FHFA Announces Increase in Conventional Loan Limits
The Federal Housing Finance Agency (FHFA) just announced that conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2022 for one-unit properties (in most of the U.S.) will be $647,200, an increase of almost $100,000 from $548,250 in 2021. This is a significant increase that will give home buyers the ability to finance higher priced homes and still fly under the jumbo radar. Interestingly, buyers can still get a 30-year fixed mortgage loan for under 3% per year! Read more here.
Roper Hospital to Leave Downtown Charleston
Early last month, it was announced that Roper Hospital, which opened on Calhoun Street in 1856, will be leaving the Charleston peninsula as part of Roper St. Francis Healthcare’s 2030 strategic plan. While a new location has not yet been announced, the intent is to situate it closer to where people live and work. Roper recently purchased a site off Johnnie Dodds Blvd. and Mathis Ferry Road in Mount Pleasant and it also plans to expand the Roper St. Francis Berkeley Hospital. Read more here.
Charleston Area Park, Recreation and Open Space Plans
Residents in the Charleston area will soon be able to enjoy a number of new and improved parks, recreation areas and open spaces thanks to the efforts of local municipalities and others. In addition to the Ashley River Park that was featured in our Charleston in the News blog last month, also currently under development or in planning are the new Brantley Park on James Island, expansion of the Joe Riley Waterfront Park on the peninsula, the new Noisette Creek Pedestrian Bridge at the north end of Riverfront Park in North Charleston, a $5.5 million upgrade to Mount Pleasant Memorial Waterfront Park, the new Ashley River Crossing bike and pedestrian bridge, Charleston Southern University’s Intramural Space Project, a new 300-acre park in the Pine Trace Natural Area in Summerville, the revitalization of the Cooper River County Park in North Charleston, the Folly Beach Pier redevelopment and the Mega Boat Landing Project on Lake Moultrie in Berkeley County. Plus, we are likely to have missed some!