In this Mentor Local Buzz Issue…

 🌞 Mentor Weather - Windy & Humid w/Sun & Clouds - T-Storms - Temps 82-84

 🎉 Mentor Live Events - 50+ Live Events and Growing!

 📈 Celebrating 200 Issues of Mentor Local Buzz!

 📰 Second Major Consultant Quits Ohio Teachers’ Pension Fund

 👶 Daycare Under Scrutiny After Toddler Found on Main Road

 📰 Kirtland Implements Strict Marijuana Restrictions

 🏡 Special Section: Real Estate: 🏘️ New 203(k) Loan Updates Make Buying or Refinancing Fixer-Uppers Easier Starting in Nov. 2024

🏘️ New Home Listings for Sale in Mentor, Ohio

⚾ Guardians Fall to Rays 2-0, Maintain AL's Best Record

 🍔 Who Has the Best Burger in Mentor?

 🤔 Trivia Question

 🤣 Something Funny

Mentor Live Events
July 15-16

See the details for these events in the link above for Mentor Live Events

See All the Upcoming Events Here at:
Mentor Live Events!
50+ Event Dates and Growing

 📈 Celebrating 200 Issues: Mentor Local Buzz's Commitment to Community News

The Mentor Local Buzz is thrilled to announce the release of our 200th issue! Since our inception, we have been dedicated to delivering the most relevant and important news to the residents of Mentor. Our journey has seen us grow from a small local newsletter to a trusted source of information for the community.

From community events and local government updates to features on inspiring individuals and businesses, our mission has always been to highlight the stories that matter most to you, our readers.

We are incredibly grateful for the continued support of our readers, contributors, and advertisers. Your engagement and feedback have been crucial in helping us improve our coverage and we thank you for that!

Thank you for being a part of our journey. Here’s to many more issues of serving you with the news that matters!

 📰 Second Major Consultant Quits Ohio Teachers’ Pension Fund Amid Controversy

Ohio’s State Teachers Retirement System (STRS) faces another setback as a second major consulting firm withdraws from working with the troubled pension fund. McLagan, a data and analytics company, has decided to stop providing compensation advice and research to STRS, citing unspecified reasons in a recent email. This move follows the exit of consulting giant Aon, McLagan’s parent company, which withdrew from STRS in May.

The STRS board, already under pressure from allegations of public corruption and mismanagement of funds, is experiencing heightened anxiety. Recent conflicts within the board have led to two resignations and debates over investment strategies. Reform-minded members, now holding a majority, advocate for a shift from actively managed funds to index funds, which are seen as more cost-effective and aligned with market performance.

The controversy includes accusations against two board members, Wade Steen and Rudy Fichtenbaum, of attempting to steer a significant portion of STRS assets to a firm with alleged backdoor ties to them. Attorney General Dave Yost has filed a lawsuit for their removal, citing breaches of fiduciary duties.

Retired teachers and reform advocates criticize the current system for awarding substantial bonuses to STRS staff while withholding cost-of-living adjustments (COLA) for retirees. These issues have prompted calls for transparency and accountability, with some suggesting that reducing staff and switching to indexed investments could better serve retirees.

The ongoing turmoil at STRS has led to concerns about the pension fund's long-term stability and the ability to attract and retain qualified staff. With the departure of key consultants and ongoing legal battles, the future of STRS remains uncertain.

WATCH or Read More at news5cleveland.com

👶 Daycare Under Scrutiny After Toddler Found on Main Road

A mother in North Olmsted is outraged after discovering her toddler wandering in the middle of a busy road while under the care of a local daycare. The incident occurred when the child somehow managed to leave the daycare premises unnoticed. The daycare staff failed to realize the toddler was missing until a passerby found the child and contacted authorities. The mother, distressed and furious, is demanding answers and immediate action to ensure such a lapse in supervision never happens again. The daycare center has yet to provide a detailed explanation for the oversight but has promised a thorough internal review. Local authorities are also investigating the incident to determine any potential violations of childcare regulations.

Read the Full Story at cleveland19.com

📰 Kirtland Implements Strict Marijuana Restrictions, Eyes Future Reevaluation

The Kirtland City Council recently approved a comprehensive ban on recreational marijuana facilities and delivery services, with the measure extending to all related activities including cultivation, processing, and dispensaries. The decision, which also impacts deliveries unless specifically authorized for registered individuals, aims to fortify the city against potential legal and business challenges.

This action comes ahead of the expiration of a temporary moratorium and aligns with new state regulations permitting licensed medical facilities to apply for recreational licenses. Council members, along with feedback from local business stakeholders, support a cautious approach, considering future evaluations and potential adjustments to the ordinance.

🏘️ New 203(k) Loan Updates Make Buying or Refinancing Fixer-Uppers Easier Starting in Nov. 2024

This week, the U.S. Department of Housing and Urban Development (HUD) unveiled significant updates to its FHA 203(k) loan program, designed to simplify and improve the home buying and refinancing process for properties needing repairs or renovations. These updates will be effective starting November 4, 2024.

Overview of the FHA 203(k) Program

The FHA 203(k) loan is a specialized mortgage backed by the Federal Housing Administration (FHA), allowing homebuyers and homeowners to bundle the costs of repairs, improvements, or upgrades into a single loan. This loan covers both structural repairs like foundations and roofs and cosmetic upgrades like kitchen and bathroom modernizations. The funds are managed through an escrow account, similar to a construction loan.

