Announcements- July/August 2004

Refuse Collection Guide

The City of Columbus Refuse Collection Division has provided CBR with a bulk supply of Homeowners Guide to Refuse Collection. This guide provides information on weekly collection, discarding bulk items, what is unacceptable waste, yard waste and recycling. It also includes reference numbers for key city services.

There is no charge for the guide, so the next time you are at the CBR, please take a supply of the Guides to give to your prospective new homeowners.

New Radon, Mold Notice for HUD properties

The U.S. Department of Housing and Urban Development (HUD) has issued a new Radon Gas and Mold Notice Release Agreement. Starting on June 28, HUD will require that the agreement be included with all HUD sales contracts. 

The notice provides information to potential purchasers of single-family properties repossessed by the Federal Housing Administration that radon gas and some molds have the potential to cause health problems. The notice also ensures that potential purchasers of HUD-acquired single- family properties have the cautionary information in the release agreement, which mitigates potential liability.

You can download the form at www.HUD.org.

Mold No Threat to most people

A government panel of experts reported that toxic mold in homes did not appear to pose a serious health threat to most people. Experts said mold and indoor dampness were associated with respiratory problems and symptoms of asthma in certain susceptible people, but found no evidence of a link between mold and conditions like brain or neurological damage, reproductive problems and cancer. They based their conclusions on a review of hundreds of scientific papers and reports but warned that the research was limited and that more studies were needed.

New Transaction Fees possible due to Patriot Act Rules

Since the American Land Title Association has suggested that its member title companies implement a Customer Identification Program and compare home purchasers’ personal information against the Department of Treasury’s Specially Designated Nationals and Blocked Persons List, the practice has grown and typically includes new fees.

Although persons involved in real estate settlements and closings are not considered financial institutions for Patriot Act purposes and are not required to implement a CIP, title companies generally err on the side of caution and run the ID checks. Financial institutions such as banks, however, must implement a CIP.

Court rules Brokers can’t pay commission advance companies

An Ohio court has ruled that a real estate broker was right not to pay its associate’s share of commission from a closed transaction to a commission advance company, even though the associate had assigned the commission to the advance company, because such an assignment isn’t legal under Ohio law. The Ohio Association of REALTORS® contributed to the support of the brokerage’s defense.

Smaller Homeowners Insurance increase expected this year

After several years of steady increases, homeowners insurance is expected to rise by 2.8 percent this year - the smallest increase in five years, according to the Insurance Information Institute.

The projected increase represents a substantial slowdown from 2003 when homeowners insurance costs rose by an estimated 7.4 percent. The average cost for homeowners insurance in 2004 is estimated at $608, up $17 from $591 in 2003.

Losses are the most important driver of homeowners insurance premiums. Between 1990 and 2002, home insurers paid out, on average, $1.17 in losses and expenses for every $1 they earned in premiums.

Approximately 41 million homeowners have added to or improved their homes between 2001 and 2002. In 2001, the most recent year for which annual figures were available, an estimated $166 billion was spent on home improvements. home owners need to make sure these added costs are reflected in their coverage, or risk being underinsured.

North Linden Neighborhood Plan

The North Linden Neighborhood Plan, passed last year, is a departure from the typical anti-business, anti-commercial and industrial zoning plans formulated by city planners and found in other parts of Columbus. Features of the neighborhood plan includes the following new concepts:

• Scheduling police officers to meet the business owners
• Protecting existing businesses, even those near residential areas
• Implementing voluntary clean-up and beautification programs along Cleveland Avenue
• Promoting financial incentives to new or expanding businesses and those who hire employees from North Linden neighborhoods
• Creating financial incentives for saving historical properties
• Creating light rail stops at Hudson and I-71 and North Broadway and I-71
• Planting trees along Hudson Street for beautification

There are about 13,000 housing units and approximately 30,000 people living in the North Linden area with more than 60 percent living in owner-occupied housing.

For more information about business opportunities in the North Linden area, call LouAnn Parker, chair of the North Linden Area Commission, 614/262-9542 or call the North Linden NE Columbus Business Association, 614/882-0800.