Watch: SRA webinar previews the Nov. 8 election
The Suburban Realtors Alliance previewed the general election in a webinar on Oct. 25. Special guest John Micek, editor-in-chief of the Pennsylvania Capital-Star, joined SRA president/CEO Jamie Ridge for an overview of where important races stand at the federal and state levels, and in the Philadelphia suburbs. View the 40-minute webinar on YouTube. Also, visit the Pennsylvania Association of Realtors website to view the RPAC election guide, and cast your vote on Tuesday, Nov. 8.

FHFA announces framework to adopt new FICO and VantageSore scores
The Federal Housing Finance Agency announced that it will implement a framework for adopting two new credit scoring models by Fannie Mae and Freddie Mac. The framework will likely take several years to fully implement. Fannie Mae and Freddie Mac have relied on "classic" FICO for two decades, but the model is based on techniques from the 1990s and limited data. The new scores, FICO 10T and VantageScore v4, utilized current modeling techniques and data like rents, utilities and telecom. The National Association of Realtors has advocated for the adoption of new scores in recent years to spur competition and improvements and for the adoption of alternative credit data like rent for nearly three decades. The change will allow significantly more home buyers to be credit scorable and help build the ladder to home ownership for underserved groups.
Source: Nar.realtor; 10/25/2022

FHFA announces the elimination of fees for certain first-time buyers and others
The Federal Housing Finance Agency (FHFA) announced the elimination of certain loan level pricing adjustments (LLPAs) that it charges particular borrowers based on their credit scores, incomes and down payments. FHFA is eliminating upfront fees for:

• First-time homebuyers at or below 100% of area median income in most of the United States and below 120% of AMI in high-cost areas
• HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs)
• HFA Advantage and HFA Preferred loans
• Single-family loans supporting the Duty to Serve program

The changes are timely given the near tripling in mortgage rates over the past 12 months. There is no reduction in quality standards, though. The National Association of Realtors has advocated for a reduction in LLPAs for several years.
Source: Nar.realtor; 10/25/2022

Drought watch lifted for counties in the region
Pennsylvania has lifted a drought watch for 16 counties — including Berks, Delaware and Montgomery counties — while keeping it in place in 20 other counties. Thirty-six counties were put under a drought watch on Aug. 31. The Department of Environmental Protection kept the drought watch in place for 20 counties in the state and is asking residents in those and adjacent counties to continue using water wisely. Some of the closest counties to the Philadelphia region that are still under the drought watch are Carbon, Lebanon, Northampton and Schuylkill.
Source: Pottstown Mercury; 10/18/2022

Newtown Township preliminary budget waits for upcoming voter referendum
Newtown Township’s preliminary budget for 2023 will hold the line on taxes — except for the fire protection and rescue squad accounts, which are contingent upon voter approval in a referendum on the Nov. 8 ballot. The Emergency Services Millage Increase Referendum asks, “Do you favor the imposition by Newtown Township of an additional one-half (1/2) mill of real estate tax annually to support ambulance, rescue and other emergency services serving Newtown Township?” Budgeted revenues in the 2023 general fund budget proposal are 3.4% higher than the current year. Township Manager Micah Lewis said the earliest the final budget could be adopted is Wednesday, Nov. 9.
Source: The Advance; 10/24/2022

Doylestown Borough posts new PFAS information page
Doylestown Borough has a new PFAS information page that includes educational items about toxic PFAS chemicals, the impact on the borough’s water system, health implications and the steps being taken to address the situation.
Source: Doylestown Borough e-news; 10/25/2022

PennDOT is listening to Langhorne residents concerned about Route 1 traffic
Langhorne residents and others concerned about traffic safety in the borough took to the streets to protest plans from the Pennsylvania Department of Transportation (PennDOT) to reconfigure the Route 1 Expressway to funnel all northbound traffic onto Route 413 in town. The project is part of the third phase of PennDOT's $349 million Route 1 Improvement Project to realign and make the major highway through Bucks County safer. PennDOT recently held a meeting with area officials and announced there are environmental concerns about the project that will involve a public hearing process later. In attendance at the meeting were elected public officials representing Middletown, Langhorne Manor Borough and Langhorne Borough, including state Rep. Frank Farry (R-142) and staff representing state Rep. Tina Davis (D-141), Congressman Brian Fitzpatrick, the Bucks County Commissioners, the Bucks County Planning Commission, and the Bucks Transportation Management Association.
Source: Bucks County Courier Times; 10/25/2022

