NewzIntel.com

Category: Housing Sector

  • MIL-OSI United Kingdom: Raising funds to fix cladding issues

    Source: Scottish Government

    Building Safety Levy Bill published.

    Additional funding could be unlocked to fix building safety issues through new legislation published in the Scottish Parliament. 

    If passed, the Building Safety Levy (Scotland) Bill will see a tax charged on the construction of certain new residential properties, in line with equivalent legislation in England. 

    The Bill seeks to raise around £30 million per year to help fund work to fix residential buildings with unsafe cladding which have no linked developer.

    Latest estimates indicate that the Scottish Government’s Cladding Remediation Programme could cost £1.7 billion over a 15-year period. 

    Public Finance Minister Ivan McKee said:  

    “The Scottish Government is committed to doing what is right and necessary to address the challenge of fixing buildings affected by unsafe cladding.

    “That includes putting the appropriate funding arrangements in place to ensure that the associated costs of cladding remediation do not fall directly onto affected homeowners.

    “I know that developers share our determination to keep people safe and this levy will ensure they make a fair contribution to these costs, just as they will be doing in England.

    “I also welcome the continued cooperation of developers who have accepted responsibility for the assessments and any required mitigation and remediation of their buildings.”

    Background 

    The UK Government agreed in principle to devolve the powers needed for a Scottish Building Safety Levy last year. Powers secured to introduce building safety levy – gov.scot (www.gov.scot) 

    The legislation – which is proposed to come into effect in April 2027 – includes provisions to exempt certain types of development, including social and affordable housing. Details of tax rates will be set out in regulations if MSPs approve the Bill, consistent with the arrangements for other devolved taxes. 

    The Bill sets out a provision for a regular review period for the levy, which will be an opportunity to consider the revenue target in light of the prevailing housing market and wider economic conditions, as well as the emerging position on the scale and profile of spending on our cladding remediation work.  

    Estimated costs for the Scottish Government’s cladding remediation programme have also been published: Cladding remediation: capital spend forecasting – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI Canada: New digital service will help lower home-energy bills

    Source: Government of Canada regional news

    The Province is giving people a free digital tool to help make their homes more energy-efficient and reduce heating bills.

    The BC Home Energy Planner makes it simple for people to save energy and reduce their environmental footprint at the same time.

    “Many British Columbians, especially those in older homes, may be needlessly wasting energy without even realizing it,” said Adrian Dix, Minister of Energy and Climate Solutions. “People want their homes to be more energy-efficient and comfortable, and reduce heating bills. The Home Energy Planner is a free and easy-to-use way to do it.”

    The Home Energy Planner provides information about each home’s energy use by identifying issues, such as old windows or poor insulation, that may be causing heating bills to be higher than they should be. The tool also provides retrofit recommendations and connects people with program offers and registered contractors.

    The planner uses public data and information to assess how well a home uses energy. Homeowners will learn about:

    • the home’s energy score (measured in gigajoules per year);
    • what kinds of home-energy upgrades will have the biggest impact;
    • how home-energy upgrades can help prepare people for extreme weather events; and
    • resources to help upgrade the home.

    The planner is available to homeowners and renters. It can be used with single-family homes, as well as most townhouses, duplexes/triplexes, rowhouses and manufactured homes. It does not support condominiums, apartments or other multi-unit residential building types.

    Quotes:

    Kelly Greene, Minister of Emergency Management and Climate Readiness –

    “Extreme-heat events are becoming more frequent and are expected to become more severe because of climate change. The Home Energy Planner can help people make choices that protect those they care about, such as installing a heat pump, which can efficiently cool your home during the hottest days of summer, while reducing your monthly energy bill.”

    Maggie Baynham, sustainability project manager, District of Saanich –

    “As a pilot community, Saanich has had an opportunity to test the Home Energy Planner and see it as a valuable tool for helping our residents understand how to save money on their energy bills, prepare their homes for climate impacts, such as extreme heat, while also making a meaningful contribution to climate action.”

    Trevor Koot, CEO, BC Real Estate Association –

    “The BC Home Energy Planner is an important step in providing homeowners with more information and tools to better understand their home’s energy-efficiency. By recognizing the impacts of building structure and systems on the home’s operational cost, carbon emissions, comfort and air quality, homeowners can be guided to their best options for future energy-retrofit projects.”

    Chris O’Riley, president and CEO, BC Hydro –

    “The BC Home Energy Planner helps homeowners and renters improve efficiency and reduce costs. By identifying problem areas and offering solutions, it empowers British Columbians to make smarter energy choices.”

    Learn More:

    To use the BC Home Energy Planner, visit: https://bchomeenergyplanner.ca/

    MIL OSI Canada News –

  • MIL-OSI USA: WITH NEARLY 8,000 ‘ZOMBIE HOUSES’ PLAGUING ROCHESTER, SCHUMER CALLS ON FEDS TO IMMEDIATELY RENEW HUD PARTNERSHIP – EXPIRING IN LESS THAN 30 DAYS – FOR CITY TO TRANSFORM ABANDONED HOUSES INTO HOMES FOR…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Amid Nationwide Housing Shortage, Schumer Says Preserving HUD Partnership – Which Expires July 1 – Is Win-Win-Win For Getting Rid Of Zombie Houses, Revitalizing Neighborhoods & Creating Good-Paying Jobs For Monroe County

    City Of Rochester Has Transformed Over 850 Vacant Homes With Help From Agreement With HUD; With Contract Expiring In Less Than 30 Days, Schumer Calls On HUD To Act Quickly Before This Agreement Expires

    Schumer: Renewing This HUD-Rochester Agreement Is Vital So Rochester Can Transform Abandoned ‘Zombie Houses’ Into Homes For First-Time Home Buyers

    With the City of Rochester’s contract set to expire in less than 30 days, U.S. Senator Chuck Schumer called on the U.S. Department of Housing and Urban Development (HUD) to immediately renew its contract to convert abandoned “zombie houses” across Rochester into high-quality affordable housing for first-time homebuyers. Through this partnership, the City of Rochester has transformed hundreds of abandoned properties while creating good-paying construction jobs. Schumer said that with over 8,000 vacant houses across Rochester, HUD needs to cut the red tape and renew this agreement to support Rochester families, neighborhoods, and jobs.

    “With nearly 8,000 abandoned homes plaguing Rochester, we cannot let the City’s federal housing partnership expire in less than 30 days. HUD must cut the red tape and immediately approve the City’s plan to breathe new life into these zombie homes,” said Senator Schumer. “Thanks to this contract, we’ve already turned hundreds of abandoned ‘zombie houses’ into family houses for first-time homebuyers while creating good-paying construction jobs in Monroe County. With the nationwide housing shortage hitting Rochester hard, HUD renewing this agreement before it expires next month is the difference between hope and despair for countless Rochester families seeking the dream of home ownership.”

    The City of Rochester has a contract with HUD’s Asset Control Area Program to purchase vacant HUD-foreclosed homes and convert them to high-quality affordable housing for first-time homebuyers through a partnership with the Rochester Housing Development Fund Corporation (RHDFC). Since 2005, Rochester has renovated over 850 vacant homes through this program, boosting neighborhood property values by an average of $15,000 per house and generating more than $33.5 million in local contracting work creating good-paying construction jobs for Monroe County. As of the most recent census in 2020, there are more than 8,000 vacant homes in the City of Rochester. The City’s contract ends on July 1, and they are looking to renew the contract with HUD to help address the housing shortage in the region.

    “Securing this renewal will enable us to turn boarded-up, vacant houses into dream homes for first-time buyers and generate steady work for our skilled tradespeople and local contractors,” Rochester Mayor Malik D. Evans said. “With Senator Schumer urging HUD to act, we stand ready to patch the holes in the fabric our city’s housing inventory, breathe hope into every block, and build the safe, equitable, and prosperous Rochester our residents deserve.”

    In a letter to HUD Secretary Scott Turner, Schumer urged the department to cut the red tape, renew this contract, and work with Rochester to identify new HUD-foreclosed abandoned homes for inclusion in the program to maximize the number of properties covered by the partnership and further boost the supply of housing. The senator said amid the nationwide housing shortage that has hit the Rochester-Finger Lakes region hard, this contract is essential to helping buyers find and purchase homes while driving millions of dollars of new development into local neighborhoods.

    Schumer’s letter to U.S. Department of Housing and Urban Development Secretary Scott Turner can be found HERE or below:

    Dear Secretary Turner:

    I write to request the U.S. Department of Housing and Urban Development’s (HUD) prioritize and swiftly work with the City of Rochester to renew the Asset Control Area (ACA) Agreement between HUD and the City of Rochester that is now slated to lapse in less than 30 days on July 1, 2025. Without immediate full renewal, Rochester will lose access to being able to acquire and rehab now vacant HUD-foreclosed homes, transforming these “zombie properties” into safe, affordable housing for first-time homebuyers. If this contract is not renewed, a two decades-old partnership that has transformed 796 abandoned properties in the City of Rochester into quality homes for families and residents will be halted, at a time when Rochester, like much of the country, is facing a housing supply crisis. Because new homebuyers are struggling to find new affordable housing since demand now far exceeds housing inventory in Rochester, I request HUD structure the renewed ACA to make more of HUD’s vacant foreclosed homes available in the ACA pipeline.  This month, the National Association of Realtors ranked Rochester as the fifth most competitive housing market in the nation underscoring the new barriers prospective homeowners are confronting in the Rochester market.

    Since 2005, the ACA Agreement between HUD, the City of Rochester, and the Rochester Housing Development Fund Corporation (RHDFC) has enabled the City to acquire hundreds of vacant, FHA-foreclosed single-family homes, transfer them to RHDFC for rehabilitation, and sell them to income-qualified buyers through the HOME Rochester program. That initiative has rehabilitated over 850 “zombie homes”, the majority made possible through the ACA agreement, boosting neighboring property values by an average of $15,000 per house, generating more than $33.5 million in local contracting work, and creating good-paying jobs for Monroe County.

    Today, Rochester homebuyers face fresh headwinds in its housing market. In recent years, despite many vacant homes plaguing Rochester neighborhoods, a dwindling supply of quality housing has made it exceptionally challenging for buyers to find and purchase homes, leading to frustration and difficulty for those trying to navigate the market. As a result of these conditions, programs like HOME Rochester – the City’s vehicle for acquisition, rehabilitation, and resale – have become an even more vital pathway to homeownership for working families. Yet, beginning in 2020, the pipeline of HUD-foreclosed homes available through the ACA began to decrease, with just one property acquired in 2020 and one in 2021, compared with 29 acquisitions between 2017 and 2020. 

    Therefore I urge you to:

    1. Renew Rochester’s ACA Agreement for another two-year term, so that property acquisitions and HOME Rochester rehabilitations can proceed uninterrupted.
    1. Partner directly with the City of Rochester, RHDFC, and the Greater Rochester Housing Partnership to review the current inventory of HUD-foreclosed homes, identify new properties for inclusion, and structure a renewal that maximizes the number of properties, and the neighborhoods, covered under the agreement.
    1. Streamline HUD’s approval process by permitting bulk submission of property lists and rehabilitation plans – rather than negotiating each property one at a time – to eliminate red tape and accelerate delivery of homes to first-time buyers.

    Renewing this agreement and making more HUD vacant foreclosed homes available for rehabilitation can be the difference between hope and despair for countless Rochester families seeking their dream of homeownership and a boost to strengthen Rochester by reviving now-abandoned houses and driving millions of dollars of new development into local neighborhoods. 

    Thank you for your prompt attention to this urgent matter.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Luxembourg

    Source: IMF – News in Russian

    June 5, 2025

    • Luxembourg’s fundamentals remain strong and economic recovery is projected to slowly gain pace amidst external headwinds. Downside risks prevail in the short term.
    • Surprising on the upside, the fiscal balance improved to a surplus of 1 percent of GDP in 2024, boosted by one-off revenues. Given structurally high revenue volatility, prudent fiscal policy should be based on a more efficient use of fiscal space.
    • The financial sector is resilient, with well-capitalized and liquid banks. While the risks are manageable, the housing market, and other pockets of vulnerabilities should continue to be closely monitored.

    Washington, DC: On May 30, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV Consultation[1] with Luxembourg, and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Luxembourg’s fundamentals remain strong, but its economic performance has been lackluster. Public debt is low and the 2024 FSAP found the financial sector sound and well-diversified. After contracting by 0.7 percent in 2023, GDP growth turned positive at 1 percent in 2024, mainly driven by public consumption. Private domestic demand though remained lackluster amidst tight financial conditions and a lack of confidence in the real estate sector. The labor market is cooling, following a sizeable increase in labor costs in past years. While the headline fiscal deficit showed a large improvement from one-off revenues, the underlying structural deficit has widened, reflecting a shift from temporary to permanent support. Financial conditions remain tight, and the financial cycle has not yet decisively turned. Despite some deterioration in asset quality, the financial sector remains resilient overall.

