TN gets $4.6M flood grant for jobs, Catholic Charities calls for more aid

The U.S. Department of Labor has awarded $4.67 million to the Tennessee Department of Labor and Workforce Development in order to create temporary jobs in the wake of this month's devastating flooding.

“The images of Nashville under water have been heart-breaking,” said Secretary of Labor Hilda L. Solis. “This grant will support ongoing recovery efforts and provide temporary employment to Tennesseans as they clean-up flood-impacted areas and return their lives to normalcy.”

The announcement comes the same day that Catholic Charities USA announced that it has not seen the same level of giving in response to Nashville's flooding that it saw in the wake of Hurricane Katrina and the Haiti earthquake. The huge human services and disaster response organizer also said that giving in the wake of the Gulf oil spill has also been disappointing.

"While our local Catholic Charities' agencies in New Orleans and Nashville are fully engaged and receiving strong local and institutional support, we are not seeing the generosity of individual Americans across-the-board," said Rev. Larry Snyder, President and CEO of Catholic Charities USA, in a news release. "Frankly, Nashville's flood devastation has been somewhat overshadowed by the oil spill, and the entire Gulf Coast situation has been more of a business story and technology remediation story than anything that truly portrays the human impact. The good hearts of our country have not been touched in a way to feel a need to contribute."



Read more: TN gets $4.6M flood grant for jobs, Catholic Charities calls for more aid - Nashville Business Journal

Commercial Real Estate Vacancies to Peak Near Early 2011

Vacancy rates continue to rise in most commercial sectors and are not expected to level out in most markets until the end of this year or early 2011, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is one bright spot in commercial real estate. “The multifamily sector can expect increased demand as the economy creates jobs and new households are formed, likely in the second half of this year,” he said. “However, the office, warehouse and retail sectors continue to experience the delayed effects of the recession. These sectors should see gradual improvement after jobs pick up and create additional demand for space, meaning a broader improvement in commercial real estate is likely in 2011.”

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of nearly 700 local market experts1, confirms that significant fallout from the recession remains, but to a lesser extent.

The SIOR index, measuring 10 variables, increased 2.7 percentage points to 38.2 in the first quarter, compared with a level of 100 that represents a balanced marketplace. This is the second gain following nearly three years of declines; the last time the market was in equilibrium was in the third quarter of 2007.

Development activity remains at a standstill with nine out of 10 respondents saying that it is virtually nonexistent in their markets.

Looking at the overall market, commercial vacancy rates appear to be approaching a plateau, according to NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.2 The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Market

With an elevated level of sublease space available, vacancy rates in the office sector are projected to increase from 16.9 percent in the first quarter of this year to 17.6 percent in the first quarter of 2011, but should ease later next year.

Annual office rent is likely to fall 2.3 percent this year and decline another 2.1 percent in 2011. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is forecast to be a negative 24.6 million square feet this year and then a positive 25.5 million in 2011.

Industrial Market

Leasing activity in the industrial sector is below historical levels with higher vacancies, more tenant concessions from landlords and a steeper decline in rental rates. In addition, obsolete structures remain on the market. Industrial vacancy rates are expected to rise from 14.3 percent in the first quarter of 2010 to 14.8 percent in the first quarter of 2011, then decline modestly as the year progresses.

Annual industrial rent will probably drop 6.3 percent this year, and decline another 1.5 percent in 2011. Net absorption of industrial space in 58 markets tracked is seen at a negative 90.0 million square feet this year and a positive 135.6 million in 2011.

Retail Market

Retail vacancy rates should rise modestly from 12.6 percent in the first quarter of this year to 12.8 percent in the first quarter of 2011, and should hold at that level for most of next year.

Average retail rent is projected to decline 1.5 percent in 2010, then edge up by 0.4 percent next year. Net absorption of retail space in 53 tracked markets is likely to be a negative 3.7 million square feet this year and then a positive 8.9 million in 2011.

Multifamily Market

The apartment rental market – multifamily housing – is expected to benefit from an improving economy and job market. Multifamily vacancy rates are forecast to decline from 7.3 percent in the first quarter of this year to 6.3 percent in the first quarter of 2011.

With recent additions to supply, average rent is likely to slip 1.5 percent this year, and then rise 1.2 percent in 2011. Multifamily net absorption should be 145,700 units in 59 tracked metro areas this year, and another 214,500 in 2011.

Restaurant Wednesday

Flyte World Dining and Wine

With emphasis on fresh, organic and humanely raised ingredients, Chef Jake Stearns creates contemporary, seasonal menus featuring spectacular presenations and flavors that complement an eclectic wine list. Set in a casually elegant, dramatic space, Flyte provides unique opportunities to sample deliciously inventive flavor combinations and constantly evolving cuisine and beverage pairings.

location
718 Division Street
Nashville

615.255.6200
flytenashville.com

For Your Clients: 5 Tips to Save Money for First-Time Home Buyers

Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how:

1. Don’t buy if you don’t plan to stay
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.

2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying additional points- a portion of the interest that you pay at closing- in exchange for a lower interest rate. If you stay in the house for a long time- say three to five years or more- it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

4. Hire a home inspector
A home inspector can let you know if you’re about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that it’s in good shape; at worst, the inspector’s report can let you back out of the deal if the house has major, unexpected problems. Most typically, the home inspection can allow you to negotiate the home price to account for necessary repairs.

5. Get professional help
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in their lifetime. The key to avoiding buyer’s remorse is to be completely comfortable before signing on the dotted line.

Floods: Recurrence intervals and 100-year floods

Possibly you can remember when a really big rain, be it from a hurricane or a large frontal system, hit your town. If flood conditions occurred because of the rain then you might have heard the radio or TV weatherman say something like "This storm has resulted in a 100-year flood on Soandso River, which crested at a stage of 20 feet." Obviously, this means that the river reached a peak stage (height) that happens only once every 100 years, right? A hydrologist would answer "Well, not exactly." Hydrologists don't like to hear a term like "100-year flood" because, scientifically, it is a misinterpretation of terminology that leads to a misconception of what a 100-year flood really is.

