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16 THE COURIER SUN • JUNE 27, 2013 FOR BREAKING NEWS VISIT www.couriersun.com Welcome Home. Home affordability is near record levels.1 5/1 ADJUSTABLE RATE MORTGAGE2 2.38% 2.93APR Purchase or Refinance • Low Down Payment Options • Jumbo Loans We also offer Fixed and other Adjustable Rates ������������������������������������������ �� �� ������������������������������������������������ �� �� ������������������������������������������ �� �� ������������������ �� �� �������������������� �� �� ���������������� �� �� ���������������������� % ���������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������� ������������������������������������������ �������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������������������ NYC Mayor’s Office’s Flickr/Photo by Samantha Modell Mayor Michael Bloomberg and the City Council agreed on a balanced, on-time budget on Sunday, June 23. Bloomberg’s final budget means no tax increase BY TERENCE M. CULLEN tcullen@queenscourier.com Mayor Michael Bloomberg and councilmembers last week reached an on-time, balanced budget for the upcoming fiscal year, which begins on Monday, July 1. Highlights of the Fiscal Year 2014 budget — hizzoner’s final — include no tax increases, compensation for federal cuts to public housing and funding toward storm protection. The city will allocate $58 million to the New York City Housing Authority after federal budget cuts took place as a result of the sequester in March. A $250 million fund will be split between securing existing city facilities and building coastal resistance. The Rockaway ferry landing will get $3.3 million from the project, known as “A Stronger, More Resilient New York.” The budget also restores funding to city firehouses, pools and libraries, several of which were on the chopping block under Bloomberg’s budget proposal in May. Since the state Court of Appeals upheld expanded taxi sales, the city is expected to rake in $300 million in tax revenue from outer borough street hail livery service and additional medallions for wheelchair accessible yellow taxicabs. “Our administration’s final budget reflects the commitment to sound financial management that has helped keep our city on firm financial footing, and to the services and programs New Yorkers rely on. I want to thank Speaker Christine Quinn for her effective leadership, as well as the councilmembers for their work,” Bloomberg said in a statement. The budget ending in 2015, however, currently has a $2 billion gap for the next mayor to fill. The figure represents a slight dip from previous projections. Restore cuts for disabled services BY MAGGIE HAYES mhayes@queenscourier.com It was a reversal of fortune. A $120 million cut to the Office for Persons with Developmental Disabilities (OPWDD) would have left programs shorthanded, officials said. But the state legislature eliminated the threat and voted unanimously to fully restore what was lost. The Assembly voted last week to appropriate $90 million for OPWDD. That was in addition to $30 million already restored during the budget process. The Senate approved the funds the next day. Assemblymember Nily Rozic, an OPWDD advocate, has worked closely with organizations such as the Queens Centers for Progress and said the need for services is “enormous.” “There’s no reason to penalize this community, their families and their caretakers,” she said. When the cuts were officially made earlier this year, Assemblymember Phillip Goldfeder said the hardest part in passing the budget was accepting the OPWDD reductions. “After passing the budget, we committed to doing whatever necessary to restore it,” he said. “This affects real people and real jobs.” Goldfeder said he has seen firsthand how the cuts affect the disabled and their families even though he has been chair of the Autism Retention Committee for just a few months. “It’s painful,” he said. “There’s no better role for the government to protect its citizens than the restoration of these cuts.” The total $120 million restoration will go directly to facilities that provide services to the developmentally disabled, Goldfeder said. Although the restoration went through, OPWDD funds still need to be increased in order to provide the best care, officials said. After an initial cut several years ago, OPWDD has seen no increase in funding. However, Goldfeder said last week’s budget reversal was just a first step, and that there is a bright economic outlook for the future. “This is the first place we have to look to restore a lot of the cuts that have taken place over the years,” he said. Call (866) 811-5515 or visit one of our local branches! 1February 2013, National Association of Realtors® Housing Affordability Index. 2Rate information as of 06/17/13. Mortgage rates are subject to change. After the initial five year fixed rate period, rates and payments are based on a LIBOR index plus a margin and can change yearly. The initial principal and interest payment on a $200,000 5/1 ARM loan at 2.38% and 60% loan-tovalue (LTV) is $777.31 with no points due at closing. The estimated Annual Percentage Rate (APR) is 2.93%. Based on a recent LIBOR index rate of 0.668% and a margin of 2.50, the principal and interest payment would increase to $844.77 after 5 years for the remaining 25 years. Based on the maximum rate increase of 5%, your payments would be $777.31 for the first 5 years and increase to $1,284.32 for the remaining 25 years. Payment does not include taxes, insurance premiums or additional loanspecific finance charges you may be required to pay. The actual total payment amount will be greater. Actual payments will vary based on your individual situation and current rates. Based on the purchase/ refinance of a primary residence with no cash out at closing. Assumes closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30% and credit score is a minimum of 780, and an escrow account is used for the payment of taxes and insurance. The lock period for your rate is 60 days. Some state and county maximum loan amount restrictions may apply. All loans are subject to credit approval. Arizona, Connecticut, Florida, New Jersey, New York and Ohio properties only. Product availability and offers are subject to change. Mortgages are originated through New York Community Bank (NMLS # 249276), an affiliate of New York Commercial Bank. The bank is not responsible for typographical errors. Offer may be withdrawn at the discretion of the bank at any time.


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