    An economic recovery is projected to slowly gain pace amidst external headwinds. Growth is projected to increase to 1.6 percent in 2025 and accelerate in 2026–27 supported by improved confidence and a gradual recovery in external demand. The unwinding of labor hoarding and lingering uncertainty would weigh on job creation and unemployment is likely to rise in the near term, before slowly declining to its historical average. Inflation is projected to decline to about 2 percent in 2025 and stay at that level over the medium term. Downside risks prevail in the short term, with headwinds from weaker external demand and tighter and/or more volatile financial conditions triggered by trade policy uncertainty, geopolitical tensions, and possibly higher interest rates for longer. Risks to growth are more balanced over the medium term, but fiscal risks are assessed to be high.

    Executive Board Assessment[3]

    Luxembourg’s recent economic performance has been lackluster and a projected recovery faces headwinds. Anchored in strong economic fundamentals, the economy is expected to gradually recover from a protracted slowdown. Yet, the global situation is fluid, and there are risks of setbacks stemming from weaker external demand and higher financial market volatility, alongside domestic challenges in the real estate sector and the labor market. Moreover, productivity has been declining, and Luxembourg faces fiscal pressures and risks. While Luxembourg’s current external position is assessed to be substantially stronger than the level implied by medium-term fundamentals, the assessment is subject to several limitations. The country’s specific economic features—a small open economy with a global financial center and a large share of cross-border workers —make the external position subject to significant volatility. This, together with the long-term challenges due to aging costs, call for more prudent policies while incentivizing private sector investment.

    Prudent fiscal policy calls for a more efficient use of fiscal space. For 2025, a less expansionary fiscal stance would have been welcome, given low fiscal multipliers and the need to make room for more private sector-led growth. There is scope for reviewing the effectiveness and targeting of current measures, while preserving possible savings from revenue overperformance or budget execution. The authorities’ medium-term expenditure path is broadly appropriate to accommodate future spending pressures, but should be underpinned by measures, which will require containing the growth of the wage bill, enhancing spending efficiency, and avoiding any further erosion of the tax base.

    There is scope for increasing revenue resilience. Luxembourg’s revenue performance depends to a large extent on a concentrated and volatile revenue base. Tax reforms should thus aim at diversifying revenue sources. This will help reduce volatility and uncertainty of fiscal receipts.

    Fiscal policies should be better anchored in a medium-term perspective. The public consultations on pension reform are welcome, as there is a need for early reforms, including reducing the generosity of benefits—the highest in Europe, increasing both the effective and statutory retirement ages, and a well-calibrated increase in contributions to minimize the negative impact on the labor market. Strengthening the medium-term fiscal framework would enhance policy predictability. The planned implementation of a national fiscal rule is welcome and should combine a debt anchor with a net spending ceiling that consider revenue uncertainty and allow appropriate flexibility. Additional reforms of the budgeting framework and strengthening of the fiscal council are necessary to make the new framework more effective.

    Risks in the financial sector, while manageable, should continue to be closely monitored. The financial sector appears broadly resilient. However, persistent solvency and liquidity risks in the corporate sector—especially in real estate—and the potential impact of rising financial market volatility warrant close monitoring. The authorities should continue ensuring adequate provisioning, collateral valuation, and loss absorption capacity. At the same time, continued oversight of the large nonbank financial sector—notably pockets of liquidity mismatches and leverage—and a better understanding of the intermediation role of the OFI sector should be prioritized.

    Macroprudential policy should remain agile. The current CCyB level is appropriate. Should the recovery firm up, the authorities should strengthen releasable capital buffers and address still elevated household indebtedness by introducing income-based measures in line with FSAP recommendations. In the event of continued credit pressure, some loosening of the CCyB could be envisaged. Capitalizing on the commendable progress in implementing the 2024 FSAP recommendations in the supervision of banks and investment funds, the authorities should strengthen the macroprudential policy framework.

    Structural reforms are needed to boost private sector-led growth and sustain living standards. Wage indexation has become a key constraint on competitiveness, and more labor market flexibility is called for. The authorities should also aim at boosting productivity and containing the cost of living by streamlining the regulatory and administrative burden, removing barriers to entry in some sectors, and addressing housing and infrastructure supply bottlenecks. Efforts should continue to capitalize on the country’s comparative advantages in AI adoption and financial sector development while minimizing potential costs of the transition. Recent measures to enhance technology diffusion and ongoing upskilling programs are welcome.   

    Table 1. Luxembourg: Selected Economic Indicators, 2023–26

    Est.

    Proj.

     

     

    2023

    2024

    2025

    2026

    Real Economy (percent change)

    Gross domestic product

    -0.7

    1.0

    1.6

    2.2

        Total domestic demand

    1.1

    0.1

    1.7

    2.6

        Foreign balance 1/

    -1.4

    1.1

    0.0

    0.4

    Labor Market (thousands, unless indicated)

        Unemployed (average)

    16.2

    18.0

    19.5

    20.1

             (Percent of total labor force)

    5.2

    5.7

    6.1

    6.2

        Total employment

    512.0

    517.8

    524.8

    533.9

             (Percent change)

    2.1

    1.1

    1.4

    1.7

    Prices and costs (percent change)

        GDP deflator

    6.3

    5.2

    2.6

    1.2

        CPI (harmonized), p.a.

    2.9

    2.3

    2.2

    2.1

        CPI core (harmonized), p.a.

    3.9

    2.5

    2.1

    2.1

        CPI (national definition), p.a.

    3.7

    2.1

    2.1

    2.0

    Public finances (percent of GDP)

        General government revenues

    46.2

    47.9

    47.4

    47.6

        General government expenditures

    47.0

    46.9

    48.3

    49.0

        General government balance

    -0.8

    1.0

    -0.8

    -1.3

        General government cyclically-adjusted balance

    0.0

    0.8

    -1.0

    -1.3

        General government structural balance

    1.8

    0.8

    -0.7

    -1.3

        General government gross debt

    25.0

    26.3

    26.7

    27.6

    Balance of Payments (percent of GDP)

    Current account

    11.2

    13.8

    8.8

    7.8

    Balance on goods

    0.4

    1.7

    1.8

    1.6

    Balance on services

    43.5

    43.6

    42.9

    42.0

    Net factor income

    -31.5

    -31.1

    -35.5

    -35.4

    Balance on current transfers

    -1.1

    -0.4

    -0.4

    -0.4

    Exchange rates, period averages

        U.S. dollar per euro

    1.08

    1.08

    …

    …

        Nominal effective rate (2010=100)

    105.3

    106.3

    …

    …

        Real effective rate (CPI based; 2010=100)

    98.7

    98.5

    …

    …

    Credit growth and interest rates

        Nonfinancial private sector credit (eop, percent change) 2/

    -2.9

    -4.7

    1.6

    3.8

        Government bond yield, annual average (percent)

    3.1

    2.7

    …

    …

    Potential output and output gap

    Output gap (percent deviation from potential)

    -1.4

    -2.0

    -2.1

    -1.6

    Potential output growth

    1.6

    1.7

    1.7

    1.7

      Sources: Luxembourg authorities; IMF staff estimates and projections.

      1/ Contribution to GDP growth.

      2/ Including a reclassification of investment companies from financial to non-financial institutions in 2015.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepare a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/luxembourg page.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/06/04/pr-25177-luxembourg-imf-concludes-2025-art-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • Transformative urban development initiatives empower India’s middle class

    Source: Government of India

    Source: Government of India (4)

    Over the past decade, several ambitious government initiatives have significantly reshaped urban living in India, bringing improved housing, transport, and connectivity to millions. These programmes have not only enhanced infrastructure but have also strengthened the sense of security and pride among middle-class and low-income families.

    Since its launch in 2015, the Pradhan Mantri Awas Yojana (Urban) has emerged as a beacon of hope for many seeking affordable housing. With a central assistance commitment of ₹1.97 lakh crore, of which ₹1.69 lakh crore has been disbursed so far, the scheme has witnessed remarkable progress.

    Between 2014 and May 2025, more than 1.16 crore houses were sanctioned, construction has commenced on over 1.12 crore units, and more than 92.72 lakh homes have been completed or handed over to beneficiaries. Beyond the statistics, these homes represent stability, dignity, and empowerment for families across urban India, marking a significant stride in the nation’s urban welfare agenda.

    Urban transport has also received an unprecedented boost with the rapid expansion of metro rail networks. India’s metro system, now operational in 29 cities, has expanded to 1,013 kilometres by May 2025, a striking increase from just 248 kilometres in 2014. The approval of 34 new metro projects covering 992 kilometres further underscores the Government’s commitment to enhancing urban mobility. Daily ridership has soared from 28 lakh passengers in 2013 to over 1.12 crore today.

    The pace of commissioning metro lines has increased ninefold, with an average of six kilometres of new track becoming operational each month, compared to less than one kilometre monthly before 2014. The annual budget allocation for metro rail projects has also surged more than six times, reflecting the prioritisation of urban transport in the national development agenda.

    The Ude Desh Ka Aam Nagrik (UDAN) scheme, introduced in 2016, has revolutionised regional air travel by making it affordable and accessible to the common citizen. With 88 airports, including two water aerodromes and thirteen heliports, connected through 625 routes, UDAN has facilitated over 1.49 crore passengers to fly at economical rates. The scheme has played a pivotal role in boosting tourism, enhancing healthcare access, and fostering trade in tier 2 and tier 3 cities. India’s airport network has more than doubled, growing from 74 airports in 2014 to 160 in 2025, supported by ₹4,023.37 crore in Viability Gap Funding to sustain connectivity in underserved regions.

    Ensuring transparency and consumer protection in the housing sector has been a key priority with the enactment of the Real Estate (Regulation and Development) Act (RERA) in 2016. The legislation mandates every state and union territory to establish regulatory authorities that maintain public portals detailing registered real estate projects. As of March 2025, these authorities have addressed over 1.4 lakh consumer complaints, thereby enhancing accountability and rebuilding trust in the real estate market.

  • MIL-OSI: YieldMax® Introduces Option Income Strategy ETF on Berkshire Hathaway Inc. (BRK.B)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — YieldMax® announced the launch today of the following ETF:

    YieldMax® BRK.B Option Income Strategy ETF (NYSE Arca: BRKC)

    BRKC seeks to generate current income by pursuing options-based strategies on Berkshire Hathaway Inc. (“BRK.B”). BRKC is managed by Tidal Financial Group. BRKC does not invest directly in BRK.B.

    BRKC is the newest member of the YieldMax® ETF family and like all YieldMax® ETFs, aims to deliver current income to investors. With respect to distributions, BRKC will be a Group A ETF, and its first distribution is expected to be announced on July 9th, 2025.

    Please see the table below for distribution information for all outstanding YieldMax® ETFs.