Bensalem mayor remains ‘committed and passionate’ about riverfront development
Bensalem Mayor Joe DiGirolamo grew up on a farm in Bensalem and witnessed the riverfront area go through myriad changes in his lifetime — including during WWII when the river was monitored for submarines. Seeing Bensalem's riverfront evolve and having a clear vision for what it could become is what drove DiGirolamo to partner with the Bensalem Economic Development Corporation to create the Riverfront Renaissance initiative in April 2014. The vision is to transform the predominantly industrial-use riverfront area into a "walkable and bike-friendly" mixed-use district that would feature upscale residences, boutiques and light industrial use companies. Bensalem Council got on board and, after a few miscues, created an overlay for the riverfront development district that would allow all existing light industrial use to continue, while the remaining part of the district would be rezoned for residential and small shops. The idea will go before the planning commission within 60 days and then to council for a final vote. “It’s got to be done for the future of this town; we can’t just be highways,” DiGirolamo said. Read more here.
Source: Bucks County Courier Times; 10/20/2022

New hotel coming to Bensalem
Developers are proposing a no-frills hotel to replace the current single-story, 20-room Scottish Inn and Suites at 4000 Bristol Pike in Bensalem. The new Avid Hotel would have 75 rooms on three floors and would be marketed to business travelers. The rooms will be slightly smaller than those of a typical hotel, and the only food available will be a continental breakfast. Avid is part of the IHG Hotel and Resorts portfolio. Council granted developer Sri Gyatri Corporation preliminary and final land development approval, after council's questions on rainwater management and perimeter security were satisfied.
Source: Bucks County Courier Times; 10/21/2022

Willistown residents oppose sewer system sale to Aqua
Hundreds of Willistown Township residents have expressed their displeasure with a December 2020 vote by the township supervisors to sell the township’s sewer system to Aqua Pennsylvania. The $17 million sale is now hung up in Commonwealth Court after a PUC judge recommended Aqua’s application be denied and then the PUC reversed its own judge’s recommendation. If Willistown and Aqua do not close the sale during the appeals, Willistown can exercise the “termination clause” starting on Jan. 14, 2023, and Willistown will remain the owner. Otherwise, a decision will wait on a ruling by the Commonwealth Court. Residents expressed concern about potential rate increases if the sale does go through. As part of a letter to sewer users, Willistown supervisors wrote that “the greater financial resources and professional expertise of Aqua surpasses the ability of the township to operate and provide needed long-term investments in a wastewater system, particularly regarding the ever increasing environmental and regulatory compliance matters.” The estimated future monthly rates provided by Aqua will increase from a little over $60 per month in 2022, stay constant for two years and then possibly jump to over $90 per month in 2025. The PUC oversees public utility rate increases. Aqua projects that if the township continues to maintain the system, the rate will rise even more, with a fee of about $100 per month, per customer, in 2025. Aqua Pennsylvania currently owns 17 wastewater systems in Chester County.
Source: Daily Local; 10/26/2022

Preliminary West Chester budget calls for no tax increase
West Chester Borough Manager Sean Metrick presented a balanced preliminary 2023 budget, with no increases to the earned income or property taxes. The budget was due in part to a major influx of American Rescue Plan funding. The budget may change, and the borough council will vote to accept a new budget at the November meeting. The borough dipped into the pandemic-related federal fund for $840,000 — out of the full $2 million award — to help balance the budget. An additional $500,000 can be spent by the borough by the end of 2024.
Source: Daily Local; 10/23/2022

East Coventry Township rescinds permit for farm pit
East Coventry Township supervisors unanimously rescinded the zoning permit and the legal agreement with Spring City Farms, the company with the unpopular pending plans to build a concrete farm waste pit on 25 acres off Bethel Church Road. Township solicitor Mark Hosterman re-affirmed that Nolt Trucking — the company that has permission to build the 120-foot wide, 16-foot deep concrete pit design to hold as much as 1.4 million gallons of food waste — has delayed the construction on the project “at this time.” A letter from the company indicated that it would inform the township if it “decides to proceed with the construction at some future point.” The supervisors also voted to send letters to state legislators and Gov. Wolf to complain about what they see as the extremely lax regulations governing agricultural uses, such as the proposed pit.
Source: Daily Local; 10/26/2022