A New Orleans Lakefront Condo Under Controversy

 The Pearl condominium, a planned new residential development on the Old Basin Canal in New Orleans, has some flooding concerns. The West End development is being proposed by Oceana USA LLC and is located on South Roadway Street across from the Municipal Yacht Harbor.

The project will be on a segment of the New Basin Canal that is north of the Sewerage & Water Board's Pump Station 12. This puts the development outside the lakefront hurricane levee. The original project was to be 15 stories but was revamped to six floors of condos, parking, and amenity space. The larger and smaller concept of the project needs 800 cubic yards of fill material to be added to the canal. This means that part of the building and its balconies would be built on what is current canal water.

This is why many such as the Lakeshore Property Owners' Association, the Municipal Yacht Harbor Management Corp. and the Southern Yacht Club, as well as several tenants of nearby boathouses, are concerned with this project going forward. If they were to fill 800 cubic yards of the canal, this would make it more narrow increasing the potential of flooding boathouses and businesses that surround the project.

The canal is very important when it comes to rainfall runoff. In fact, it serves as the outlet for rainfall runoff pumped from about 1,600 acres of the Lakeview neighborhood by Pump Station 12, and if the pump station is operating during high tides, the narrowing of the waterway could cause water levels to rise a foot or more.

Oceana defends its project saying the canal would not increase water heights high enough for concern. The engineering firm that is working for Oceana points out that the canal is only 165 feet long and the water level raised in the area would only be around 10 inches. Changes would be unnoticeable in other parts of the harbor and the lake.

"While we generally support future development in our city, our utmost priority is to protect our canals from any potential negative impacts that may diminish our ability to pump storm water," S&WB Executive Director Ghassan Korban said.

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Tips and Strategies for Building and Managing Your Credit

 Good credit has lasting financial benefits but building credit can look like a huge task. The trick is the more you practice good credit habits, the better your credit will get. There are several things you can do to build, rebuild and improve your credit. Here is what you need to do to start the process.

Build Your Credit

One of the best ways to do this is to apply for a secured credit card. A secured credit card is guaranteed upfront by a cash deposit. If you deposit $500 then your credit limit will be $500. You will want to make payments on time and keep a low balance to ensure you are building your credit.

Another good way to help boost your score is to ask a family member to add you as an authorized user on their credit card. You will get a credit card with your name on it and the primary cardholder will set a limit on how much you can charge. This is a good way to manage a credit line.

A major loan like a student loan or car loan is reported to the major credit bureaus making this a great way to build up your credit. Paying your loan payments on a car or student loan will build good credit. Creditors like to see a history of on-time payments which shows you can manage your line of credit responsibly.

Keep Up Good Credit Habits

Make payments on time on everything such as your utility bills, credit card companies and other accounts. Also, you want to have different types of credits because having different types of credit improves your credit score. Accounts like cell phone bills cannot be included.

Don't just apply for a card and let it sit, use it on a regular basis. This keeps your credit utilization low. Your credit utilization ratio is the percentage of your available credit that you actually use.  For example if you have a $1,000 credit limit, ty to keep your balance under $300 which is around 30% of your credit limit.

Get Your Credit Back on Track

To do this, you need to make sure your credit report does not have any errors. Knowing your credit score is a big plus to having an idea of your financial holdings. Getting a credit report from one of the credit bureaus will show you your credit activity, your credit history, and the status of your accounts. If there is an issue or a change in your financial situation, contact a creditor directly. They will work with you to create a payment plan.

Overall remember, that the best way to handle your credit is to live within your budget and avoid bad credit. If you do find yourself with bad credit, catch the problems early.

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5 Things To Do To Turn Your Patio Into a Living Room

 An outdoor space should feel like an extension of your house. Outdoor furniture, fabrics and decor can make your outdoor space a place to relax and never want to leave. Sunbrella fabrics give these 5 ways to turn your patio into a living room.

1. Add an Awning for a Retractable Ceiling

Adding an awning will not only shield you from the rain but can also give you a bit of shade. If you want the sun or a view of the stars at night, then a retractable awning is the perfect versatile way to go. Retractable awnings can also make a statement as well as protect you from the harmful UV rays. These retractable awnings come in an array of colors in both solids or stripes and are water repellant, mildew-, mold-, and stain-resistant, and low maintenance.

2. Pick Patterns that Pop

The outdoor living space is the perfect place to try something bold. Mix and match stripes with solids and choose colors that will stand out. Using different patterns and textures can create dimension and visual interest. Matching everything is a thing of the past.

3. Up the Plushness

When you think of a sofa, you think of softness and plushness, a place you want to snuggle up and never leave. A plush place to relax is not only for the living room but can also be used in an outdoor space. To make your outdoor space a comfy and cozy area, use quality cushions along with couches or daybeds. Be sure to choose water repellant and resistant fabrics that are durable. They will dry fast after a quick rain storm and are resistant to mold and mildew.

4. Make Space for Your Favorite Hobbies

Take your favorite activities outdoors such as listening to music, playing board games, reading, or watching the game on a big screen tv. A good idea is to make many mini interest areas. For example, you can make a grilling zone with an outdoor kitchen, a sitting area and a book nook. You want to mix in shading and furniture that is comfortable so you can enjoy your space day or night.

5. Pull it All Together With a Rug

A rug pulls any space together by anchoring your space and creating visual interest. Make sure to purchase an outdoor run that can withstand the outdoor elements. You will want to find a rug that is made of synthetic materials like acrylic, nylon and polypropylene.

Follow these five tips when creating your perfect outdoor space. Have fun and mix it up!