Instead of the term "100-year flood" a hydrologist would rather describe this extreme hydrologic event as a flood having a 100-year recurrence interval. What this means is described in detail below, but a short explanation is that, according to historical data about rainfall and stream stage, the probability of Soandso River reaching a stage of 20 feet is once in 100 years. In other words, a flood of that magnitude has a 1 percent chance of happening in any year.

What is a recurrence interval?
"100-year floods can happen 2 years in a row" Statistical techniques, through a process called frequency analysis, are used to estimate the probability of the occurrence of a given precipitation event. The recurrence interval is based on the probability that the given event will be equalled or exceeded in any given year. For example, assume there is a 1 in 50 chance that 6.60 inches of rain will fall in a certain area in a 24-hour period during any given year. Thus, a rainfall total of 6.60 inches in a consecutive 24-hour period is said to have a 50-year recurrence interval. Likewise, using a frequency analysis (Interagency Advisory Committee on Water Data, 1982) there is a 1 in 100 chance that a streamflow of 15,000 cubic feet per second (ft3/s) will occur during any year at a certain streamflow-measurement site. Thus, a peak flow of 15,000 ft3/s at the site is said to have a 100-year recurrence interval. Rainfall recurrence intervals are based on both the magnitude and the duration of a rainfall event, whereas streamflow recurrence intervals are based solely on the magnitude of the annual peak flow.

Ten or more years of data are required to perform a frequency analysis for the determination of recurrence intervals. Of course, the more years of historical data the better—a hydrologist will have more confidence on an analysis of a river with 30 years of record than one based on 10 years of record.

Recurrence intervals for the annual peak streamflow at a given location change if there are significant changes in the flow patterns at that location, possibly caused by an impoundment or diversion of flow. The effects of development (conversion of land from forested or agricultural uses to commercial, residential, or industrial uses) on peak flows is generally much greater for low-recurrence interval floods than for high-recurrence interval floods, such as 25- 50- or 100-year floods. During these larger floods, the soil is saturated and does not have the capacity to absorb additional rainfall. Under these conditions, essentially all of the rain that falls, whether on paved surfaces or on saturated soil, runs off and becomes streamflow.

How can we have two "100-year floods" in less than two years?
Two 500-Year Floods Within 15 Years?
Bob Holmes, the National Flood Coordinator for the USGS, discusses this in a podcast.
(From the USGS CoreCast podcast and video series)

This question points out the importance of proper terminology. The term "100-year flood" is used in an attempt to simplify the definition of a flood that statistically has a 1-percent chance of occurring in any given year. Likewise, the term "100-year storm" is used to define a rainfall event that statistically has this same 1-percent chance of occurring. In other words, over the course of 1 million years, these events would be expected to occur 10,000 times. But, just because it rained 10 inches in one day last year doesn't mean it can't rain 10 inches in one day again this year.

Recurrence intervals and probabilities of occurences Recurrence interval, in years Probability of occurrence in any given year Percent chance of occurrence in any given year
100 1 in 100 1
50 1 in 50 2
25 1 in 25 4
10 1 in 10 10
5 1 in 5 20
2 1 in 2 50

Does a 100-year storm always cause a 100-year flood?
No. Several factors can independently influence the cause-and-effect relation between rainfall and streamflow.

Extent of rainfall in the watershed: When rainfall data are collected at a point within a stream basin, it is highly unlikely that this same amount of rainfall occurred uniformly throughout the entire basin. During intensely localized storms, rainfall amounts throughout the basin can differ greatly from the rainfall amount measured at the location of the rain gage. Some parts of the basin may even remain dry, supplying no additional runoff to the streamflow and lessening the impact of the storm.

Soil saturation before the storm: Existing conditions prior to the storm can influence the amount of stormwater runoff into the stream system. Dry soil allows greater infiltration of rainfall and reduces the amount of runoff entering the stream. Conversely, soil that is already wet from previous rains has a lower capacity for infiltration, allowing more runoff to enter the stream.

Relation between the size of the watershed and duration of the storm: Another factor to consider is the relation between the duration of the storm and the size of the stream basin in which the storm occurs. For example, a 100-year storm of 30-minutes duration in a 1-square-mile (mi2) basin will have a more significant effect on streamflow than the same storm in a 50-mi2 basin. Generally, streams with larger drainage areas require storms of longer duration for a significant increase in streamflow to occur. These and other factors determine whether or not a 100-year storm will produce a 100-year flood.

The 100-year flood level can change
Since the 100-year flood level is statistically computed using past, existing data, as more data comes in, the level of the 100-year flood will change (especially if a huge flood hits in the current year). As more data are collected, or when a river basin is altered in a way that affects the flow of water in the river, scientists re-evaluate the frequency of flooding. Dams and urban development are examples of some man-made changes in a basin that affect floods, as shown in the charts below.



Glossary of flood terms
Flood
A flood is any relatively high streamflow that overtops the natural or artificial banks of a river.
Discharge
Discharge is another term for streamflow; it is the measured volume of water that moves past a point in the river in a given amount of time. Discharge is usually expressed in cubic feet per second.
Cubic foot per second
One cubic foot per second (cfs) is about 450 gallons per minute. The average discharge of the Columbia River in September at The Dalles, Oregon, is about 120,000 cfs, which would fill the Seattle Kingdome in less than 10 minutes. The average discharge of the Puyallup River in September is about 1,700 cfs at Puyallup, Wash.
Floodplain
The floodplain is the relatively flat lowland that borders a river, usually dry but subject to flooding. Floodplain soils actually are former flood deposits.
The average number of years between floods of a certain size is the recurrence interval or return period. The actual number of years between floods of any given size varies a lot because of the naturally changing climate.
Recurrence interval
The average number of years between floods of a certain size is the recurrence interval or return period. The actual number of years between floods of any given size varies a lot because of the naturally changing climate
Hydrograph
A hydrograph is a graph that shows changes in discharge or river stage over time. The time scale may be in minutes, hours, days, months, years, or decades.
River stage
The river stage is the height of the water in the river, measured relative to an arbitrary fixed point.
What about a 100-year drought?
Undoubtedly, a 100-year flood occurrence can have a significant and lasting impact on every aspect of the local environment. If streamflow statistics define what a 100-year flood is, do you think similar statistics could define the opposite event – a 50- or 100-year drought? Certainly it can. And, although a drought doesn't have the immediate and devastating impact that a flood has, it can still have severe effects on the local environment just as a flood does (only it is drawn out over a longer time period). As an example, read about the severe drought in Maine in 1999-2000, or the Utah drought of 1999-2002.