    ETF Ticker1 ETF Name Distribution
    Frequency    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5
    CHPY YieldMax® Semiconductor Portfolio Option Income ETF Weekly 34.19% 0.38% 100.00%
    GPTY YieldMax® AI & Tech Portfolio Option Income ETF Weekly 33.22% 0.00% 100.00%
    LFGY YieldMax® Crypto Industry & Tech Portfolio Option Income ETF Weekly 60.72% 0.00% 100.00%
    QDTY YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF Weekly 28.07% 0.00% 100.00%
    RDTY YieldMax® R2000 0DTE Covered Call Strategy ETF Weekly 24.42% 0.89% 95.29%
    SDTY YieldMax® S&P 500 0DTE Covered Call Strategy ETF Weekly 25.88% 0.00% 100.00%
    ULTY YieldMax® Ultra Option Income Strategy ETF Weekly 78.61% 0.00% 100.00%
    YMAG YieldMax® Magnificent 7 Fund of Option Income ETFs Weekly 70.31% 66.50% 97.56%
    YMAX YieldMax® Universe Fund of Option Income ETFs Weekly 65.04% 88.53% 92.64%
    BIGY YieldMax® Target 12™ Big 50 Option Income ETF Monthly 12.02% 0.20% 94.52%
    RNTY YieldMax® Target 12™ Real Estate Option Income ETF Monthly 12.13% 2.21% 93.65%
    SOXY YieldMax® Target 12™ Semiconductor Option Income ETF Monthly 11.78% 0.17% 100.00%
    ABNY YieldMax® ABNB Option Income Strategy ETF Every 4 weeks 42.01% 2.97% 93.60%
    AIYY YieldMax® AI Option Income Strategy ETF Every 4 weeks 88.81% 2.97% 96.86%
    AMDY YieldMax® AMD Option Income Strategy ETF Every 4 weeks 72.55% 3.09% 96.48%
    AMZY YieldMax® AMZN Option Income Strategy ETF Every 4 weeks 48.28% 3.09% 94.01%
    APLY YieldMax® AAPL Option Income Strategy ETF Every 4 weeks 30.96% 3.42% 89.96%
    BABO YieldMax® BABA Option Income Strategy ETF Every 4 weeks 81.51% 3.32% 96.22%
    CONY YieldMax® COIN Option Income Strategy ETF Every 4 weeks 119.22% 3.53% 80.80%
    CRSH YieldMax® Short TSLA Option Income Strategy ETF Every 4 weeks 84.22% 3.08% 97.39%
    CVNY YieldMax® CVNA Option Income Strategy ETF Every 4 weeks 129.09% 2.81% 99.33%
    DIPS YieldMax® Short NVDA Option Income Strategy ETF Every 4 weeks 54.18% 2.78% 0.00%
    DISO YieldMax® DIS Option Income Strategy ETF Every 4 weeks 50.22% 3.16% 94.89%
    FBY YieldMax® META Option Income Strategy ETF Every 4 weeks 49.79% 3.21% 93.73%
    FEAT YieldMax® Dorsey Wright Featured 5 Income ETF Every 4 weeks 51.42% 52.99% 0.00%
    FIAT YieldMax® Short COIN Option Income Strategy ETF Every 4 weeks 67.85% 2.93% 96.24%
    FIVY YieldMax® Dorsey Wright Hybrid 5 Income ETF Every 4 weeks 32.36% 35.26% 0.00%
    GDXY YieldMax® Gold Miners Option Income Strategy ETF Every 4 weeks 30.60% 3.38% 0.00%
    GOOY YieldMax® GOOGL Option Income Strategy ETF Every 4 weeks 36.93% 3.29% 81.91%
    HOOY YieldMax® HOOD Option Income Strategy ETF Every 4 weeks 70.41% – 99.33%
    JPMO YieldMax® JPM Option Income Strategy ETF Every 4 weeks 31.52% 3.02% 91.70%
    MARO YieldMax® MARA Option Income Strategy ETF Every 4 weeks 111.50% 3.30% 98.09%
    MRNY YieldMax® MRNA Option Income Strategy ETF Every 4 weeks 63.98% 3.20% 0.00%
    MSFO YieldMax® MSFT Option Income Strategy ETF Every 4 weeks 41.10% 3.13% 92.68%
    MSTY YieldMax® MSTR Option Income Strategy ETF Every 4 weeks 85.27% 1.76% 97.45%
    NFLY YieldMax® NFLX Option Income Strategy ETF Every 4 weeks 47.73% 2.98% 94.49%
    NVDY YieldMax® NVDA Option Income Strategy ETF Every 4 weeks 131.88% 2.98% 97.93%
    OARK YieldMax® Innovation Option Income Strategy ETF Every 4 weeks 50.47% 2.88% 94.42%
    PLTY YieldMax® PLTR Option Income Strategy ETF Every 4 weeks 140.91% 2.76% 98.54%
    PYPY YieldMax® PYPL Option Income Strategy ETF Every 4 weeks 55.03% 3.41% 95.28%
    SMCY YieldMax® SMCI Option Income Strategy ETF Every 4 weeks 99.93% 3.05% 97.21%
    SNOY YieldMax® SNOW Option Income Strategy ETF Every 4 weeks 96.99% 2.27% 97.27%
    TSLY YieldMax® TSLA Option Income Strategy ETF Every 4 weeks 110.41% 2.76% 97.90%
    TSMY YieldMax® TSM Option Income Strategy ETF Every 4 weeks 64.34% 2.87% 95.70%
    WNTR YieldMax® Short MSTR Option Income Strategy ETF Every 4 weeks 104.26% 2.89% 97.57%
    XOMO YieldMax® XOM Option Income Strategy ETF Every 4 weeks 42.05% 3.62% 85.39%
    XYZY YieldMax® XYZ Option Income Strategy ETF Every 4 weeks 109.59% 2.93% 98.01%
    YBIT YieldMax® Bitcoin Option Income Strategy ETF Every 4 weeks 106.79% 1.54% 99.08%
    YQQQ YieldMax® Short N100 Option Income Strategy ETF Every 4 weeks 23.18% 3.35% 86.54%


    Standardized Performance & Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at     www.yieldmaxetfs.com

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1 All YieldMax® ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax® ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026. 

    2The Distribution Rate shown is as of close on June 4th, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended May 31st, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax® ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD, BRK.B), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax® ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax® ETFs.

    © 2025 YieldMax® ETFs

    The MIL Network –

  • MIL-OSI New Zealand: Property Market – Regional resilience but weaker main centres in May – Cotality

    Source: Cotality

    Property values in Aotearoa New Zealand edged down by -0.1% in May and remain -1.6% below a year ago.

    The latest slight fall in values on the Cotality hedonic Home Value Index comes after some previous months of modest gains, with the national median now at $818,132. That remains 16.3% below the January 2022 peak.
    Values were patchy around the main centres in May, with Kirikiriroa Hamilton inching up by +0.1%, but Ōtepoti Dunedin and Tauranga both edging down by -0.1%. Tāmaki Makaurau Auckland dipped by -0.3%, Te Whanganui-a-Tara Wellington by -0.4%, and after a period of resilience, Ōtautahi Christchurch fell by -0.8%.
    Cotality NZ (formerly CoreLogic) Chief Property Economist Kelvin Davidson said May’s figures were a reminder that any emerging housing upturn could well remain slow and variable for the time-being, both from month to month and across regions.
    “Lower mortgage rates are clearly going to be bolstering households’ confidence as well as their wallets, and there were signs of higher loan-to-value and debt-to-income ratio lending activity in the latest Reserve Bank figures.”
    “But it’s not one-way traffic. After all, housing isn’t necessarily affordable in absolute terms, while the economy and labour market remain subdued too. Indeed, filled jobs edged lower again in April. These are certainly restraints on buyers’ willingness to push ahead with property deals or to pay higher prices.”
    “May’s drop in values at the national level was fairly trivial and could be reversed next month. But anybody who was anticipating a sharp or widespread increase in property values as we got further into 2025 continues to be disappointed.

    National and Main Centres
    Change in dwelling values
     Region
    Month
    Quarter
    Annual
    From peak
    Median  value
    Tāmaki Makaurau Auckland
    -0.3%
    -0.6%
    -2.7%
    -21.4%
    $1,073,222
    Kirikiriroa Hamilton
    0.1%
    1.0%
    1.4%
    -10.5%
    $754,800
    Tauranga
    -0.1%
    -0.5%
    -1.0%
    -16.3%
    $918,320
    Te-Whanganui-a-Tara Wellington*
    -0.4%
    -0.2%
    -5.2%
    -23.9%
    $797,126
    Ōtautahi Christchurch
    -0.8%
    -0.2%
    0.6%
    -6.0%
    $695,117
    Ōtepoti Dunedin
    -0.1%
    -0.8%
    -0.9%
    -10.9%
    $610,669
    Aotearoa New Zealand
    -0.1%
    -0.1%
    -1.6%
    -16.3%
    $818,132
    Tāmaki Makaurau Auckland
     Region
    Change in dwelling values
    Month
    Quarter
    Annual
    From peak
    Median  value
    Rodney
    0.4%
    0.5%
    -2.5%
    -19.6%
    $1,227,830
    Te Raki Paewhenua North Shore
    -1.0%
    -1.6%
    -1.4%
    -18.4%
    $1,283,925
    Waitakere
    0.0%
    -0.6%
    -1.7%
    -23.3%
    $940,295
    Auckland City
    -0.3%
    -0.9%
    -4.0%
    -22.2%
    $1,149,279
    Manukau
    -0.3%
    -0.1%
    -2.6%
    -22.6%
    $1,000,134
    Papakura
    -0.6%
    -0.8%
    -1.8%
    -22.0%
    $840,185
    Franklin
    0.2%
    1.3%
    0.1%
    -19.3%
    $969,887
    Tāmaki Makaurau Auckland
    -0.3%
    -0.6%
    -2.7%
    -21.4%
    $1,073,222

    May was a patchy month for the various sub-markets across Tāmaki Makaurau Auckland, with Rodney recording a +0.4% rise, Franklin up by +0.2%, and Waitakere holding steady. But Auckland City and Manukau both fell by -0.3%, with Papakura (-0.6%) and North Shore (-1.0%) registering even larger drops.

    Franklin and Rodney remain higher than three months ago, but the rest of Auckland’s sub-markets have seen values drop since February (albeit only -0.1% in Manukau).

    Mr Davidson said, “Auckland is a pretty good example of the wider forces that are playing out across the housing market at present. In an environment where lower interest rates are being counteracted by other restraints, the tr

    MIL OSI New Zealand News –

  • MIL-OSI Germany: April results of the Bank Lending Survey (BLS) in Germany | Demand continued to rise in all loan categories

    Source: Deutsche Bundesbank in English

    The German banks responding to the Bank Lending Survey (BLS) tightened their credit standards slightly for loans to enterprises in the first quarter of 2025, primarily based on risk considerations. By contrast, banks eased their credit standards for loans to households for house purchase. They did not see a need to adjust their credit standards for consumer credit and other lending to households. 
    Banks tightened their credit standards for loans to enterprises to a lesser extent than they had planned in the previous quarter. They had originally intended to tighten their credit standards for loans to households. 
    The banks that took part in the survey made credit terms and conditions for loans to enterprises and for consumer credit and other lending to households more restrictive on balance, whilst easing terms and conditions for loans to households for house purchase. 
    Demand for loans continued to rise in all loan categories, with loans to households for house purchase increasing significantly.  
    The level of the non-performing loans (NPL) ratio and other indicators of credit quality had tightening effects on lending policies for loans to enterprises and for consumer credit and other lending to households over the past three months.
    The ECB Governing Council’s past and expected key interest rate decisions had a negative impact on net interest income, thereby contributing to a deterioration in banks’ profitability in the 2024-25 winter half-year. For the summer half-year, too, banks are expecting the key interest rate decisions to have a negative impact on their net interest income as well as on their profitability.
    The BLS covers three loan categories: loans to enterprises, loans to households for house purchase, and consumer credit and other lending to households. On balance, the surveyed banks tightened their credit standards (i.e. their internal guidelines or loan approval criteria) slightly for loans to enterprises. By contrast, they eased their credit standards for loans to households for house purchase. They left their credit standards for consumer credit and other loans to households unchanged. The net percentage of banks that tightened their standards stood at +3% for loans to enterprises (compared with +13% in the previous quarter). Credit standards for loans to enterprises were tightened only for large enterprises. Standards for small and medium-sized enterprises were eased somewhat on balance. The net percentage of banks that tightened their standards for loans to households for house purchase was -7% (compared with +11% in the previous quarter); for consumer credit and other lending to households, this figure was 0% (compared with +11% in the previous quarter). Banks tightened their credit standards for loans to enterprises to a lesser extent than they had planned in the previous quarter. They had originally intended to tighten their credit standards for loans to households. 
    The banks justified the slight tightening of credit standards for loans to enterprises on the grounds of a perceived increase in credit risk. This assessment relates to the general economic situation, but also to sector and firm-specific factors. Banks’ main rationale for easing credit standards for loans for house purchase was their higher risk tolerance. Another factor was that the outlook on the housing market had improved. They also reported that competition with other banks had increased and capital costs had decreased. For the second quarter of 2025, banks are planning to tighten their credit standards in all loan categories. Here, credit risk is likely to have a restrictive impact on the adjustment of credit standards owing to the tense economic situation and a decline in borrower creditworthiness.