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Two Additional LNG Contracts for Venture Global

 

Venture Global LNG has several facilities across south Louisiana. They are responsible for the liquefied natural gas (LNG) export terminals. ExxonMobil LNG Asia Pacific has signed a contract with Venture Global LNG to purchase 2 million metric tonnes of LNG yearly. Plaquemines LNG facility will provide 1 million tonnes of LNG and Cameron Parish LNG facility will provide the additional 1 million.

The Cameron Parish LNG will begin construction in 2023 and the Plaquemines LNG facility will open in 2024. Both of these facilities will also supply LNG to New Fortress Energy Inc. Plaquemines LNG will also supply LNG to a Shell affiliate. Venture Global also has Delta LNG in Plaquemines Parish which is already producing LNG.

“We look forward to working with Venture Global as we continue to grow ExxonMobil's
LNG portfolio and progress our plans to reliably deliver natural gas from the U.S. Gulf Coast to global markets,” Peter Clarke, senior vice president of LNG for the ExxonMobil Upstream Company, said in a statement.

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 Natural disasters are becoming more common as climate risks increase. Homes and neighborhoods all around the country are being affected by the record, wildfires, floods, and other natural disasters. Unfortunately because of these increasing risks, a good many insurance companies are decreasing their options, increasing premiums, and even not offering insurance in certain areas. Homeowners and home builders are feeling the effects as seen in the huge gap between insured and uninsured losses.

Because of this growing issue, the National Association of Home Builders (NAHB) began the Climate Change Insurance Task Force in 2021. The task force's purpose was to study these issues and provide a recommended roadmap for the home building industry, focused on identifying gaps and challenges in current insurance products available to homeowners to cover losses from wildfires, flooding, earthquakes, extreme heat, and other climate-related losses and, identified alternatives and recommended next steps to ensure our members and their customers have access to appropriate insurance products.  Their final report was given to the Senior Officers in April 2022 and included introducing more options for multi-state insurance and looking into Congress forming an all-disaster reinsurance policy. This policy would then be supported by the federal government.

Due to the outcome of the study, NAHB will now start meeting with insurance trade groups to see how they stand with the NAHB's high-priority recommendations. They will also develop resources and keep members at the Spring Leadership Meetings aware of any updates.

Through the communication and updates, NAHB is striving to resolve the insurance challenges. They will continually address the changing natural disasters and how they are affecting housing stock in the country. Their goal is to consistently explore the options that will help with these rising concerns at the local, state, and federal government levels.

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Good News For Affordable Housing

President Biden has said that inflation is on the top of his list and will be addressed. It is reported that this is the worst inflation the U.S. has experienced in forty years. The action plan announced was to increase the supply of affordable housing.

The administration concurs that this will help close the affordable housing gap and “ease the burden of housing costs,” noting that housing prices are a key driver of inflation. This will help the country get the high prices of US homes under control. The S&P CoreLogic Case-Shiller US National Home Price Index reported a rise in home prices of 19.8% year-over-year in February and rent is up 20% over prices seen this time two years ago.

For regular homeowners or those looking to buy a primary residence, this market is challenging. The administration also wants to guide the number of institutional investors who can purchase single-family homes. Another issue that will be tackled is the supply chain challenges and the improvement of building techniques. To ensure that all the construction from 2022 is completed and ready for a homeowner.

The housing shortage has been a big issue and will be addressed. Along with getting more inventory out there, the proposed legislative actions will also put measures into place to help ease costs. These will include tax credits for low- and middle-income home buyers and a proposed $25 billion for grants for affordable housing production.

“The Plan’s policies to boost supply are an important element of bringing homeownership within reach for Americans who, today, cannot find an affordable home because there are too few homes for sale in their communities. And it will help reduce price pressures in the economy, as housing costs make up about one-third of the market basket for inflation, as measured by the Consumer Price Index,” the White House said in a fact sheet.

Housing experts are excited about the administration's plan but do report that it will take time to fix. It is great that the private and public sectors are coming together to help address the housing supply and the increased prices on homes.

“This is the right focus,” Dennis Shea, the executive director of the Terwilliger Center for Housing Policy said. “We’ve under built the housing supply by millions of homes over the past 20 years. Efforts to increase the supply of homes should reduce housing costs for people looking to rent or buy a home.”

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How High-Interest Rates Can Be Overcome

 The better your credit score, the better interest rate you can get when it comes to mortgages. In fact, the first thing a mortgage lender will look at is your credit score. This is now more important than ever in today's housing market.

A High Credit Score Means you Pay your Debts on Time

A mortgage lender wants to know that you will repay your money on time. Those who pay back slowly or do not pay back at all have lower credit scores. Lenders do not want to risk those who pay back slowly.

This doesn't mean that they will not offer you a loan, but it will be at a much higher rate to compensate for the risk. For example, the difference between a 4% rate and a 5% rate on a 100,000 30-year loan is around $59 per month, over the age of the loan that will cost $21,240!

A High Credit Score Means you Have a Good Mix of Credit

A good score also depends on your credit mix. You want to be able to prove that you can handle a variety of debt such as credit card and no installment debt. A mix of both revolving and installment debt shows that you can handle both types of debt. Showing that you can handle both can help you get a lower interest rate.

Why Lenders Base your Interest Rate on your Credit Score

Mortgage lenders will tell you that your credit score is the number one factor in determining your risk of default. If you are approved and have less than stellar credit, you will be charged a much higher interest rate. The lenders will make more money off of you in the event you do default.

Increase your Mortgage Credit Score Before Applying for a Mortgage

If you do have a lower score, then think about improving it before applying for a mortgage. Get your debt under control, have a stable job, and have some money saved before you apply for your mortgage. Improving your credit score is the key to a lower interest rate and with a few simple steps, you can accomplish this.

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