Home Prices Rising in More Metro Areas, First Quarter Sales Up From a Year Ago

A growing number of metropolitan areas are experiencing price gains from a year ago, while most states have seen healthy gains in home sales from the first quarter of 2009, according to the latest survey by the National Association of Realtors®.

In the first quarter, 91 out of 152 metropolitan statistical areas1 showed higher median existing single-family home prices in comparison with the first quarter of 2009, including 29 with double-digit increases; three were unchanged and 58 metros had price declines. In the fourth quarter 67 areas reported gains and 123 were down, while only 30 MSAs in third quarter of 2009 showed annual price increases.

The national median existing single-family price was fairly flat at $166,100, down 0.7 percent from the first quarter 2009 price of $167,300. The median is where half sold for more and half sold for less. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales.

Lawrence Yun, NAR chief economist, said stabilizing home prices are encouraging. “This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” he said. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate2 of 5.14 million in the first quarter, down 14.0 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit. However, first quarter sales remain 11.4 percent above the 4.61 million-unit level in the first quarter of 2009. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun said.

Sales increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is – shelter that provides social benefits and is also a good long-term investment,” Golder said.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5.00 percent in the first quarter, up slightly from a record low 4.92 percent in the fourth quarter; it was 5.06 percent in the first quarter of 2009.

Golder said even with some recent easing of mortgage credit, separate surveys3 show the housing market continues to be constrained by mortgage issues. “One-third of NAR members report the most important factor limiting potential clients has been difficulty in obtaining a mortgage,” she said.

“In addition, 11 percent of Realtors® in the first quarter report a contract was cancelled because an appraisal came in less than the price negotiated between a buyer and seller, and another 16 percent report a contract had to be renegotiated because of a low appraisal,” Golder said. “As a result, the housing recovery isn’t as strong as it could be. We are discussing these and other concerns with government and industry leaders at a real estate summit currently under way here in Washington.” The three-day summit began today at the Realtors® Midyear Legislative Meetings & Trade Expo.

In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was essentially unchanged at $170,700 in the first quarter, down 0.1 percent from the first quarter of 2009. Twenty-four metros showed increases in the median condo price from a year earlier and 31 areas had declines; in the fourth quarter 11 metros were up, and only four metros experienced annual price gains in third quarter of 2009.

Yun said there were solid single-family price gains in a variety of metro areas. “We see double-digit price increases in the San Francisco Bay region, and in smaller metros in the Northeast,” he said. “Price gains in some Midwestern markets are not very meaningful because of comparisons to very high levels of distressed homes that were sold at huge discounts a year ago.”

Regionally, the median existing single-family home price in the Northeast rose 9.0 percent to $256,300 in the first quarter from the same quarter in 2009. Existing-home sales in the Northeast fell 17.7 percent in the first quarter to a level of 850,000 but are 19.7 percent higher than a year ago.

In the Midwest, the median existing single-family home price slipped 0.8 percent to $130,600 in the first quarter from a year ago. Existing-home sales in the Midwest dropped 17.3 percent in the first quarter to a pace of 1.13 million but are 10.8 percent above the first quarter of 2009.

In the South, the median existing single-family home price was $148,200 in the first quarter, up 1.1 percent from the first quarter of 2009. Existing-home sales in the South fell 14.6 percent in the first quarter to an annual rate of 1.89 million but are 10.7 percent higher than a year ago.

The median existing single-family home price in the West was $210,200 in the first quarter, which is 8.3 percent below a year ago. Existing-home sales in the West declined 6.8 percent in the first quarter to an annual rate of 1.27 million but are 8.3 percent higher than the first quarter of 2009.

Housing Starts Rise 5.8 Percent in April 2010

Nationwide housing starts rose 5.8% to a seasonally adjusted annual rate of 672,000 units in April 2010 as the deadline for an important home buyer tax incentive arrived, according to figures released by the U.S. Commerce Department.

“While some of the starts activity noted in the report reflected homes for which buyers had just signed a contract at the tail-end of the tax credit program, the rest was probably tied to builders replenishing their inventories in preparation for the post-tax credit era,” said Bob Jones, Chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “That said, builders are maintaining a cautious attitude with regard to new building as the economy and housing markets slowly recover.”

“The government’s latest numbers indicate that production of new single-family homes got a substantial boost in April as the tax credit program wrapped up and builders worked to resupply their depleted inventories,” agreed NAHB Chief Economist David Crowe. “As our latest surveys have indicated, builders are anticipating that factors such as low mortgage rates, attractive prices and the recovering employment market will replace the tax credit as incentives to buy. Meanwhile, the drop-off in building permits in April indicates that builders are working down the inventory of permits pulled in the previous month and taking care not to get ahead of the market. Builders also continue facing difficulty in obtaining project financing, which will limit the pace of a housing recovery.”

Single-family housing starts surged 10.2% to a seasonally adjusted annual rate of 593,000 units in April, the strongest rate since August of 2008. Meanwhile, multifamily starts posted an 18.6% decline to a 79,000-unit rate, offsetting a big gain posted by that sector in the previous month.

Permit issuance, which can be an indicator of future building activity, declined 11.5% overall to a seasonally adjusted annual rate of 606,000 units in April. This reflected a 10.7% decline to a 484,000-unit rate on the single-family side and a 14.7% decline to a 122,000-unit rate on the multifamily side.

