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» VISIT US ONLINE @ DSNEWS.COM 121 workers, making it difficult for them to own a home and driving demand for affordable rental housing. Only 31 affordable rental units are available for every 100 renters who make less than 30 percent of the median income in their area, the report indicated. Restrictions on local land-use and impact fees have led to an increase in construction costs, preventing the development of smaller, lower-cost housing units, such as apartments, mobile homes, and mother-in-law suites. e sample Fair Market Rent for a modest two- bedroom apartment is $1,351 in Miami, $1,387 in Fort Lauderdale and $1,422 in West Palm Beach, the report stated. e top five most-expensive areas in Florida, based on the hourly wage needed to afford an average two-bedroom apartment, are Monroe County ($29.12/hr), West Palm Beach ($27.35/hr), Fort Lauderdale ($26.67/hr), Miami ($25.98/hr), and Naples ($23.46/hr). OKLAHOMA Gateway Introduces Down Payment Protection Program Oklahoma-based Gateway Mortgage Group has launched a new down payment protection program to protect homebuyers against unpredictable and unfavorable market changes. e new program is offered through ValueInsured and has been seamlessly inte- grated into most of Gateway's mortgage loan products. "Gateway is always growing, innovat- ing and seeking new ways to better support homeownership in the communities we serve around the country," said Alan Ferree, Presi- dent of Gateway. "is partnership with Val- ueInsured allows us to differentiate Gateway from other mortgage lenders while providing our customers with a unique option that offers some peace of mind and simply makes sense for certain markets or borrowers." e new Down Payment Protection Pro- gram offers homebuyers an optional insurance feature that can minimize market risk on the value of their home and safeguard some, or all, of their down payment. If the market price drops and the home sells at a loss, up to the full amount of the down payment could be reimbursed in a turnkey home inspection-free process usually taking 30 days or less (some restrictions apply). "Gateway operates in many markets where home values are at all-time highs," said Joe Melendez, Founder and CEO of Val- ueInsured. "Gateway continues to prove its commitment as a champion of the American dream by allowing customers to buy with confidence while helping to alleviate the concerns and unpredictability of today's real estate values." Ferree added, "Our primary focus is to deliver the highest level of service to our customers through local, caring mortgage professionals across the nation. By offering this Down Payment Protection Program, we will be able to provide our customers with added flexibility, control and confidence in their journey to homeownership." Gateway is licensed in 40 states, and the District of Columbia, and operates more than 170 retail locations across the country. e company's annual loan volume is forecasted to exceed $7 billion while the servicing portfolio will surpass $20 billion. PUERTO RICO Rebuilding Puerto Rico Leading representatives from mortgage banks, servicers, suppliers, non-depository institutions, and government agencies engaged in a series of collaborative discussions focused on sustainable solutions for this island in re- covery during e Five Star PR18 Conference (PR18) in San Juan. It's been more than a year since Hurricane Maria left a trail of devastation to life and property in the island nation of Puerto Rico. But even now, its shadow looms with Puerto Rico's government estimating the amount required to rebuild and restore the region at around $139 billion. Even more sobering are the death tolls for the storm that were raised from 62 to 2,975 according to a report commis- sioned by Puerto Rico's Gov. Ricardo Rossello and released in August 2018. "e People of Puerto Rico are not name- less, faceless statistics. ey are our country- men, with the same dreams, values, and aspirations. Our solemn duty as an industry and as a society is to help restore and revital- ize an island that so many call home," said Ed Delgado, President and CEO of the Five Star Institute, during his address at the conference. Some of the key topics discussed dur- ing this two-day summit included an overall "State of the Island," a look at the policies and programs shaping the island's recovery, an examination of Puerto Rico's ongoing foreclosure crisis, borrower outreach options, a legal services update, and a breakdown of the unique property preservation challenges presented by Hurricane Maria's aftermath. "Mainland firms are not familiar with Puerto Rico, and parties based in Puerto Rico need to work with mainland partners they can trust," Steven Horne, Founding Member of HMB Law Group told DS News in its November feature story entitled "Rebuilding Paradise." Horne added, "e beauty of the Five Star PR18 Conference is that it is the perfect time in the recovery process to build those relationships." PR18 was Supported by Auction.com and Co-supported by e Home Depot Renova- tion Services and RES.NET. Other event supporters included Apex Asset Management Group; Dakota Asset Services; DEVAL; DIMONT; E.P.I.C. Strategies; Fannie Mae; Five Brothers Asset Management Solutions; Geomni; GLS Legal Services; HMB Law Group; Kingbird Properties; Lender Toolkit; Martinez & Torres Law Offices; MSI; Real Estate Opportunities, PR Corp; National General Lender Services; Residential World; Rushmore Loan Management Services; ServiceLink; Tromberg Law Group; USRES; and Xome.

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