    Change in credit standards for loans to households for house purchase and contributing factorsOn balance, banks tightened their terms and conditions (i.e. the terms and conditions actually approved as laid down in the loan contract) for loans to enterprises as well as for consumer credit and other lending to households. The restrictive adjustments in both loan categories are the outcome of higher lending rates and an increase in margins irrespective of credit ratings. The banks justified these adjustments primarily on the grounds of their reduced risk tolerance and a perceived increase in credit risk. Banks eased their terms and conditions for loans to households for house purchase overall by reducing their margins. They stated that this was mainly due to stronger competition and an improvement in their liquidity base.
    The surveyed banks reported that demand for bank loans in Germany had risen on balance in all loan categories in the first quarter of 2025, with loans to households for house purchase registering significant growth. Banks stated that the marginal rise in demand for loans to enterprises was driven by various factors: increased demand for mergers, acquisitions and corporate restructuring, as well as for refinancing, debt restructuring and renegotiation. In addition, debt securities were replaced to some degree by bank loans. Interest rate levels once again supported demand for loans, albeit to a lesser extent than in the previous two quarters. By contrast, financing needs for fixed investment declined on balance. The high degree of uncertainty surrounding economic and (geo)political developments is likely to have been a factor here. According to the surveyed banks, the considerable rise in demand for loans to households for house purchase was mainly attributable to the lower level of interest rates and households’ positive view of the outlook on the housing market. Higher consumer confidence also boosted demand. Banks put the rise in demand for consumer credit and other lending to households down to an increase in purchases of durable consumer goods. The loan rejection rate for loans to enterprises went up again, but only for loan requests and applications from small and medium-sized enterprises. There was no change in the rejection rate for large enterprises. The rejection rate declined for loans for house purchase and for consumer credit and other lending to households. For the second quarter of 2025, banks are expecting to see demand increase further across all three loan categories. On balance, they expect demand for housing loans to rise at a significantly more subdued rate than in the first quarter.

    Change in demand for loans to households for house purchase and contributing factorsThe April survey round contained ad hoc questions on participating banks’ financing conditions and the impact of the ECB Governing Council’s past and expected key interest rate decisions. It also contained questions about the impact of the Eurosystem’s monetary policy asset portfolios and of NPLs and other indicators of credit quality on the institutions’ lending policies.
    Against the backdrop of conditions in financial markets, German banks reported virtually no change in their funding situation compared with the previous quarter. The ECB Governing Council’s past and expected future key interest rate decisions have had, overall, a negative impact on banks’ profitability over the past six months. After the interest rate cuts in October and December 2024 and in February and March 2025, key interest rate decisions ceased to have a positive impact for the first time since this question was introduced. For the 2025 summer half-year, banks are once again expecting key interest rate decisions to have a negative impact on their net interest income as well as on their profitability. Taken in isolation, the reduction in the Eurosystem’s monetary policy securities holdings weakened the liquidity position of banks in Germany. German banks assessed the impact on their financing conditions and capital ratios, too, as slightly negative. 
    In the first quarter of 2025, the level of the NPL ratio (the stock of gross NPLs on the bank’s balance sheet as a percentage of the gross carrying amount of loans) and other indicators of credit quality had restrictive effects on lending policies for loans to enterprises and on consumer credit and other lending to households. In the second quarter of 2025, the banks are expecting this restrictive effect stemming from the decline in credit quality to continue. 
    The Bank Lending Survey, which is conducted four times a year, took place between 10 March and 25 March 2025. In Germany, 33 banks took part in the survey. The response rate was 97%.

    Change in credit standards for loans to enterprises and contributing factors
    Change in demand for loans to enterprises and contributing factorsTime series credit standards
    Loans to enterprises
    Loans to households for house purchase
    Consumer credit and other lending to households

    MIL OSI

    MIL OSI German News –

  • MIL-OSI USA: Brownley, Van Duyne Introduce Bipartisan Legislation to Help First-Time Homebuyers

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (CA-26) and Congresswoman Beth Van Duyne (TX-24) announced the introduction of the Uplifting First-Time Homebuyers Act (H.R. 3526), bipartisan legislation that would increase the Internal Revenue Service (IRS) qualified distribution limit for first-time homebuyers utilizing Individual Retirement Account (IRA) funds. The introduction of this legislation coincides with National Homeownership Month and highlights the importance of homeownership in building strong communities and generational wealth.

    In 1997, Congress created a tax provision allowing first-time homebuyers to withdraw up to $10,000 from their IRAs without incurring the standard 10% early withdrawal penalty. At the time, the median home price was $115,000. Today, the median price has nearly tripled, yet the $10,000 cap has not been updated. The Uplifting First-Time Homebuyers Act would raise the qualified distribution limit to $50,000, better aligning it with today’s housing market realities.

    “Homeownership is one of the most important ways Americans build wealth and save for a secure retirement,” said Congresswoman Brownley. “But in high-cost states like California, too many first-time buyers are locked out of the market due to rising prices and the challenge of saving for a down payment. I am pleased to support Congresswoman Van Duyne’s efforts to update our tax code to help first-time homebuyers access their retirement savings without penalty and take that critical first step toward homeownership and a fair shot at achieving the American Dream.”

    “Buying a home for the first time is not as easy as it once was,” said Congresswoman Van Duyne. “Since my time serving as Mayor of Irving, Texas, I have seen how empowering homeownership is for families, neighborhoods, and the lifetime accumulation of wealth that can be passed down to further generations. By updating and increasing the IRA withdrawal limit, we increase access to much needed capital for our first-time homebuyers. Helping Americans realize the dream of homeownership is an investment in their future and a more stable future for our country.”

    “The Uplifting First-Time Homebuyers Act is a smart, targeted step toward making homeownership more attainable,” said Shannon McGahn, Executive Vice President & Chief Advocacy Officer of National Association of REALTORS. “By updating the outdated IRA withdrawal limit, this bill could give first-time buyers greater access to their own savings at the moment they need it most. With the median age of first-time buyers now at 38, this commonsense fix helps more Americans achieve the dream of homeownership earlier in life – and start building equity and long-term financial stability.”

    Read the full text of the bill here.

    ###

    Issues: 119th Congress, Affordable Housing

    MIL OSI USA News –

  • MIL-OSI USA: Boozman, Van Hollen Seek to Assure Servicemembers and Veterans Receive VA Home Loan Benefit Information

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––U.S. Senators John Boozman (R-AR) and Chris Van Hollen (D-MD) introduced the Veterans Affairs Loan Informed Disclosure (VALID) Act of 2025 to increase awareness and utilization of Department of Veterans Affairs (VA) home loan benefits.
    By providing potential homebuyers with a side-by side comparison of conventional, Federal Housing Administration and VA home loans, the VALID Act would ensure veterans have a comprehensive picture of their financing options that includes their eligibility for homebuying assistance. Currently, only 10 to 15 percent of eligible veterans report utilizing VA home loans.
    “We should make certain veterans are aware they qualify for help with purchasing a home or realizing more savings over the life of a mortgage,” said Boozman, a senior member of the Senate Veterans’ Affairs Committee. “Since we know VA home loans are underutilized, there is a clear need to better identify this assistance earlier in the process. I am proud to join my colleagues in enhancing this earned benefit for our former servicemembers.”
    “While we can never fully repay the debt we owe to our veterans, we have a duty to support them when they return home,” said Van Hollen. “The VA Home Loan has been helping servicemembers buy homes for over 80 years, but this funding resource remains severely underutilized by far too many of our veterans. This bipartisan legislation will help change that, ensuring more veterans and their families take advantage of the benefits they have earned.”
    The VALID Act would:
    Update Federal Housing Administration (FHA) mortgage disclosures to include VA Home Loans alongside FHA and conventional loan options; and
    Ensure lenders are provided with important information regarding applicant’s military service so they can provide information about VA loans early in the homebuying process.
    Representatives Brittany Pettersen (D-CO-07), Young Kim (R-CA-40), Nikema Williams (D-GA-05), and Harriet Hageman (R-WY-At Large) introduced companion legislation in the U.S. House of Representatives. 
    The bill is endorsed by the Veterans Association of Real Estate Professionals (VAREP), Broker Action Coalition and National Association of REALTORS.
    “VAREP wholeheartedly endorses the VA Loan Information Disclosure Act of 2025. This legislation will help correct an injustice of non-disclosure of all viable mortgage loan options to all home loan applicants who are eligible to take advantage of their earned VA Home Loan Guarantee Benefits,” said VAREP.
    Full text of the VALID Act is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Senators Demand Explanation After Trump Admin Greenlights Giant Rocket-Redfin Merger, Warn of Potential Price Hikes for American Homebuyers

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    June 04, 2025
    Rocket has a history of anticompetitive behavior in the housing industry
    “At a time when families already face a housing affordability crisis, these deals…may reduce choice and raise prices for American families in the housing market.” 
    Text of Letter (PDF)
    Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Cory Booker (D-N.J.), Ranking Member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Mazie Hirono (D-Hawaii), Bernie Sanders (I-Vt.), and Tina Smith (D-Minn.) wrote to the Department of Justice’s (DOJ) Antitrust Division and to the Federal Trade Commission (FTC) seeking an explanation for the agencies’ failure to challenge Rocket Companies’ (Rocket) recent acquisition of Redfin, which creates a massive housing company that threatens to reduce choice and raise prices for American families in the housing market. 
    This merger allows Rocket, an online mortgage lending and real estate platform, to exert even greater control over each step of the homebuying process by taking over Redfin, a popular real estate search platform, and Mr. Cooper, the nation’s largest mortgage servicing firm. On May 8, 2025, the Trump Administration allowed the merger waiting period to expire without taking action to block or review the transaction. 
    After the Rocket-Redfin merger is completed, Rocket will have the power to steer Redfin users to Rocket’s real estate agents, limiting business for local, independent agents and brokerages. Rocket could also discourage Redfin users from comparison shopping for better mortgage offers by steering homebuyers to Rocket’s mortgages. Comparison shopping has been shown to save homebuyers an average of $76,410 over a 30-year mortgage.
    In addition, Rocket’s acquisition of Mr. Cooper will create a mortgage finance behemoth. By acquiring seven million mortgage servicing clients, Rocket would have a reduced need to compete for new customers. Altogether, with these acquisitions, Rocket would triple its current client base and control one in six mortgages in the United States. Rocket’s efforts to consolidate and control the homebuying market onto a single online platform sets a dangerous precedent for consumers, the industry, and the U.S. housing market as a whole at a time when house prices and mortgage rates continue to rise.
    Rocket has a history of anticompetitive efforts to steer homebuyers to its products. The Consumer Financial Protection Bureau (CFPB) sued Rocket in 2024 for allegedly steering homebuyers into purchasing Rocket mortgages and charging higher rates and fees. The CFPB dropped the lawsuit just three weeks after President Trump installed new leadership at the agency. 
    Under the DOJ and FTC’s merger enforcement guidelines, the acquisitions raise multiple concerns, including: 
    Under Guideline 6, which warns that “mergers can violate the law when they entrench or extend a dominant position”; 
    Under Guideline 7, which directs the DOJ and FTC to “examine whether a trend toward consolidation in an industry would heighten … competition concerns”; 
    Under Guideline 8, which clarifies that “when a merger is part of a series of multiple acquisitions, the agencies may examine the whole series”; and 
    Under Guideline 9, which warns that “mergers involving platforms can threaten competition.” 
    “Rocket’s proposed acquisitions…create the potential for Rocket to steer homebuyers to its own products, hike prices based on private data, and block competition. We ask that you provide an explanation for your agencies’ failure to challenge the Rocket-Redfin merger during the premerger review period,” wrote the senators. 
    The lawmakers asked the two agencies to provide clarity on why they declined to challenge the merger by June 17, 2025. 

    MIL OSI USA News –

  • MIL-OSI: StepStone Group Opens Office in Jeonju, South Korea

    Source: GlobeNewswire (MIL-OSI)

    JEONJU, South Korea, June 04, 2025 (GLOBE NEWSWIRE) — StepStone Group (Nasdaq: STEP), a global private markets solutions provider, has opened an office in Jeonju, North Jeolla Province, South Korea. The new office marks a continued expansion of StepStone’s long-standing relationship with the National Pension Service (NPS), one of the world’s largest institutional investors. This is StepStone’s second office in South Korea, following the establishment of its Seoul office in 2014.

    “As we look to deepen our relationship with NPS, opening an office in Jeonju was a logical next step,” said JeeYoung Kim, a StepStone partner based in Seoul. “It will enhance communication and collaboration as we look to provide NPS with best-in-class service and solutions for their investment program.” The Jeonju office underscores StepStone’s ongoing commitment to regional engagement and operational excellence in service to its global institutional clients.

    The opening ceremony, held on April 22, was attended by senior leadership from both organizations, including Kim Tae-hyun, Chairman of the National Pension Service, Scott Hart, CEO of StepStone Group, Jeff Giller, Head of StepStone Real Estate, and Marcel Schindler, Head of StepStone Private Debt.

    “The opening of our Jeonju office reflects the strength of our partnership with NPS and our shared focus on expanding access to high-quality global investment opportunities,” said Scott Hart. “We are honored to support the important work of NPS and look forward to deepening our collaboration.”