Three out of four regions posted solid gains in new housing production in April. Combined single- and multifamily starts rose 23.9% in the Northeast, 16.7% in the Midwest and 7% in the South. The West registered a 13.3% decline.

Conversely, permit issuance was down in three out of four regions in April. The Northeast posted a 7.4% decline, the South registered a 14.3% decline and the West posted a 16% decline. Permit issuance remained unchanged from the previous month in the Midwest.

Restaurant Wednesday

Tin Angel

A classic neighborhood restaurant featuring modern french cuising based in classic ideas and using the highest quality ingredients. Since 1993, Tin Angel offers the convivial convergence of diners and staff in a warm atmosphere.

location
3201 West End Ave
Nashville

615.298.3444
tinangel.net

FHA Plays Vital Mortgage Finance Role, but Private Sector Must Return

Washington, May 13, 2010

The Federal Housing Administration plays a key role in today’s housing market, but changes are necessary to support recovery in the real estate market and general economy. That was the focus of today’s “Restoring the Balance of Public and Private Capital in Mortgage Finance” session, part of a three-day summit during the Realtors® Midyear Legislative Meetings & Trade Expo here this week.

“Realtors® are working to reshape real estate in America, and FHA’s role and prominence have shifted significantly over the past few years,” said National Association of Realtors® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Many first-time home buyers rely on FHA loans to purchase a home, and because of its vital role in helping families achieve the dream of homeownership, FHA must be strengthened and supported. At the same time, private financing must also return to support a full recovery.”

In 2009, more than 50 percent of first-time buyers used FHA to finance their home purchase, and nearly 80 percent of FHA’s purchase loans were to first-time home buyers. FHA also serves those who need to refinance out of risky adjustable-rate mortgages or subprime loans with high interest rates. In 2009, approximately 835,000 borrowers refinanced into lower interest rate FHA-insured loans, saving them an estimated $1.3 billion.

Vicki Bott, deputy assistant secretary for Single Family Housing, U.S. Department of Housing and Urban Development, acknowledged FHA’s current significance in mortgage financing. “FHA has become a vibrant part of the market, but our goal is not to build market share, nor is it to retract from the market. We need to support the housing market, but we also support improving market liquidity and bringing private involvement back to the market,” she said.

Bott joined panelists Steve Adamo, president and CEO, Weichert Financial Services; Scott Griffith, ERA Griffith Realty; and David Katkov, president and EVP, PMI Mortgage Insurance Co. Realtors® voiced their concerns with current lending challenges, including limited liquidity in the resort and second-home market and appraisal concerns related to the Home Valuation Code of Conduct. Panelists acknowledged there was still progress to be made, but that FHA had played a valuable role in averting larger problems.

“Thank God FHA was there,” said Katkov. “FHA stepped in, as they should, but as the market heals, the balance should be restored.” Katkov described an ideal mortgage insurance balance as 50-60 percent private sector, 35 percent FHA, with the remaining portion covered by loans guaranteed by the Veterans Administration.

“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multifamily mortgage insurance programs,” said Golder. “Yesterday, Realtors® visited Capitol Hill to tell Congress to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers, and to make the higher loan limits permanent to prevent dramatic decreases in the availability of affordable, safe financing nationwide.”

Decreasing the current loan limits would reduce the availability of mortgages in 612 counties in 40 states, plus the District of Columbia. The resulting average limit reduction of more than $50,000 would have a dramatic impact on liquidity and could halt the housing recovery, according to NAR.

Bank of America Reports More Than 56,000 Permanent Home Affordable Modifications, among More Than 600,000 Total Modifications Since January 2008

Bank of America has completed about 56,400 permanent mortgage modifications under the federal government’s Home Affordable Modification Program (HAMP), and has now completed a total of more than 600,000 modifications through all available programs since January 2008, the company reports.

“We were able to convert close to 24,000 Bank of America customers from trial to permanent modifications in the past month, completing the process for more homeowners than in any previous month,” said Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans.

“We continue to evaluate homeowners’ eligibility and activate trial modifications while focusing on completing as many permanent modifications as possible for those who have successfully completed their trial payment period. At the same time, however, we are beginning to see a decrease in the number of active trial modifications, which we have anticipated.”

In part, this reflects successful conversions to completed modifications and implementation of new government requirements for documentation of financial information before a borrower can enter the trial modification period, which will slow the inflow of new trial modifications.

In addition, as required by government guidelines, Bank of America is notifying customers who did not meet eligibility requirements for HAMP or who did not meet the requirements of their trial period plan that they are not eligible to complete a permanent HAMP modification. The bank is in the process of mailing letters to thousands of these customers.

“We are letting customers know that we may explore other homeownership retention options, depending on individual circumstances and investor guidelines,” Schakett noted.

Bank of America has completed nearly 550,000 modifications outside of HAMP since January 2008, more than 59,000 of them in the first four months of this year. All told, through HAMP and non-HAMP solutions, Bank of America has completed more than 605,000 modifications since January 2008, including 115,000 this year.

If all homeownership retention solutions have been exhausted, a short sale or deed-in-lieu may help the customer avoid the more severe negative impacts of foreclosure.

Bank of America continues to support and lead in implementation of all facets of the government’s Making Home Affordable initiative.

– The first offers under the new second lien modification program (2MP) were mailed on April 1, within days of the Department of Treasury issuing the program guidelines. Bank of America was the first servicer to sign an agreement to participate in 2MP in January, giving it a head start toward early implementation.

– Bank of America became operational in the Home Affordable Foreclosure Avoidance (HAFA) program in April. The program provides a streamlined, cooperative and encouraging approach to move homeowners who have been found to be ineligible for a HAMP modification into the short sale or deed-in-lieu process.

– Bank of America continues to lead the industry in refinancing loans through the Home Affordable Refinancing Program (HARP) with more than 200,000 mortgages refinanced. More than 110,000 of these mortgages have loan balances exceeding 80 percent of the property value and otherwise may be difficult to refinance in today’s tight credit markets.

In the first quarter of this year, Bank of America loaned $70 billion to 320,000 customers to purchase a home or refinance their existing first mortgage.

