Headlines: Cultural hub coming to U Street? Cost of FHA loan to drop

Headlines: Cultural hub coming to U Street? Cost of FHA loan to drop
The cost of home ownership on FHA loans is about to drop for many Americans.

Here's a look at what's happening in real estate in and around the District of Columbia.

Proposal would bring museum, condos and performing arts center to U Street area

Under the proposal, the former Grimke School would be transformed into a cultural hub. In addition to creating a permanent space for the African-American Civil War museum, the building would be home to several performance groups, including Step Afrika!, CityDance, Dance USA and Imagination Stage. -Washington Post

Washington housing in 2014: Almost back

The median price of a house or condo that sold in the Washington region in 2014 was $405,750, up just 1.4 percent from 2013, but just 2.2 percent shy of the 2007 peak price of $415,000, according to listing service MRIS' RealEstate Business Intelligence Report. -Washington Business Journal

A year later, little resolution on contested Florida Avenue site

On Feb. 3, 2014, two developers struck a deal that seemed poised to resolve a longstanding conflict and bring U Street NW-area neighbors what they desired: a mixed-use development with a Harris Teeter supermarket on what's currently a vacant lot. Nearly a year later, all of that is still up in the air. -Washington City Paper

Groundbreaking this week on third phase of Waterfront Station project

Groundbreaking is expected to begin this week for the 365-unit residential project in Waterfront. This project is the third phase in the Waterfront Station project that is completely revitalizing the neighborhood with more than 80,000-square-feet in retail, more than 500,000-square-feet in office space, and hundreds of residential units along 4th Street. -Curbed DC

CFPB site provides education for new homebuyers

The site is part of the agency’s Know Before You Owe campaign and includes interactive tools aimed at creating more informed and empowered homebuyers. -Urban Turf

FHA to lower cost of mortgage insurance

For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment, according to CoreLogic's chief economist, Sam Khater. -CNBC

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