    About StepStone Group

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2025, StepStone was responsible for approximately $709 billion of total capital, including $189 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    Contacts

    Shareholder Relations:
    Seth Weiss
    shareholders@stepstonegroup.com
    1-212-351-6106

    Media:
    Brian Ruby / Chris Gillick / Matt Lettiero, ICR
    StepStonePR@icrinc.com
    1-203-682-8268

    The MIL Network –

  • MIL-OSI: Easy Street Capital Closes First $175 Million Securitization

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, June 04, 2025 (GLOBE NEWSWIRE) — Easy Street Capital, a leading private real estate lender, has successfully closed its first $175 million Residential Transition Loan (RTL) securitization. As the third unrated issuer to debut an RTL securitization in 2025, the company expands its financing capacity for real estate investors in a rebounding real estate market.

    Securitization bundles loans into securities sold to institutional investors. As a result of the securitization, Easy Street Capital is reducing rates and offering more affordable financing options for investors seeking to renovate homes, build new properties, or expand rental portfolios.

    “This securitization wouldn’t be possible without our borrowers who have placed their trust and faith in us over the years,” said Casey Denton, Partner of Easy Street Capital. “Lower rates will better support investors pursuing various real estate projects such as urban fix-and-flips, ground-up construction projects, or single-family rentals, and we’re excited to help them achieve their goals.”

    This milestone follows a remarkable year for Easy Street Capital, which originated a record $1.2 billion in loan volume in 2024, a 20% increase from 2023. Such growth marks the company’s expanding role in real estate lending, even amidst a challenging housing market.

    As a top lender to real estate investors, Easy Street Capital combines a client-first mindset with deep market expertise to provide financing that’s quick, flexible, and reliable. From hard money loans to BRRRR strategies, the company’s diverse product suite empowers investors to capitalize on new opportunities in high-growth markets across the country.

    To learn more about Easy Street Capital’s securitization or to apply for financing, visit www.easystreetcap.com or email marketing@easystreetcap.com.

    About Easy Street Capital
    Headquartered in Austin, Texas, Easy Street Capital is a private lending company providing fast, flexible financing solutions tailored for real estate investors. With a nationwide footprint and a focus on personalized service, Easy Street Capital empowers real estate investors to execute their visions with confidence and speed.

    Media Contact:
    Jayne Yi
    Marketing
    Easy Street Capital
    JayneY@easystreetcap.com
    EasyStreetCap.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/437fe284-151d-46cb-924d-d1a0ec1a9fe6

    The MIL Network –

  • MIL-OSI United Kingdom: Greater Oxford: One council. Local decisions. A better place to live.

    Source: City of Oxford

    A Greater Oxford Council would bring decisions closer to the people they affect and enable improved services, more affordable homes, better transport connections, protected green spaces, and new, secure jobs. 

    The government has asked councils across England for proposals on simplifying the structure of local government in their regions. 

    In March, Oxford City Council put forward outline proposals that would see Oxfordshire’s six councils abolished and replaced with three new councils: 

    • Greater Oxford Council – covering Oxford and its Green Belt 
    • Northern Oxfordshire Council – covering most of the existing Cherwell and West Oxfordshire districts 
    • Ridgeway Council – covering most of the existing South Oxfordshire and Vale of White Horse districts combined with existing West Berkshire unitary (based on the proposals being developed by those councils, but with those villages within the Green Belt closest to the city becoming part of Greater Oxford) 

    All three councils would have natural geographic and demographic connections, local accountability to residents, and would be viable under the government’s plans. 

    Today, Oxford City Council has announced new details of its proposals, including a new boundary map for Oxfordshire, ahead of public engagement on the plans in June and July. 

    The last time local government was reorganised in Oxfordshire was in 1974. 

    For more information about the Greater Oxford proposals, visit greateroxford.org. 

    Greater Oxford boundaries 

    A Greater Oxford Council would cover Oxford and the communities within its Green Belt that are naturally linked to the city by work, transport and leisure. 

    View an interactive map showing the proposed Greater Oxford Council and the Green Belt. 

    Greater Oxford would cover a region with a population of about 240,000 people today, rising to about 345,000 by 2040. 

    The Greater Oxford boundary closely follows the line of Oxford’s Green Belt. 

    Currently, almost all of Oxford’s Green Belt – which was created in 1975 – sits outside the city’s administrative boundaries. 

    The Greater Oxford proposals would give local residents control of the Green Belt for the first time. 

    The government has been clear that some of the ‘Grey Belt’ – defined as “poor quality” areas of the Green Belt – in England should be developed to help deliver 1.5 million new homes over the next five years. 

    This will be a big change for Oxfordshire. 

    Rather than incrementally building around every town and village across the county, as is currently the case, Greater Oxford can ensure that high-quality, suitably dense and sustainable developments are built near to existing jobs and community facilities, with good public transport. 

    Benefits to Greater Oxford 

    New homes 

    Oxford is one of the least affordable places to live in the country. Average house prices are 13 times average salaries, and 3,500 households are on the waiting list for council homes. It’s little different in the villages around the city, where house prices are linked to the Oxford housing market and 100s of households also wait for affordable social housing. 

    The city’s current administrative boundaries are tightly drawn around existing homes and businesses, meaning there is little space to deliver the number of homes needed. 

    Greater Oxford would enable genuinely affordable homes, including new council homes, to be built at appropriate densities near to existing jobs and community facilities that have good public transport. 

    It would also mean that Oxford could tackle the housing crisis without the need to build homes in neighboring authorities, giving the Northern Oxfordshire and Ridgeway councils full control of their own housing needs. 

    The proposals would see over 40,000 new homes built within Greater Oxford by 2040. 

    If the new council follows Oxford City Council’s current planning policies, 40% of these new homes – over 16,000 homes – would be required to be new council homes. 

    Economic growth 

    Oxford has one of the fastest growing and most successful local economies in the UK.  

    Oxford is a net contributor to the UK’s economy – generating £7.6bn annually – has been ranked on of country’s top performing cities by PwC, including attraction of overseas investment, for many years. 

    The city has huge unmet demand for labs, innovation space, offices and hotels, but the current administrative boundaries – which are tightly drawn around existing homes and businesses – means Oxford’s economy is being artificially restricted. 

    The Greater Oxford proposals would see the creation of 5.9m–9.6m sq ft of research and development space and 2.1m–3.2m sq ft of other commercial space. This would create between 17,900 and 29,100 new jobs in Greater Oxford, which would generate up to £2bn a year for the UK’s economy. 

    The Greater Oxford proposals would also bring decision-making on apprenticeships and skills training back to the local level. The new council would look to increase apprenticeship and training opportunities in Greater Oxford, so local people have a proper share in the area’s growing success. 

    Transport 

    The transport system in the Greater Oxford region is in crisis.  

    There is chronic congestion in and around Oxford, which is impacting the financial sustainability of the city’s bus companies. 

    Greater Oxford would give local residents full control over Oxford’s transport for the first time in 50 years. The transport network has been run by Oxfordshire County Council since 1974. 

    The proposals would provide additional bus services to villages around the city by extending existing routes. 

    Having one council for Greater Oxford would also mean planning and transport could be properly integrated. Currently, the services are run by separate councils. 

    Environment  

    The Thames and Cherwell rivers and their tributaries flow through the heart of Greater Oxford, surrounded by vast green spaces and natural beauty. It is key that we protect and enhance these spaces. 

    The creation of a Greater Oxford Council would strengthen the control that Oxford and the main population centres around it have over the Green Belt. We would work to strengthen protection for valuable green spaces, proposals that would help wildlife to flourish, enhance biodiversity, improve the quality of our air and water, and help mitigate the impacts of climate change.  This will build on the successes of the Zero Carbon Oxford Partnership, recently expanded to Oxfordshire, which came out of the pioneering Citizen’s Assembly on Climate Change. 

    Our proposal would see the creation of a more resilient, more connected, network of nature and wildlife corridors, as well as continued support of the vital conservation and nature recovery initiatives – such as those in the Bernwood-Otmoor-Ray area at Bernwood Forest, the River Ray, and the Otmoor Basin.  

    It would also facilitate wider ecosystem benefits, including flood regulation, nature recovery and carbon storage, which are essential in protecting our homes and environment from the increasing impacts of climate change. 

    Green spaces are also just as important as urban spaces in fostering healthy communities and improving well-being. The Greater Oxford proposals would also give residents improved access to nature and the landscapes of our region, ensuring they can be enjoyed by everyone. 

    Communities 

    At the moment, only city residents can take advantage of Oxford City Council’s community services offer, which includes: 

    • Free swimming for under 17s in Oxford’s swimming pools – Barton Leisure Centre, Ferry Leisure Centre, Leys Pools and Leisure Centre, and Hinksey Outdoor Pool 

    • Free youth clubs and activities, including summer holiday activities, as part of the Oxford Youth Ambition programme 

    • Heavily discounted leisure centre membership for people on qualifying benefits, including those on carer’s allowance, foster carers and those on disability allowance 

    Under the proposals, all Greater Oxford residents – including residents of Berinsfield, Botley, Kennington, Kidlington and Wheatley – will be able to take advantage of the offer. 

    The aim would also be to extend the offer to Abbey Sports Centre in Berinsfield, Kidlington and Gosford Leisure Centre, and Park Sports Centre in Wheatley. 

    Next steps 

    Oxford City Council will carry out public engagement on its Greater Oxford proposals in June-July, including public events in Berinsfield, Botley, Kennington, Kidlington and Wheatley. 

    Following the public engagement, Oxford City Council will draw up its final Greater Oxford proposals, which will be submitted to the Government in November. 

    The final decision on local government reorganisation across England, including in Oxford and Oxfordshire, will be made by the Government in 2026. 

    New councils are expected to be created in 2028. 

    Oxford City Council carried out an initial survey on its proposals in February, which found 82% think the current two-tier local government arrangements could be improved, and 67% think councils should not be too large, so they can better meet the needs of local residents. 

    Comment 

    “Oxford’s council services are currently split between Oxford City Council and Oxfordshire County Council. This is confusing for residents and means decisions affecting the Greater Oxford area can be made by councillors from Chipping Norton or Henley. 

    “Greater Oxford will bring local decisions under one roof and closer to the people they affect – helping us build more affordable homes, provide new bus connections, protect green spaces and enhance biodiversity, and create new, secure jobs for our children and grandchildren. 

    “Our proposals will bring better services and help make Greater Oxford a fairer place to live, work and visit.” 

    Councillor Susan Brown, Leader of Oxford City Council 

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. Young Kim Pushes to Improve Homebuying Process for Veterans

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, U.S. Representatives Young Kim (CA-40), Brittany Pettersen (CO-07), Harriet Hageman (WY-AL), and Nikema Williams (GA-05) and Senators John Boozman (R-AR) and Chris Van Hollen (D-MD) introduced the Veterans Affairs Loan Informed Disclosure Act of 2025 (VALID Act).  

    Despite potentially offering thousands of dollars in savings over the life of a loan, VA loans are underused – with only 10% to 15% of eligible veterans using the benefit, and some states as low as 6%. The bill introduced today provides a simple fix, ensuring veterans see VA loan options clearly laid out alongside conventional and FHA loans when applying for an FHA mortgage — making it easier to choose the best option for their needs. 

    Specifically, this bipartisan legislation would update Federal Housing Administration (FHA) mortgage disclosures to include VA Home Loans alongside FHA and conventional loan options. The bill would also ensure lenders are provided with important information regarding applicant’s military service so they can provide information about VA loans early in the homebuying process. 

    “Veterans put their lives on the line to protect our freedoms and, at the very least, deserve to know the benefits available to them. Anything less is unacceptable,” said Kim. “The VALID Act fully discloses the VA loan options available for veterans to use when buying a home. I’m proud to help lead this commonsense, bipartisan bill that ensures we have the backs of our brave men and women who had ours against global threats.” 

    “Our veterans put everything on the line to defend us, but far too often come home without the support they need,” said Pettersen. “No veteran should miss out on a benefit they’ve earned simply because they didn’t know it was an option. At a time when finding an affordable home is harder than ever, ensuring veterans have clear access to every funding resource available is critical. This legislation helps make homeownership possible and builds long-term stability for the brave men and women who’ve served our country.” 

    “We enjoy freedom in America due to the incredible sacrifices of our servicemen and women,” said Hageman. “Guaranteeing that our veterans receive the care and benefits they deserve is the least we can do. The VALID Act provides for this assurance by ensuring our veterans are informed of the advantageous home loan programs available to them as they chart their future.” 

    “Our veterans have earned every benefit available to them — including the opportunity for affordable homeownership. Unfortunately, too many miss out on VA loan options because they are unaware of them. I’m proud to join my colleagues in introducing the VALID Act that will ensure veterans can make fully informed decisions during the homebuying process. This legislation honors those who served and helps secure a better future for them and their families,” said Williams. 