Implementation of recently announced enhancements to Bank of America’s National Homeownership Retention Programs will begin soon. The innovative earned principal forgiveness approach, announced in March, targets types of loans that have demonstrated the highest risk of default by using principal reduction as the first step toward reaching an affordable payment through modification. Bank of America is completing plans to align this program with features of a similar earned principal forgiveness plan recently announced by the Department of Treasury as part of HAMP, ahead of broader implementation of the government program in the coming months.

Flood Repair Information

May 2010
DEPARTMENT OF CODES AND BUILDING SAFETY
FLOOD RECOVERY INFORMATION
GUIDELINES FOR PERMITS
ASSOCIATED WITH THE REPAIR OF
FLOOD DAMAGED HOMES AND BUILDINGS

The Department of Codes and Building Safety urges you to use extreme caution when re-entering any residence that has been submerged or water damaged during flooding. See our guidelines for Safety Precautions For Residents Returning To Flood Homes.
A building permit is required prior to making repairs to flood damaged homes and buildings.

While building permits are not required for ordinary maintenance and repairs . . . the repair of a flood damaged home or building is far from ‘ordinary’.
While there are no permits required to do the “demolition” and “clean-up” associated with the project (the removal of drywall and damaged carpet, doors, etc.), a building permit is required prior to installation of the drywall and prior to repair of any electrical, plumbing, or mechanical (HVAC) system damage.

How does a building permit benefit the Homeowner?
In a word: SAFETY. A building permit and the inspections that accompany a permit protect you, your family and guests, and future owners. It protects your neighbor. It protects your contractor. It protects the city. Evidence of permits and inspections may be required in an insurance claim or property sale. All of this adds up to a protection of your property's value.

Who can obtain Building Permits?
A property owner who presently occupies or intends to occupy a single-family residence or a licensed contractor may obtain a building permit to construct or repair a residence. A property owner or tenaa commercial property can obtain a building permit to construct or repair a building for up to $25,000, over that amount will require a licensed general contractor

Below are some guidelines to help understand the process for permitting repairs for flood damaged buildings or structures.

• You or your contractor will need to come to the Department of Codes Administration, 3rd Floor of the Metro Office Building, 800 Second Avenue, South to apply for the building permit. Permit Division 615 862-6517.

• At the time of application you must have the name of the property owner, proper street address and/or the tax map and parcel number to insure proper identification of the property.

• When you arrive at the Department of Codes Administration you will sign in to see a Zoning Examiner.

• The Zoning Examiner will enter the permit application information in the computer.

• Some applications may require approvals from other departments such as the Department of Water Services (for assistance with flood plain and stormwater issues and to ensure compliance with FEMA requirements). When this occurs the Zoning Examiners will act as your counselor, providing you with information and a check list that will aid you in obtaining these approvals.

• Once you have obtained all the required approvals, your last step is to visit the Customer Service person where you initially signed in. They will direct you to a permit clerk where you pay for and receive your building permit.

• The permit clerk will also include a checklist of the inspections you are required to have made during construction. At the appropriate stages of construction, request the proper inspections. An inspector will meet you on site and inspect the work. The inspector will either approve the work or explain the changes you need to make to attain approval. When you complete the work the inspectors will give you an approval. This indicates that the work inspected passed inspection. At the end of your project you should have a final approval for all of the phases of your project, these include but are not limited to Building, Mechanical, and Electrical.
The repair and inspection sequence for flood damaged properties:

• Now that you have your building permit, the next step is to secure the services of a licensed electrical contractor and a licensed HVAC contractor to inspect electrical and HVAC equipment which may have been submerged in flood waters.

• Do not install drywall or cover the electrical or HVAC systems until the following has been completed:

• The licensed electrical and HVAC contractors will obtain electrical and HVAC permits associated with the repair and replacement of any submerged electrical, HVAC systems or any part thereof. The licensed contractors will complete their work and call Codes for inspections and approvals.

• After the Electrical and Mechanical work has been inspected, insulation must be installed in the exterior walls and floors to meet the requirements of the adopted energy codes. Walls must be insulated with R-13, and floors must be insulated with R-19.

• After installing insulation and before hanging the drywall, you will call the Codes Department’s Building Inspection Division (862-6550) and request a “framing inspection”. Upon receiving our approval of the framing inspection, you are then free to hang the drywall and complete the remainder of the repairs.
Special warning regarding homeowner repair permits:
When a licensed contractor obtains a building permit, the contractor is totally responsible for the construction (including the work performed by subcontractors) to meet all codes. If the construction fails to comply with all codes, their permit bond can be used to repair the code violation.
When an owner obtains his or her own building permit, he or she becomes totally responsible for the code compliance of the construction project includsubcontractors and not the contractor – even if a contractor is hired and the construction does not comply with all codes.

If you have hired the services of a contractor, have the contractor obtain the building permit.

HOMEOWNER GUIDELINES FOR ADDRESSING MOLD

• Be aware that mold might be present if your house was flooded.
• Wet items such as furniture and rugs should be taken outside to dry out.
• Remove all drywall that has been submerged.
• Use fans and dehumidifiers to remove excess moisture from your home. Fans should be placed at a window or door to blow the air outwards rather than inwards, so not to spread the mold.
• To remove or prevent mold growth from hard surfaces use commercial products, soap and water, or a bleach solution of 1 cup of bleach in 1 gallon of water.

