time's Almost Up! Apply for the ULA Emergency Renters Assistance Program

The City of Los Angeles is taking a step towards alleviating the housing crisis caused by the COVID-19 pandemic. With the United to House Los Angeles (ULA) Emergency Renters Assistance Program (ERAP), landlords who own 12 or fewer units now have the opportunity to apply for financial support. 

Program Overview

The ULA ERAP is aimed at assisting low-income residential renters in Los Angeles who are at risk of homelessness due to unpaid rent resulting from COVID-19 or other financial hardships. The program provides up to six months of rental arrears to eligible tenants. Landlords who own 12 or fewer units and have rental properties within the city are…

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On Monday, October 16th, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy allowing lenders to consider income from Accessory Dwelling Units (ADUs) when underwriting a mortgage. For all the details you can check out this blog, or if you're looking to buy a home and want to discuss whether this policy could help you qualify for a mortgage, email us or give us a call at (323) 412-9060!

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In 2020, the real estate industry thrived despite pandemic lockdowns thanks to historically low mortgage interest rates. Three years later, the pendulum has swung in the other direction.

According to the Orange County Register, home sales in Southern California have plummeted by nearly half in the last two years, primarily due to mortgage rates soaring above 7 percent. With prices on the rise and fewer homes available, realtors are facing a significant downturn in their business. Real Data Strategies reveals that the average real estate agent has experienced a decrease in business between 19 to 29 percent in the last year, and over 5,100 agents reported not making a single sale in the last 12 months.

They’re not the only ones feeling the…

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Construction is set to begin on Franklin Avenue Elementary School’s “Classroom Replacement Project” by the end of the year after first gaining approval from the Board of Education in November of 2017. The Los Angeles United School District promises that significant improvements to the school will be made, though parents are worried that it will also cause major disruptions for students. 

Last week, school officials held a Zoom meeting to discuss project logistics and take questions, the details of which are summarized below. 

PROJECT SCOPE

The Classroom Replacement Project is a substantial endeavor that includes:

  • New Classroom Building: A modern classroom building with 13 classrooms, support spaces, and underground parking,…

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California Moves Toward Streamlined Real Estate Closings with Remote Online Notarization (RON)

California lawmakers have recently given their stamp of approval to remote online notarization (RON). This development puts us on a path toward joining 44 other states that have already embraced this process which can allow for speedier real estate closings. Pending the expected signature from Governor Gavin Newsom, the bill, known as SB 696, is poised to reshape the real estate landscape in the nation's most populous state.

A Unanimous Decision

SB 696 received unanimous support, passing with a 39-0 Senate vote and a resounding 78-0 approval by the Assembly on September 7. This overwhelming consensus underscores the critical need for modernizing…

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On August 31st, Los Angeles Mayor Karen Bass announced that a state program awarded the city a $99 million grant for four new affordable housing projects. This monumental funding was made possible through the Strategic Growth Council, a government entity that collaborates with various public agencies to tackle economic, health, transportation, and other vital issues.

The grant is part of the Affordable Housing and Sustainable Communities Program, a flagship initiative that consistently provides funds to the Los Angeles Housing Department. This year the program is contributing a total of $157 million to the city of Los Angeles, with $99 million dedicated to creating 466 affordable units in Downtown L.A., Koreatown, Crenshaw, and Historic South…

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Back in 2018, a community-driven proposal was introduced to transform the Silver Lake Reservoir into a massive public park. Five years later, on August 23rd, the plan is one step closer to becoming a reality after the LA City Council voted to adopt the findings of a final environmental impact report.

The Silver Lake Reservoir master plan would transform 116 acres of the 127-acre land into a park comprised of 7 different areas:

  • The Meadow: expanded park space and an education center, play area, gardens, picnic area, seating and wetland terraces, and floating dock 

  • The Knoll:  shade structures, a nature trail, and seating terraces at the northeast side of the reservoir

  • Ivanhoe Overlook: expanded walking path, habitat…

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Open Houses This Weekend in Larchmont Village, Los Feliz, and Silver Lake

The weather is hot and so is the Los Angeles real estate market! Spend the weekend checking out these beautiful homes before they get snatched up. 

2552 Armstrong Ave, 90039

This beautiful ranch-style property actually faces the Silver Lake Reservoir, making it a rare gem to happen upon. Newly renovated and within the Ivanhoe School Boundary, 2552 Armstrong is a must-see! 

KEY DETAILS:

  • 4 Bed/5.5 Ba 
  • 2,082 SqFt
  • $2,795,000
  • Refinished oak flooring, Viking appliances, and wine fridge
  • 3 Bedrooms in the main house, plus a jr. ADU complete with a bedroom, bathroom, and kitchenette 
  • Lush greenery surrounds private yard and patio, plus an upper terrace…

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Rent control is once again in the spotlight as California's Justice for Renters Act has successfully qualified for the November 2024 ballot. This initiative aims to replace the long-standing Costa-Hawkins Rental Housing Act, which currently prohibits rent control on single-family homes, condominiums, and rentals built after 1995.

The Justice for Renters Act has gained momentum, with the California Secretary of State verifying 617,000 signatures in support. If passed, it would grant local authorities greater control over rent laws, enabling municipalities to legislate local rent control measures, including regulations for buildings constructed before 1980.

This proposed change has sparked intense debate and activism. Supporters argue that it is…

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At IET Real Estate, we are dedicated to helping you navigate the competitive housing market and discover the keys to homeownership. Today, we'll talk about a powerful strategy that can give you the edge you need to secure your dream home: the Seller Buydown.

Unlocking the Power of the Seller Buydown

In the fast-paced world of real estate, buyers often face the challenge of standing out in a sea of offers, especially in a city like Los Angeles where demand is high. That's where the Seller Buydown comes in as your secret weapon. This brilliant solution benefits both you, the buyer, and the seller, creating a win-win scenario.

What is a Seller Buydown?

In simple terms, a Seller Buydown is an offer where the seller provides a monetary…

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