    “We should make certain veterans are aware they qualify for help with purchasing a home or realizing more savings over the life of a mortgage,” said Boozman. “Since we know VA home loans are underutilized, there is a clear need to better identify this assistance earlier in the process. I am proud to join my colleagues in enhancing this earned benefit for our former servicemembers.” 

    “While we can never fully repay the debt we owe to our veterans, we have a duty to support them when they return home,” said Van Hollen. “The VA Home Loan has been helping servicemembers buy homes for over 80 years, but this funding resource remains severely underutilized by far too many of our veterans. This bipartisan legislation will help change that, ensuring more veterans and their families take advantage of the benefits they have earned.” 

    “VAREP wholeheartedly endorses the VA Loan Information Disclosure Act of 2025. This legislation will help correct an injustice of non-disclosure of all viable mortgage loan options to all home loan applicants who are eligible to take advantage of their earned VA Home Loan Guarantee Benefits,” said VAREP in a statement. “VAREP applauds Rep. Pettersen for taking action to require the original lender to include a third financial comparator, to the current disclosure law that requires only disclosure of the difference between an FHA and a Conventional loan. Adding the third comparison of the VA Home Loan, to the FHA Home Loan and the Conventional Home Loan is an essential missing loan disclosure element.” 

    Research has shown that 1 in 10 veterans have experienced homelessness, often years after completing service and returning home. At the same time, rising housing costs are making homeownership increasingly out of reach. Programs like the VA Home Loan are more important than ever, offering a path to homeownership that can save veterans thousands of dollars and help them build lasting financial security. 

    The legislation is endorsed by the Veterans Association of Real Estate Professionals (VAREP), the Broker Action Coalition, and the National Association of REALTORS®. 

    Full text of the bill is available HERE.  

    MIL OSI USA News –

  • MIL-OSI: Western New England Bancorp, Inc. Announces Completion of 2024 Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    WESTFIELD, Mass., June 03, 2025 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced that on May 30, 2025, the Company completed all repurchases under its existing stock repurchase plan (the “2024 Repurchase Plan”) at an average price per share of $8.79. The 2024 Repurchase Plan authorized the Company to repurchase a total of 1.0 million shares of the Company’s common stock, or approximately 4.6% of the Company’s then-outstanding shares of common stock. The Board of Directors authorized the 2024 Repurchase Plan on May 21, 2024.

    On April 22, 2025, the Board of Directors of the Company authorized a new stock repurchase plan, pursuant to which the Company may repurchase up to 1.0 million shares, or approximately 4.8% of the Company’s outstanding shares of common stock, upon the completion of the 2024 Repurchase Plan.

    James C. Hagan, President and Chief Executive Officer, commented, “We are pleased to announce the completion of our 2024 Repurchase Plan. We believe that share repurchases are a prudent use of the Company’s capital and demonstrate our commitment to effectively manage the Company’s capital levels, while increasing total shareholder returns through stock repurchases as well as cash dividends.”

    The Company may repurchase shares from time to time in open market transactions or through privately negotiated transactions at the Company’s discretion or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. The repurchase program may be modified, suspended or discontinued at any time, at the Company’s discretion.

    About Western New England Bancorp, Inc.

    Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. 

    Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption “Risk Factors” in Western New England Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

    For further information contact:
    James C. Hagan, President and Chief Executive Officer
    Guida R. Sajdak, Executive Vice President and Chief Financial Officer
    Meghan Hibner, First Vice President and Investor Relations Officer
    413-568-1911

    The MIL Network –

  • MIL-OSI USA: IAM Western Territory Marches for Veterans on Memorial Day

    Source: US GOIAM Union

    The IAM Western Territory, including General Vice President Robert “Bobby” Martinez, the IAM Veterans Services Department, IAM District W24, Local 1005, Local 203, Local 2006, Local 63, and Local W130 participated in a “ruck march” to support local veterans on Memorial Day.

    The march was organized by Do Good Multnomah, a Portland, Ore., veterans services group that provides vital support to veterans impacted by life’s struggles.

    See photos from the march here.

    “The funds we are raising here today help veterans here – in Portland,” said Frank Wilson, an IAM shop steward for Portland city government workers and vice chairman of the IAM Veterans Services Steering Committee. “I can go see it for myself and check on the veterans who may be in tough spots, and just need help today – not when a bunch of paperwork is all approved.”

    Wilson, a U.S. Navy veteran, has been a strong advocate for veterans issues in the Portland area. His work and training with the IAM Veterans Services team has allowed him to grow his reach and impact for all U.S. military veterans.

    Do Good Multnomah has run this Memorial Day ruck march for the past four years as an annual fundraiser. The IAM sponsored two teams with Wilson’s help, and he also spearheaded a team sponsorship from the City of Portland Veterans committee, which includes various workers and unions. Wilson was awarded a certificate for his efforts by the Northwest Oregon Labor Council before the event stepped off.

    “We are extremely proud of Frank and the entire group of members who came out to support our veterans,” said IAM Western Territory General Vice President Robert “Bobby” Martinez. “Veterans are a vital part of the fabric of the IAM Union. The sacrifices they’ve made help us live in a beautiful country like this, help preserve our liberties, and most of all – protect our right to form a union in the workplace.”

    Do Good Multnomah touches the lives of 70% of the houseless veterans in Portland. In addition to shelter, the organization runs weather response teams to seek out veterans during inclement weather, and the charity also works with the American Red Cross to give victims of house fires that are veterans immediate cash assistance.  

    The organization raised over $37,000 from this Memorial Day event, well over the initial goal of thirty-thousand dollars, but the non-profit organization could always accept more donations for their goal of opening a new veteran clean and sober shelter. Do Good Multnomah has provided over two hundred and twenty thousand meals in their facilities for veterans, and nearly four thousand self care and personal hygiene kits to veterans in need. 

    “It’s a worse issue than a lot of people really understand,” said Bryan Stymacks, Assistant Coordinator of IAM Veterans Services, who walked with General Vice President Martinez as a team on the six-mile ruck march for Portland’s veteran community. “They have a lot of unique struggles that can cause them to fall into tough times and it’s important to be there for them when they do.”

    Veterans are 2.5 to 3 times more likely to experience homelessness in the northwestern U.S. housing market based on data from the Veterans Administration, where it takes an hourly wage of over $35 an hour to afford a two bedroom apartment. Do Good Multnomah believes there are roughly 1,500 houseless veterans on any given night in Oregon. They are using grants and donations to try groundbreaking solutions for this population. One solution is the “low barrier” shelter, which simply cuts the barrier requirements for shelter for a veteran that may be employed, but recently evicted, with  a stop gap shelter until other housing becomes a solution.

    Wilson believes that his work to raise funds and check on progress of veteran services in his community is an extension to his duty to our country. The world could use a lot more people like Frank.

    The post IAM Western Territory Marches for Veterans on Memorial Day appeared first on IAM Union.

    MIL OSI USA News –

  • MIL-OSI USA: Pettersen, Van Hollen, Boozman, Hageman, Williams, Kim Introduce Bipartisan Legislation to Improve Homebuying Process for Veterans

    Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

    WASHINGTON – Today, Congresswoman Brittany Pettersen (CO-07) – alongside Senators Chris Van Hollen (D-MD) and John Boozman (R-AR) and Representatives Harriet Hageman (WY-AL), Nikema Williams (GA-05), and Young Kim (CA-40) – introduced the Veterans Affairs Loan Informed Disclosure Act of 2025 (VALID Act). Despite potentially offering thousands of dollars in savings over the life of a loan, VA loans are underused – with only 10% to 15% of eligible veterans using the benefit, and some states as low as 6%. The bill introduced today provides a simple fix, ensuring veterans see VA loan options clearly laid out alongside conventional and FHA loans when applying for an FHA mortgage – making it easier to choose the best option for their needs.

    Specifically, this bipartisan legislation would update Federal Housing Administration (FHA) mortgage disclosures to include VA Home Loans alongside FHA and conventional loan options. The bill would also ensure lenders are provided with important information regarding an applicant’s military service so they can provide information about VA loans early in the homebuying process.

    “Our veterans put everything on the line to defend us, but far too often come home without the support they need,” said Pettersen. “No veteran should miss out on a benefit they’ve earned simply because they didn’t know it was an option. At a time when finding an affordable home is harder than ever, ensuring veterans have clear access to every funding resource available is critical. This legislation helps make homeownership possible and builds long-term stability for the brave men and women who’ve served our country.”

    “We enjoy freedom in America due to the incredible sacrifices of our servicemen and women,” said Hageman. “Guaranteeing that our veterans receive the care and benefits they deserve is the least we can do. The VALID Act provides for this assurance by ensuring our veterans are informed of the advantageous home loan programs available to them as they chart their future.”

    “Our veterans have earned every benefit available to them — including the opportunity for affordable homeownership,” said Williams. “Unfortunately, too many miss out on VA loan options because they are unaware of them. I’m proud to join my colleagues in introducing the VALID Act that will ensure veterans can make fully informed decisions during the homebuying process. This legislation honors those who served and helps secure a better future for them and their families.”

    “Veterans put their lives on the line to protect our freedoms and, at the very least, deserve to know the benefits available to them. Anything less is unacceptable,” said Kim. “The VALID Act fully discloses the VA loan options available for veterans to use when buying a home. I’m proud to help lead this commonsense, bipartisan bill that ensures we have the backs of our brave men and women who had ours against global threats.” 

    “While we can never fully repay the debt we owe to our veterans, we have a duty to support them when they return home,” said Van Hollen. “The VA Home Loan has been helping servicemembers buy homes for over 80 years, but this funding resource remains severely underutilized by far too many of our veterans. This bipartisan legislation will help change that, ensuring more veterans and their families take advantage of the benefits they have earned.”

    “We should make certain veterans are aware they qualify for help with purchasing a home or realizing more savings over the life of a mortgage,” said Boozman. “Since we know VA home loans are underutilized, there is a clear need to better identify this assistance earlier in the process. I am proud to join my colleagues in enhancing this earned benefit for our former servicemembers.”

    “Why does it make any sense, at all, to disallow a veteran, like my husband, from reviewing, in a side-by-side view, of the actual written financial differences between the VA Home Loan when compared to a FHA Home Loan or a Conventional Home Loan? Updating the ‘informed consumer choice disclosure notice’ will close that loop,” said Lynn Jabs, Tacoma VAREP Chapter board member and National Legislative Chair at VAREP.

    “VAREP wholeheartedly endorses the VA Loan Information Disclosure Act of 2025. This legislation will help correct an injustice of non-disclosure of all viable mortgage loan options to all home loan applicants who are eligible to take advantage of their earned VA Home Loan Guarantee Benefits,” said VAREP in a statement. “VAREP applauds Rep. Pettersen for taking action to require the original lender to include a third financial comparator, to the current disclosure law that requires only disclosure of the difference between an FHA and a Conventional loan. Adding the third comparison of the VA Home Loan to the FHA Home Loan and the Conventional Home Loan is an essential missing loan disclosure element.”

    Research has shown that 1 in 10 veterans have experienced homelessness, often years after completing service and returning home. At the same time, rising housing costs are making homeownership increasingly out of reach. Programs like the VA Home Loan are more important than ever, offering a path to homeownership that can save veterans thousands of dollars and help them build lasting financial security.

    The legislation is endorsed by the Veterans Association of Real Estate Professionals (VAREP), the Broker Action Coalition, and the National Association of REALTORS®.