GUIDELINES FOR REPAIR OF ELECTRICAL SYSTEMS
EXPOSED TO FLOOD WATER

If your electrical system, or parts of your electrical system not rated for wet locations, have been flooded and your electricity has been cut off, to have NES to reconnect your power you must:

• Have a licensed electrical contractor come inspect your electrical system.
• If the electrical contractor finds your system is ok to re-energize, he will call for a service release permit, this will trigger us to send an inspector to meet the contractor at your residence/building. If the system passes inspection, we will notify NES to reconnect the power.
• If the main service is acceptable but a part of the distribution system is not acceptable (such as a circuit feeding lights or outlets), we will allow the electrical contractor to disconnect the unacceptable portion of the system and we will ask NES to reconnect the electrical service to the residence/building.
• The electrical contractor shall then obtain an electrical permit to repair the unacceptable part of the system.
• When repairs are completed the contractor will call for an inspection. If the remaining portion of the system passes inspection, then it may be connected to the energized part of the system by the contractor.
2. All parts of an electrical system (including all electrical devices, outlet, switches, equipment and some wiring) not rated for wet locations, which have been submerged in flood waters will have to be replaced by a licensed electrical contractor. Old fabric coated wiring, knob & tube type wiring or any other submerged wiring that is in poor physical condition must be replaced. However, if the romex wiring (NM cable) is modern plastic sheathed and in good shape, we will allow it to remain. Repair or reconditioning of electrical equipment should only be attempted when in direct consultation with and following instructions from the equipment manufacturer.
3. For more information on reenergizing flood damaged electrical systems see the guidebook “Evaluating Water Damaged Electrical Equipment” provided by the National Electrical Manufacturers Association (NEMA). www.nema.org
Electrical Information 615 862-6560

GUIDELINES FOR WATER HEATERS
EXPOSED TO FLOOD WATERS

The Department of Codes and Building Safety urges you to use extreme caution when restarting any Water Heating Equipment that has been submerged or water damaged during flooding. Prior to re-starting any equipment you should have a licensed Plumbing or Mechanical contractor inspect the equipment. Generally the replacement of a residential 50-gallon water heater does not require a permit. It would require a permit if you were to replace the water heater and change the fuel type (example: going from electric to gas or from gas to electric).
Whether a water heater uses gas, or electricity, if it was exposed to flood water,
the unit must be replaced.

AHRI has provided reasons why it is required to replace water heaters which have been exposed to flood waters.

• A new water heater is a relatively small investment, and replacing it is fairly easy to do. If the water heater was more than five years old, the chances are good that a new unit will be more efficient, which will save the homeowner money.
• In a gas unit, valves and controls can corrode and cause it to malfunction. In an electric unit, the thermostat and controls can corrode and cause malfunction.
• In both types, the insulation surrounding the unit will likely be contaminated and will be nearly impossible to disinfect. In addition, the insulation takes a great deal of time to dry and can lead to corrosion of the tank from the outside. Even if water heater components have been cleaned and the unit seems to operate properly, parts may corrode in the future and create a very hazardous condition.
• Both gas and electric water heaters have a pressure relief valve that can corrode and stick after being exposed to flood water. This is a very hazardous condition
•

The Air Conditioning, Heating, and Refrigeration Institute (AHRI) is the trade association which represents manufacturers of air conditioning, heating and commercial refrigeration equipment. For more information visit the following website
http://www.ahrinet.org
Plumbing Information 615 862-6570
Mechanical Information 615 862-6570

GUIDELINES FOR RE-STARTING WATER DAMAGED
HEATING AND COOLING EQUIPMENT

The Department of Codes and Building Safety urges you to use extreme caution when restarting any Heating or Cooling Equipment that has been submerged or water damaged during flooding. Prior to re-starting any equipment you should have a licensed Mechanical contractor inspect the equipment and clean, repair, or replace as necessary prior to putting back in use.
Below are some guidelines to help determine if replacement is the better choice than repair.

NOTICE:
The repair or reconditioning of heating and cooling equipment should only be considered when in direct contact with the equipment manufacturer and following the instructions of the manufacturer.
The Air Conditioning, Heating, and Refrigeration Institute (AHRI) has compiled a list of heating and cooling equipment for homeowners to consider replacing if flood damaged:

Gas Furnaces and Boilers: If there is any question whether flood water has reached a gas furnace or boiler, it should be checked by a qualified contractor. This equipment has gas valves and controls that are especially vulnerable to water damage from floods damage that might not be visible. Corrosion begins inside the valves and controls, and damage may not be apparent, even if the outside of the device is clean and dry. At a minimum, this damage can result in reliability problems and are potentially very hazardous. Gas equipment and appliances which have been submerged in flood waters must be replaced for reliability and safety.
Electric Furnaces: An electric furnace consists of electrically heated coils, a fan to provide air circulation across the coils, and controls that include safety relays. As with a gas furnace, an electric furnace is susceptible to corrosion and damage from flood water, creating potential reliability problems or safety hazards. If there is any question whether flood water has reached an electric furnace, homeowners should have it checked by a contractor.
Propane Heating: Use extreme caution where there is the potential for propane leaks and have propane equipment checked, re-paired and/or replaced by a contractor as quickly as possible after a flood. In every case, contractors must replace all valves and controls that have been in contact with flood water. The gas pressure regulator on a propane system should also be checked. This regulator contains a small vent hole to sense outside pressure. For effective gas pressure regulation, this hole must always remain unobstructed. During a flood, debris can easily plug the hole, causing dangerous malfunction or corrosion. Propane equipment and appliances which have been submerged in flood waters must be replaced for reliability and safety.

Radiant Floor Heat: With this type of heating system, electrically heated cables or tubing circulating a fluid are embedded underneath or within the flooring material. The cables warm the floor, which in turn warms the room by radiant heat. If the floor becomes wet from a flood, it can weaken and perhaps crack and may need replacement. Both electrical cables and tubing can be damaged due to a wet floor. Therefore, a qualified professional should be consulted to determine whether the system can continue to be used.

Heat Pumps and Air Conditioning Systems: Split air conditioning and heat pump systems have power and control wiring between the indoor and outdoor parts of the system, and piping through which refrigerant flows through the system. If flood water has repositioned either the indoor or outdoor units of a split system even by a small amount, there is a potential for refrigerant leaks. The system will then require major repair or full replacement. If the refrigerant system remains intact after the flood, the entire system should be cleaned, dried and disinfected. Homeowners should have a contractor check the indoor and outdoor units' electrical and refrigeration connections, including all control circuits. The decision to repair or replace should be made after consultation with a qualified professional on a case by case basis.

