Tuesday’s Lowell City Council meeting ended in a concise 1 hour, 50 minutes, mostly because there were just two motions on the agenda. It’s true that two Councilors (Wayne Jenness and Kim Scott) were not at the meeting, but such absences have never caused those in attendance to curtail the length of past meetings so something else may have been going on. What that was, I don’t know.
I’m in your perspective on the changes to underwriting rules for condos that Fannie Mae and Freddie Mac announced in Sept 2023. Many of the 100+ condo projects in Lowell are going to have a harder time selling units and many owners and boards are not prepared to meet the new requirements. I feel like we’re about to have another housing crisis for condo owners in all of our old brick buildings.
I’m in your perspective on the changes to underwriting rules for condos that Fannie Mae and Freddie Mac announced in Sept 2023. Many of the 100+ condo projects in Lowell are going to have a harder time selling units and many owners and boards are not prepared to meet the new requirements. I feel like we’re about to have another housing crisis for condo owners in all of our old brick buildings.
https://www.meeb.com/marcus-errico-emmer-brooks-newsletter/lending-rules