    Full text of the bill is available HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: King, Colleagues Fight to Help Home Renters Continue Receiving Emergency Assistance

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME), with a bicameral group of his House and Senate colleagues, is calling on Congressional Appropriations leadership to include enough funding for the Emergency Housing Voucher (EHV) program as part of Fiscal Year (FY) 2026 funding legislation. Tens of thousands of Americans depend on this vital program for safe, stable, and affordable housing. The letter comes as the Department of Housing and Urban Development (HUD) announced in March that the program will soon run out of money due largely to rents rising at the fastest pace in decades.
    “[Public Housing Agencies] in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve,” wrote the lawmakers. “Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.”
    “The EHV program provides rental assistance to help end and prevent homelessness,” continued the lawmakers. “At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties.”
    As of April, this critical program supports 107,000 individuals who are mostly children under five years old, older adults, individuals with disabilities, and domestic violence survivors. Support for the program is especially important as the Trump Administration cuts vital HUD funding and support staff. The EHV program was established in 2021 through the American Rescue Plan. Congress originally authorized $5 billion in funding for 70,000 vouchers through September 2030, with increased flexibilities for public housing authorities that made the program more successful than typical housing vouchers.
    Senator King has long been committed to ensuring Maine people across the state can access safe and affordable housing, as well as working with his colleagues on creative solutions to combat the housing shortage. He recently introduced the bipartisan Affordable Housing Credit Improvement Act to create nearly two million new affordable homes across the country — including thousands in Maine. Earlier this year, he introduced the bipartisan Farmhouse-to-Workforce Housing Act to expand existing grant program so rural homeowners can create more housing on their property and help ease housing shortfall.
    The full text of the letter is available here and below. 
    +++
    Dear Chair Hyde-Smith, Ranking Member Gillibrand, Chair Womack, and Ranking Member Clyburn:
    As you develop the Fiscal Year (FY) 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill, we respectfully request that you include funding to ensure that the nearly 60,000 households who are currently being served by the Emergency Housing Voucher (EHV) program do not fall into homelessness.
    During the pandemic, Congress appropriated $5 billion in mandatory funding for the EHV program to help people experiencing or at risk of experiencing homelessness, including survivors of domestic violence and victims of human trafficking, access safe, stable and affordable housing during a moment of crisis.
    Since 2021, the success of the EHV program and its design, which includes critical administrative flexibilities that are responsive to a tumultuous housing market, cannot be overstated. The Department of Housing and Urban Development (HUD) reported that EHVs are leasing at a rate faster than any previous housing voucher program within HUD and drove unprecedented collaboration among public housing agencies (PHAs), homeless services organizations, and victim services organizations to provide rapid and effective housing assistance to vulnerable populations. PHAs in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve. Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.
    We understand that the Subcommittee must make difficult decisions. However, the EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties. Thank you for your consideration of this request and your continued support for the most vulnerable Americans.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI: YieldMax® ETFs Announces Distributions on BIGY, RNTY and SOXY

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, June 03, 2025 (GLOBE NEWSWIRE) — YieldMax® today announced distributions for the YieldMax® Target 12™ ETFs listed in the table below. The Fund seeks to generate income with a 12% target annual income level.

    ETF
    Ticker    1    		 ETF Name Distribution Frequency Distribution
    per Share    		 Distribution
    Rate    2    		 30-Day
    SEC Yield3    		 ROC4 Ex-Date & Record Date Payment
    Date
    BIGY YieldMax®Target 12™ Big 50 Option Income ETF Monthly $0.4803 12.00% 0.20% 94.52% 6/4/25 6/5/25
    RNTY YieldMax®Target 12™ Real Estate Option Income ETF Monthly $0.5209 12.00% 2.21% 93.65% 6/4/25 6/5/25
    SOXY YieldMax®Target 12™ Semiconductor Option Income ETF Monthly $0.4720 12.00% 0.17% 100.00% 6/4/25 6/5/25


    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at     www.yieldmaxetfs.com

    You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1Each ETF’s strategy will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF.

    2The Distribution Rate shown is as of close on June 2, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended May 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4ROC Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5 ROC refers to Return of Capital. The ROC percentage indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Important Information
    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax® ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    YieldMax® ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax® ETFs.

    © 2025 YieldMax® ETFs

    The MIL Network –

  • MIL-OSI Russia: The mos.ru portal has simplified the process of submitting applications for the preparation of urban development plans for sites

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The mos.ru portal has been modernized service for submitting applications for the preparation and issuance of urban development plans for land plots (UPPL)This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “On June 2, the mos.ru portal added automatic online checks of real estate objects in the information systems of Rosreestr, the State Inspectorate for Real Estate and the state information system for supporting urban development activities when submitting an application for the issuance of urban development plans. With their help, it will be possible to check the presence of capital and unauthorized construction objects on a land plot, the absence of a duly approved territorial planning project and changes made to the land use and development rules for the purpose of implementing the integrated territorial development program. This will reduce the number of refusals to issue GPZU by informing the applicant when filling out the electronic application. Previously, such information could only be obtained based on the results of the application review within 14 working days,” said Vladimir Efimov.

    GPZU is an urban planning document that specifies the types of permitted use, technical and economic indicators of construction and restrictions on the use of a land plot.

    “The said revision will simplify the procedure for submitting an application on mos.ru and reduce the number of refusals to provide government services. In addition, the possibility of accepting applications from individuals who are authorized representatives of applicants – individuals has been implemented,” she added. Juliana Knyazhevskaya, Chairman of the capital’s Committee for Architecture and Urban Development.

    As reported by the capital Department of Information Technology, the updated service is already posted onmos.ru portalTo use it, you need to go to the section “Construction, reconstruction and repair” in the catalog of services for business, go to the subsection “Construction” and click “Urban development plan of the land plot”.

    The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, correspond to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154730073/

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Plymouth means business at UKREiiF 2025

    Source: City of Plymouth

    By Cllr Tudor Evans, Leader of Plymouth City Council

    This May, I had the privilege of leading Plymouth’s delegation to the UK Real Estate Investment and Infrastructure Forum (UKREiiF) in Leeds – and what a week it was.

    We went to UKREiiF with a clear purpose: to shout loud and proud about Plymouth’s ambition, our potential, and our readiness for growth. We weren’t just there to attend – we were there to lead, to connect, and to inspire. Because for Plymouth, growth isn’t just a buzzword. It’s a necessity. It’s about jobs, homes, innovation, and opportunity. It’s about building a city that works for everyone.

    From the moment we arrived, the energy was electric. Day one kicked off with a bang – our stand was buzzing with interest, and we hit the ground running with meetings, networking, and a strong presence across the event. We were there alongside major cities and regions, but we made sure Plymouth’s voice was heard. We’re not just a coastal city – we’re a city of ideas, of resilience, and of bold ambition.

    One of the highlights was our panel session, where we brought together key voices to talk about the future of cities like ours. We spoke about the power of place, the importance of sustainable development, and the need for long-term investment in infrastructure and skills. I was proud to see Plymouth leading that conversation – not just reacting to change, but shaping it.

    Throughout the week, we met with investors, developers, government officials, and partners from across the UK. We showcased our major regeneration opportunities – from the Freeport and Oceansgate to the city centre and waterfront. We talked about our strengths in marine, defence, digital, and clean energy. And we made it clear: Plymouth is open for business.But UKREiiF wasn’t just about promotion – it was about connection.

    It was about building relationships that will unlock real benefits for our city. We had meaningful conversations that we’re already following up on – conversations that could lead to new investment, new jobs, and new opportunities for our residents.

    For example, we had a fantastic conversation with Homes England. Earlier this year, we launched a bold new plan together to deliver up to 10,000 new homes in the heart of Plymouth. This isn’t just about numbers – it’s about creating a vibrant, liveable city centre that supports our growing workforce and attracts new talent. At UKREiiF, we built on this momentum with strategic conversations about other key sites.

    Marcus Ralling from Homes England was clear: Plymouth offers one of the most compelling investment stories in the country. With the right partners, we can deliver high-quality homes, strong returns, and transformational change. This partnership is already bearing fruit – and it’s only just beginning.

    What struck me most was the shared sense of purpose in all our conversations. Across the country, councils are grappling with similar challenges – housing, climate change, economic resilience. But there was also a shared optimism. A belief that with the right partnerships, the right vision, and the right leadership, we can build better places. And Plymouth is absolutely part of that story.

    So what do we hope to get out of it? Tangible outcomes. We want to see investment flow into our city. We want to accelerate delivery of key projects. We want to bring partners on board who share our vision for inclusive, sustainable growth. And we want to keep raising Plymouth’s profile – nationally and internationally – as a city that’s going places.

    UKREiiF 2025 was a milestone for us. It showed that Plymouth belongs on the national stage. It showed that we have the ambition, the assets, and the leadership to drive real change. And it reminded me – once again – why I’m so proud to lead this city.

    Growth matters. Not for its own sake, but because of what it means for people. For families looking for a decent home. For young people seeking opportunity. For businesses ready to expand. For communities that deserve investment and pride in place.

    Plymouth is ready. And we’re just getting started.

    MIL OSI United Kingdom –

  • MIL-OSI Global: Why Canada should apply labour protections to the rental housing sector

    Source: The Conversation – Canada – By Elliot Goodell Ugalde, Phd Student, Queen’s University, Ontario

    Gregor Robertson, Canada’s new housing minister, was likely tapped for the job on the basis of his decade as Vancouver’s mayor, where he introduced zoning changes, incentives for rental construction and the country’s first empty-homes tax.

    Those moves nudged supply but fell short: housing designed specifically for renting trickled in slowly and the city’s homeless count hit a 13-year high of 2,181 in 2018.

    Robertson once blamed the housing shortfall on tight-fisted provincial and federal budgets. Now that he controls part of that money, he can test his claim. He can plug a hole his municipal toolkit never could by being, as he vowed in 2018, “more abrasive and more vocal”, and by coupling fresh federal dollars with legal protections that empower tenants to bargain collectively.

    The urgency is clear: one-third of Canadians rent, yet tenant unions, though legal to form, have no right to negotiate.

    This absence of statutory protection for tenants is often treated as a policy oversight. By withholding legal recognition, lawmakers preserve a model that allows landlords to negotiate from a position of structural dominance as tenants confront systemic harms — rent hikes, unsafe conditions and evictions — all on their own.

    Canada’s rental ‘crisis’

    Soaring rents and evictions have been described as a temporary “housing crisis.”

    But researchers at the Canadian Centre for Policy Alternatives counter that the market is not broken; it works exactly as designed. Calling it a crisis justifies “extraordinary” fixes — most often lower interest rates that lure first time home-buyers to take on debt larger than they should, according to Canadian policy scholar Ricardo Tranjan in his book The Tenant Class.

    The results are structural, not temporary: median national rent for a one-bedroom dwelling now tops $2,000, vacancy rates sit below two per cent and 33.1 per cent of renters spend more than 30 per cent of income on shelter. That’s the rent-burden line — the threshold used to determine if a household is struggling to afford housing — of the Canadian Mortgage and Housing Corporation’s (CMHC).

    Since the 1990s, the CMHC has replaced public construction with mortgage-insurance programs that flood markets with credit, kicking the can down the road. Meanwhile, Prime Minister Mark Carney’s choice of Robertson as housing minister has advanced a familiar credit-led package: GST rebates for first-time buyers.

    When asked whether housing prices should fall, Robertson said “no,” arguing that wages will eventually catch up — an adjustment economists project would take roughly 20 years even if prices stopped rising today.

    Expanding credit under these conditions is more likely to swell asset values than improve affordability, trading a housing emergency for an indebtedness emergency.

    Collective action without collective rights

    Ontario’s Residential Tenancies Act (RTA) typifies Canada’s token approach to renter power. It affirms tenants’ right to form associations but, in the very next clause, excuses landlords from any obligation to meet or negotiate with them. The result is performative legality: tenants can speak but landlords are free to ignore them.

    The chilling effect resembles pre-industrial labour markets, where organizing invited dismissal. Recent history confirms the weakness.

    In 2023, the tenants of 33 King Street in northwest Toronto mounted a five-month rent strike and won partial rollbacks, but the tribunal still refused to recognize their union; every renter had to sign a separate settlement. By settling disputes that way, the system drains collective power and drags cases through attritional timelines that encourage capitulation.

    Canada confronted a parallel power imbalance during industrialization. Early 20th-century governments criminalized picketing and blacklisted organizers. The upheavals of the Great Depression forced Ottawa to adopt the Wartime Labour Relations Regulations (1944) and the Industrial Relations and Disputes Investigation Act (1948).

    Those statutes codified three enduring principles:

    1. Workers may unionize free from employer interference;
    2. Employers must bargain in good faith with a certified union;
    3. Violations trigger meaningful remedies, including reinstatement and damages.

    Legislators acted not from moral awakening, but to temper exploitation and preserve social stability.

    Housing now mirrors that earlier asymmetry: corporate landlords command capital, legal expertise and mobility, while tenants have none of that power. Extending labour-style protections to tenant unions would simply apply a proven regulatory formula to rental housing.

    Counter-arguments

    Landlord associations often voice four main objections to statutory tenant-union rights: the anticipated administrative burden, the spectre of disinvestment, purported constitutional limits and a moral claim that responsible owners don’t need to be legally compelled to act in good faith.

    Labour history suggests these concerns are overstated.

    As Tranjan recalls, reputable employers already paid decent wages and offered sick leave before such standards were legislated. Regulation merely imposed a baseline on those profiting from exploitation.

    In housing, conscientious landlords who maintain units, honour rent control and eschew predatory fees wouldn’t require mandatory bargaining or anti-retaliation clauses. But those enriching themselves through vacancy decontrol, renovictions or steep rent hikes would. Their resistance to tenant protections underscores their necessity.