Ductwork: If a house under storm repair contains a central forced air system, attention should also be paid to the ductwork. A contractor will not try to salvage duct insulation that has been in contact with flood water, but will replace it because it is impossible to decontaminate. New duct insulation shall provide an R=8. The contractor also will clean, dry and disinfect the ductwork itself. A thorough job will require disassembling the duct-work, but
the silver lining is that such repairs will allow the contractor to seal joints in the ductwork and improve insulation to reduce heat and cooling loss.
The Air Conditioning, Heating, and Refrigeration Institute (AHRI) is the trade association which represents manufacturers of air conditioning, heating and commercial refrigeration equipment. For more information visit the following website http://www.ahrinet.org
Mechanical Information 615 862-6570

For volunteer assistance and access to helpful resources call Hands on Nashville 615 298-1108.
To apply for Federal Disaster Assistance call FEMA at 1-800-621-3362 or hearing impaired 1-800- 462-7585.
Important Codes Department Telephone Numbers:
Permit Division — 862-6517
Zoning Review—862-6510
Plans Review — 862-6540
Building Division — 862-6550
Electrical Division — 862-6560
Gas/Mechanical Division — 862-6570
Department of Codes and Building Safety
800 2nd Avenue, South
Nashville, TN 37210
615 862-6500

Keller Williams Red Day-Giving Where We Live

What is RED Day?

RED (Renew, Energize and Donate) Day is a Keller Williams Realty service initiative dedicated to improving our local communities. All Keller Williams Realty associates in the United States and Canada were asked to donate their time on May 13, 2010 to renewing and energizing aspects of their local communities. Because of her constant commitment to the culture of our company, this day has been dedicated in honor of our Vice Chairman, Mo Anderson.


A letter from Mo Anderson, thanking all participants of Red Day 2009:
Dearest KW Family,

I cannot begin to express my heartfelt gratitude for honoring my 72nd Birthday with RED Day!

Last week, our Family joined together in a day of international service to others. You have set a standard of charity, love, and commitment in each of your communities. We may never know the true value and impact of this incredible gift that is a result of our culture and our unity.

My eyes are filled with tears of joy and my heart is filled with loving pride as I read your letters, learn your stories, see your photographs, and watch your videos sharing the amazing work you have done in your neighborhoods across North America. Homes have been rehabilitated. Hungry families have been fed. The elderly have received our time, care and respect. Our cities have been beautified. More acts of kindness have been given to others than can be named here.

John Maxwell says, "People do not care how much you know until they know how much you care." Because you have opened your hearts, the world knows how much Keller Williams cares about the communities we live in. Your blessing to others is immeasurable.

Thank you for giving your time and energy to those in need. You have not only changed your community and your Market Center, but you have changed the industry! Thank you for living our Culture in action!

I have never received a gift greater than this.

Bless you,

Mo Anderson
Vice Chairman of the Board
Keller Williams Realty International

Restaurant Wednesday

Provence Breads and Cafe opened its doors in 1996 with the goal of baking the finest quality artisan breads and pastries in Nashville. Every single item they produce is baked from scratch using the finest ingredients available.

locations:

Hillsboro Village
1705 21st Ave South
Nashville
615.386.0363

Downtown
601 Church Street
Nashville
615.664.1150

Green Hills
4031 Hillsboro Pike
Nashville
615.385.1400

Tax Relief for Flood Victims

As you are probably aware by now, President Obama declared several Tennessee counties (Cheatham, Davidson, Dyer, Hickman, McNairy, Montgomery,Perry,Shelby, Tipton and Williamson) as disaster areas.

The IRS issued the following press release yesterday highlighting some of the tax benefits associated with the disaster area designation. A provision of particular note for those of you who were impacted directly by the flooding, or with friends and/or family who were impacted by the flooding, is the opportunity to claim disaster losses incurred in 2010 on an amended 2009 tax return. Since most storm victims didn’t carry flood insurance, the opportunity to claim their losses on an amended 2009 tax return is one of the few ways they can recoup their uninsured financial losses. Congress is in the process of crafting legislation that would extend several tax benefits that expired at the end of 2009 including the favorable casualty loss provisions.

Congressional leaders made comments yesterday that they hope to pass this legislation before the Memorial Day break so it’s possible that the more favorable casualty loss provisions that expired at the end of 2009 will be extended into 2010.

'We Are Nashville' blog unites city

With 13,000 Facebook fans and T-shirts to aid flood victims, "We Are Nashville" has turned into a rallying cry for a city facing massive cleanup and rebuilding efforts after a devastating flood.

But the phrase began as a simple post on the local Nashville Predators-centric Section 303 blog.

"Not in one of my wildest dreams did I think it'd turn into something this big," said native Nashvillian and hockey blogger Patten Fuqua, who first published the missive May 4 on the site.

The opinion piece praised the city's self-sufficiency during the flood, observing how neighbors were helping neighbors without the glare of the national media spotlight. The piece concluded, "We now know that it can happen to us . . . but also know that we can handle it. Because we are Nashville."

"I'd originally planned to come on and write a season review. And then the flood happened. So I thought, 'Hey, this is kind of like hockey games when you rally people around you. You do whatever you can to get that energy up,' " Fuqua said.

Eric Shuff, social media director for The Tennessean, started a We Are Nashville page on Facebook, with Fuqua's blessing, after a friend suggested it on Twitter.

Later, Sam Davidson and Stephen Moseley, founders of Cool People Care, a Nashville-based company that provides organic T-shirts for philanthropic causes, picked up the motto and fashioned it onto T-shirts and bumper stickers. Proceeds from the sales go to the Community Foundation of Middle Tennessee's Flood Relief Fund.

"We connect people who make a difference in the local community. This blog post did that by becoming a rallying cry for the city," Davidson said. "We knew we could help just by doing something we do every day."

That was working with T-shirt printers, suppliers and retailers to get cash flowing in for various causes.

Local designer Rob Williams created the "We Are Nashville" lettering based on a wavy pattern, a slight nod to the water that inundated the city.