Key Updates to the Program

The FHA offers two versions of the 203(k) loan: the Standard 203(k) for substantial repairs and the Limited 203(k) for minor improvements. The recent updates include:

• Increased Rehab Costs: The maximum rehab cost for the Limited Program has increased from $35,000 to $75,000.

• Consultant’s Fee Inclusion: The approved Consultant’s fee can now be included in the mortgage amount under the Limited Program.

• Extended Timelines: The Standard Program’s rehab period extends from six to twelve months, and the Limited Program from six to nine months.

• Mortgage Payment Reserve: The permissible reserve period for covering mortgage payments during uninhabitable renovations under the Standard Program is now twelve months.

• Repair Criteria Adjustment: A repair is now considered “major” if it makes the home uninhabitable for over 30 days, up from the previous 15 days.

• Updated Consultant Fees: Higher maximum fees for Consultants, a two-year approval validity, and specific selection criteria for Consultants in the Limited Program.

Why the Updates Were Necessary

Despite the benefits of the FHA 203(k) loan, its usage has been limited due to outdated elements. In 2022, only 4,478 203(k) loans were issued, making up just 0.5% of total FHA originations. HUD expects these enhancements to significantly increase the program's use and address housing supply challenges.

HUD Acting Secretary Adrianne Todman emphasized the modernization of the program, aiming to help both homebuyers and homeowners with affordable financing for renovations.

How to Obtain an FHA 203(k) Loan

To apply for a 203(k) loan, homebuyers must first assign a Consultant if using the Standard loan. After lender approval, a licensed contractor will carry out the renovations, with the Consultant inspecting the work throughout the process. The entire renovation should be completed within six months.

Conclusion

The updated FHA 203(k) loan program now offers higher renovation amounts and extended timelines, making it a more flexible and appealing option for those looking to purchase or refinance a fixer-upper. These changes are set to enhance the program’s attractiveness and utility for potential homebuyers and homeowners.

Source: themortgagereports.com

🏘️ New Home Listings for Sale in Mentor, Ohio

8286 Manor Gate Way, Mentor, OH 44060
3 Beds, 2.5 Baths, 2,190 Sqft, 6,970 sqft lot
Sale Price $489,900
Listed by: Mary Kay Kennedy with Gardner Kennedy Group, Inc.
Link to Property Listing

7145 Maple Street, Mentor, OH 44060
3 Beds, 3.5 Baths, 2,690 Sqft., 0.3 Acre Lot
Sale Price $479,900
Listed by: Michael Foley Brokered by: Howard Hanna - Mentor
Link to Property Listing

7934 Champaign Dr, Mentor, OH 44060
3 Beds, 2.5 Baths, 3,162 Sqft., 0.57 Acre Lot
Sale Price $439,000
Listed by: Lisa Sisko with Keller Williams Greater Metropolitan Realty
Link to Property Listing

7070 Elizabeth Ct, Mentor, OH 44060
3 Beds, 2 Baths, 1,628 Sqft., 0.36 Acre Lot
Sale Price $294,900
Listed by: Lori Pecjak Brokered by: Howard Hanna - Mentor
Link to Property Listing

6323 Dawson Blvd, Mentor, OH 44060
3 Beds, 1 Baths, 924 Sqft., 6,752 Sqft lot
Sale Price $210,000
Listed by: Jonathan Minerick Brokered by: Homecoin.com
Link to Property Listing

Link to Other Listings in Mentor or Zip Code 44060

⚾ Guardians Fall to Rays 2-0, Maintain AL's Best Record at All-Star Break

Ryan Pepiot's strong six-inning performance and homers by Jose Siri and Brandon Lowe propelled the Tampa Bay Rays to a 2-0 victory over the Cleveland Guardians. Despite recent struggles, the Guardians hold the best record in the AL at the All-Star break. Both teams experienced difficulties with runners in scoring position throughout the series. Steven Kwan leads the majors in batting average at the break, a first for Cleveland since 1947. The Rays enter the break at .500, showing signs of improvement in recent weeks.

Cleveland managed only four hits in the game against Tampa Bay’s four pitchers. Ben Lively (8-5) pitched pretty well overall but was pulled in the sixth inning. He pitched 5.1 innings and gave up 2 earned runs on solo home runs but gave up just 3 hits overall and struck out 7. Since their 7-game win streak near the end of June, the team has had a record of 7-11.

Read More at cbssports.com

🏃‍♀️Savannah Dennison Clinches First Johnnycake Jog Win with 32:37 Finish

Savannah Dennison, a University of Cincinnati sophomore and Mentor High School alumna, won her first Johnnycake Jog with a time of 32:37, showcasing her athletic prowess.

🍔 Who Has the Best Burger in Mentor?

2 Ways to Submit Your Choice for the BEST of Mentor 2024!!!

1. Visit our Facebook page to nominate the BEST of Mentor 2024 - BEST BURGER by adding your comments on our post.

2. Send us an email to [email protected].

👉Correct Answer with Further Details - Click Here👈

TECHNICAL ISSUE YESTERDAY, THAT LINK IS BELOW
👉Correct Answer with Further Details - Click Here👈

 🤣 Something Funny 🤣

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