"The major thing is we had the word 'Nashville' underneath the main design that kind of showed a support or strength," he said of his design.

The shirts were selling briskly until CNN journalist Anderson Cooper held one up before the television cameras when his news show visited Nashville to report on the aftermath of the flood.

And that's when demand exploded.

"The next thing I know, we were getting so many orders that it crashed our website. We were getting four orders a minute," Davidson said.

So far, 3,500 T-shirts have gone to folks in 48 states and several countries and raised $25,000 for the nonprofit's fund.

Nashville Clothing Co. will be the first retailer to carry the We Are Nashville T-shirts in its stores, starting on Thursday. But orders also are accepted online at www.coolpeoplecare.org.

Fine Living Group Gives Back

Hello All,

WIth the current devastation in Nashville, we at the Fine Living Group of Nashville want to give back. For every fan we get to sign up, our group will donate $1 to The Nashville Red Cross. Please share with your friends, and if you would like to donate, please contact the Nashville Red Cross. To become a fan; please visit our facebook page Fine Living Group Gives Back. Thanks!

Country Stars Take Stock After Nashville Flood

As the water recedes and Nashville recovers from the devastating flooding that occurred when the Cumberland River became swollen from a weekend’s worth of thunderstorms, many of the city’s best-known musicians are assessing the damage to their property and making plans to help it get back on its feet. The country star Brad Paisley told The Associated Press that much of the staging and props for his coming concerts – called the H2O tour – were underwater during the floods, and that most of his guitars, amps and equipment had been destroyed. Ben Jumper, the owner of a storage facility called Soundcheck Nashville, where Mr. Paisley and other musicians kept their gear, said he expected his losses from the flood would amount to tens of millions of dollars. A publicist for Kenny Chesney told The A.P. that the musician’s home would probably be condemned after water rose above its first floor.

Vince Gill announced on his Web site that he would host a telethon on Thursday evening to benefit flood-relief charities. The telethon, to be shown on Nashville’s WSMV-TV Channel 4 and called “Working 4 You: Flood Relief with Vince Gill & Friends,” will run from 7 p.m. to 10 p.m. Central time, and will be streamed live on WSMV.com.

Tennessee digs out from deadly flooding

* Nearly 1,000 people in emergency shelters in Tennessee

NASHVILLE, Tenn., May 5 (Reuters) - Residents and volunteers in Nashville on Wednesday dug through ruined possessions, mud and debris inundating flood-hit homes and businesses, with the recovery from deadly weekend storms hampered by power outages.

The overflowing Cumberland River and its tributaries were gradually retreating, but flood waters that submerged part of Nashville's downtown and forced evacuations across the region have caused billions of dollars in losses, officials said.

President Barack Obama granted the state's request for disaster relief in four counties, with more areas likely to receive federal help.

The weekend storms and flash floods were blamed for 20 deaths in Tennessee and 10 more in neighboring Kentucky and Mississippi.

Tennessee officials warned more victims may be discovered as the flood waters recede.

Nearly 1,000 people in Tennessee were living in emergency shelters, according to the Red Cross, and 10,000 were without power.

Nashville's downtown area near the Cumberland River as well as a Metro Center business area lacked electricity, and several tourist attractions in the capital of country music suffered serious damage.

Nashville officials pleaded with residents to conserve water as the city was relying on a single water treatment plant that sandbags had barely spared from the flooding.

A scheduled performance Tuesday night at the Grand Ole Opry was moved to the downtown War Memorial Building, where Senator Lamar Alexander performed "Tennessee Waltz" on piano. Among the country stars on hand was Jeannie Seely, who lost her home to the flood and had to borrow shoes.

"Well, you can laugh about it or cry and I don't want to cry," Seely told the audience.

Power out in core of downtown Nashville

A large swath of downtown businesses, from the honky tonks on Broadway to the AT&T building that marks Nashville’s skyline, are without power this morning and likely to remain dark until Friday following further damage from flood waters.

Nashville Electric Service’s substation on Demonbreun Street lost its remaining circuits at about 3:15 a.m. today due to water flooding transformers housed in underground vaults, spokeswoman Laurie Parker said. The area runs from Demonbreun to Commerce Street, and from Fifth Avenue — all the way to Bridgestone Arena — to the Cumberland River.

NES is unable to pump the water out or safely reactivate its lines until the flood waters recede, Parker said.

“It’s a mess,” she said. “It’s a waiting game to see how long it takes for the water to recede to energize those lines.”

The numerous businesses and other buildings join such structures as The Pinnacle at Symphony Place, which NES already powered down to prevent an electrical fire or other complications, she said.

NES has 54 crews working on power outages, which affected 3,500 customers as of Tuesday morning, the Metro Emergency Operations Center said.



Read more: Power out in core of downtown Nashville - Nashville Business Journal:

Massive flooding hits Nashville

Thousands of Middle Tennessee homeowners and business owners will spend this week working to recover from a weekend of widespread flooding that came as the result of two days of record-setting rainfall in Nashville.

The National Weather Service reported that Saturday and Sunday's rainfall totals were 13.57 inches at the Nashville International Airport — more than doubling the previous two-day record rainfall of 6.68 inches set in September 1979. As of May 3, the month already was the fifth-wettest month on record for Nashville.

The Cumberland River, already above flood level, is expected to crest at 51.5 feet today, according to officials with the Mayor’s Office of Emergency Management.

The National Weather Service advises major flooding is expected to continue along the river on Monday, followed by a gradual decrease in water levels with the river falling below flood stage late Tuesday night.

Several area communities, including Franklin and Bellevue, were among the hardest hit. 11 deaths were blamed on the weekend's storms.

Other areas were being evacuated because of rising floodwaters. The Riverfront and First Avenue, Metro Center in North Nashville, and Opryland areas have been evacuated. First Avenue and Metro Center will remain closed until Cumberland River levels stabilize and begin to recede.

Travel was disrupted heavily over the weekend as the water engulfed several interstates around Nashville, and many flights were canceled flying out of BNA Sunday.

Please visit nashvillebusinessjournal.com throughout the day for more updates.