    Empirical evidence further weakens objections.

    First, administrative overload is improbable: collective bargaining consolidates individual grievances into a single agreement, dramatically reducing repeat hearings, and the system would work the same in landlord-tenant tribunals.

    Second, claims that stronger tenant rights deter investment clash with comparative experience. In Vienna, where nearly half of all dwellings fall under tenant councils wielding union-like powers and stringent rent regulation, construction activity remains robust and affordability stable;

    Third, constitutional concerns are overstated. Although landlord–tenant law is chiefly provincial, the federal government already shapes rental markets through CMHC insurance, targeted tax expenditures and the National Housing Strategy Act, which recognizes adequate housing as a human right.

    Ottawa could condition financing on tenant-union recognition or incentivize provinces to harmonize standards, echoing its mid-20th century push for uniform labour legislation.

    Historical precedent and evidence across the country make clear that formalizing tenant-union protections is constitutional, would streamline dispute resolution and sustain construction — substantially benefiting the one-third of Canadians who rent without destabilizing the housing market.



    Read more:
    How corporate landlords are eroding affordable housing — and prioritizing profits over human rights

    Collective rights for collective problems

    To make housing genuinely affordable, Robertson must see Canada’s rental sector not as a malfunctioning “crisis” but as a lucrative system of organized inequality.

    Legislators once recognized that individual workers could not bargain fairly with industrial adversaries and created the collective-bargaining framework that undergirds labour relations today. Housing demands the same logic.

    Tenant unions already operate in neighbourhoods such as Toronto’s Thorncliffe Park, Vancouver’s Mount Pleasant and Montréal’s Rosemont. But without legal status, landlords can simply ignore them.

    Federal legislation could correct this imbalance. Automatic certification would follow when a simple majority of tenants in a building sign membership cards, triggering a duty for landlords to bargain in good faith over rent increases, maintenance schedules, security of tenure and essential services.



    Read more:
    Financial firms are driving up rent in Toronto — and targeting the most vulnerable tenants

    Anti-retaliation clauses would bar eviction or harassment of organizing tenants, with remedies mirroring labour law: reinstatement, damages and arbitration to deter stalling.

    Negotiated standards could be applied across neighbourhoods while still allowing investors reasonable but socially responsible returns.

    Granting labour-style protections to tenant unions is hardly radical; it simply extends a principle Canada embraced nearly a century ago: collective problems require collective rights.

    Renters cannot wait for market forces to self-correct. Recognizing and regulating tenant unions is the most direct route to balancing power, safeguarding homes and treating housing as a human right rather than an asset class.

    Elliot Goodell Ugalde is affiliated with The Kingston and District Labour Council.

    Natalie Braun does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why Canada should apply labour protections to the rental housing sector – https://theconversation.com/why-canada-should-apply-labour-protections-to-the-rental-housing-sector-257208

    MIL OSI – Global Reports –

  • MIL-Evening Report: With interest rates on the way down, could house prices boom? Here’s what research suggests

    Source: The Conversation (Au and NZ) – By James Graham, Senior Lecturer in Economics, University of Sydney

    Jenny Evans/Stringer/Getty

    With the Reserve Bank of Australia easing monetary policy, interest rates are on the way down.

    Already this year, mortgage pre-approvals had begun to rise, suggesting many aspiring home buyers are excited by the prospect of cheaper home loans.

    With further cuts expected before the end of the year, some economists are predicting we could be on the cusp of another house price boom. Lower interest rates enable people to borrow more and potentially spend more on homes, bidding up prices.

    So, how might the Reserve Bank’s actions affect home buying behaviour and the housing market more broadly? Research offers us some clues.

    How rates affect prices

    Research shows that when a central bank lowers its benchmark interest rate, mortgage interest rates usually follow suit.

    We saw this following the Reserve Bank’s May decision to cut rates. Australia’s big four banks immediately announced similar reductions in rates for new and existing borrowers.

    Lower rates reduce the cost of servicing a loan. This is a big deal for Australian home buyers, whose mortgages can be very large.

    With the average house price in Australia now hitting about $1 million, an 80% loan saddles the typical home buyer with $800,000 in debt.

    Back in March, the average interest rate on new mortgages was 6%. For the average million-dollar house, this implies a monthly repayment of around $4,796, using the standard formula for amortising loans.

    After the Reserve Bank cut the cash rate by 0.25 percentage points, this implies a new monthly repayment of $4,669 – $127 less. That’s a small, but surely welcome, relief for mortgage holders.

    Combined with the Reserve Bank’s prior rate cut in February, such borrowers are now saving more than $250 a month relative to the start of the year.

    Everyone can borrow more

    Lower rates can also improve the borrowing capacity of new home buyers.

    Before a bank issues a new mortgage, it weighs the ability of a borrower to service the loan. It does this by considering the amount of income they’ll have left over after meeting typical expenses.

    This is known as a borrower’s “net income surplus”, and the proportion of this that is used to service a loan is known as the “net surplus ratio”.

    The maximum ratio is capped at 90%, but the typical mortgage is lent against a ratio of less than 70%.

    If a household earns $100,000 per year and allocates 25% to expenses, it can afford $4,375 in monthly mortgage repayments at a 70% net surplus ratio.

    Given the previous interest rate of 6%, this maximum monthly repayment implies the household can afford to borrow $680,000. But after a 0.25 percentage point rate cut, this household can now afford a $695,000 home loan.

    And following the 0.50 percentage points of cuts we’ve seen since January, this household’s borrowing capacity is up by $30,000.

    Pulling up the ladder

    For an individual home buyer, this extra borrowing may be enough to secure that dream home. But the rate cut affects everyone at the same time, increasing the borrowing capacity of home buyers all over the country.

    All of this extra mortgage credit feeds housing demand, which is likely to pour more fuel into an already overheated market.

    Indeed, recent research indicates that a 0.25 percentage point cut in the cash rate will likely lead to a 1.5–2% increase in average house prices over the following one to two years.

    That’s an extra $20,000 on the current $1 million average home value.

    Research also suggests the impact of interest rates across local housing markets may be strongest where housing supply is tightest and houses are already more expensive.

    Mortgages get bigger

    While lower rates reduce the cost of a given mortgage, the average mortgage size needs to grow to keep up with higher prices.

    Recall that the monthly payment associated with an 80% loan on a million-dollar home at 6% interest was $4,796. If the interest rate falls by 0.25 percentage points but house prices rise by 2%, the new monthly payment is little changed, at $4,762.

    On top of this, the 20% down payment on that new home will now have increased – by $4,000.

    Rate cuts increase borrowing power, but this can put upward pressure on house prices.
    myphotobank.com.au/Shutterstock

    Is there hope for first home buyers?

    Despite the initial excitement of lower rates, aspiring home buyers may be disappointed to see the price of their dream home climb further out of reach. Some may end up no better off than they had been previously.

    Others might try to snap up a home before lower rates are completely priced in – motivated by a fear-of-missing-out (FOMO). Research suggests it can take a year or more before house prices peak following a rate change.

    And others still may decide to keep renting for the time being. Fortunately for them, recent research shows that changes in interest rates do not materially affect the rents that landlords charge their tenants.

    Finally, one option is holding savings in the stock market while they wait, perhaps diversified via exchange-traded funds, as these assets usually rise in value following an interest rate cut.

    It’s never a good idea to panic. It’s always important to think through your options before diving into the market. And remember, our discussion here is only for general information and is not intended to be financial advice. All investments carry risk.

    James Graham has received research funding from the Australian Housing and Urban Research Institute and is a member of Sydney YIMBY.

    – ref. With interest rates on the way down, could house prices boom? Here’s what research suggests – https://theconversation.com/with-interest-rates-on-the-way-down-could-house-prices-boom-heres-what-research-suggests-257724

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governor Pillen To Sign Key National Security Legislation

    Source: US State of Nebraska

    . The legislation passed overwhelmingly with a bipartisan majority of senators. 

    “The security of our nation starts here at home — and that means we must take a strong stand against foreign adversaries, like the Chinese Communist Party. National security is not a red or blue issue, and I’m grateful to have worked with Senator Eliot Bostar to make Nebraska safer. I will proudly sign LB644 into law.” 

    Providing protections for critical infrastructure, property, and more has been a focus for Gov. Pillen since he first took office. In that time, he has issued executive orders aimed at safeguarding telecommunications equipment and banning applications, software and platforms created or owned by affiliates of the Chinese Communist Party (CCP) on state networks and devices. 

    Last year, he signed his name to a package of bills to enhance security for the state and nation, including the Foreign-Owned Real Estate National Security Act, which prevents foreign adversaries from buying land in Nebraska.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Housing Market – Cotality First home buyer activity strong, but entering market later

    Source: Cotality

    Cotality-Westpac NZ First Home Buyer Report draws on Cotality’s extensive housing market data, as well as Westpac’s information about borrowers, to offer fresh insight into the purchasing behaviours, property preferences and financial profiles of New Zealand’s first-time home buyers (FHBs).
    The report shows the number of first home buyers has picked up in recent years, accounting for nearly 25% of all property purchases across the country between January and April 2025 — well above the long-term average of 21–22%.
    It also found that the average age of first home buyers in New Zealand is rising, with new data showing Auckland buyers now average 37 years old, 36 in Wellington, and 35 in Christchurch — each around two to three years older than in 2019.
    “This shift partly reflects conscious lifestyle choices — such as travelling, building careers, or starting families — but housing affordability remains a key factor,” said Westpac NZ Senior Economist Satish Ranchhod.
    “Even with prices well below their 2022 peak, getting onto the property ladder still takes time, especially in larger centres like Auckland where prices tend to be higher.”
    Despite this later entry into the market, FHBs are currently getting more bang for their buck.
    More than 75% of FHB purchases so far in 2025 have been standalone houses — the highest share since 2020 — and the median price paid has held steady at $700,000, unchanged from the past two years and lower than 2022’s $719,000.
    “First home buyers may be older, but they’re entering the market with a clear plan and strong decision-making,” said Cotality Chief Property Economist Kelvin Davidson.
    “They’re capitalising on their ability to tap into KiwiSaver, abundant listings, modest price growth and accessible finance to secure better homes in many cases. Making full use of the low-deposit lending allowances at the banks is another support for FHBs.”
    “The big drop in interest rates over the past year has been a key factor that’s helped more New Zealanders into their first home,” said Ranchhod.
    “Fixed mortgage interest rates are now around 170 to 200 bps lower than this time last year. For those buying an averaged priced first home, those lower interest rates could cut their monthly mortgage costs by around $800.”
    Townhouses have made up 18% of FHB purchases to date in 2025, a higher share than among all buyers (15%), while only 2% of FHBs bought apartments and 3% opted for lifestyle blocks — compared to 6% in each category across the wider market.
    The data also confirms that many FHBs are not entering at the bottom rung: while the FHB median price is lower than the overall buyer median of $780,000, it is significantly higher than the lower quartile of $585,000.
     
    Spotlight on the main centres
    Looking at New Zealand’s major cities, FHB activity has been elevated across the board.
    The wider Wellington area leads the way, with FHBs accounting for 36% of purchases so far in 2025 — around 7 percentage points above the area’s long-term average. 
    Hamilton follows closely at 30%, with Dunedin at 28%, Auckland 27%, and Christchurch 26%. Tauranga, while slightly lower at 21%, still sits about 4 points above its historical norm.
    Standalone houses continue to be the dominant purchase type in most main centres.
    In Dunedin, 90% of FHBs have bought standalone homes this year, with Hamilton and Tauranga both close behind at 89%. However, the share is comparatively lower in Auckland (64% vs an average of 67%), Wellington (67% vs 73%), and Christchurch (66% vs 77%) — likely reflecting both greater availability and affordability of smaller dwellings, including townhouses and apartments.
    Price data reinforces the trend that first home buyers are typically entering the market above the lower rungs but below the peak.
    In Auckland, the median FHB price so far in 2025 is $903,000 — $127,000 below the all-buyer median, but $114,000 above the lower quartile. FHB median prices are $767,000 in Tauranga, $740,000 in Wellington, $705,000 in Hamilton, and lower again in Christchurch and Dunedin.
     
    Looking ahead
    Cotality projects that national property sales will increase from 82,000 in 2024 to around 92,000 in 2025, with modest growth in values over the calendar year – perhaps 5% or a bit above. Although FHBs may see their market share edge down later in the year as other buyer groups re-enter the market, the total number of first home purchases is expected to rise.
    “Market conditions continue to favour first home buyers — from abundant listings and pricing power, to accessible finance and the ability to use KiwiSaver towards a deposit,” Davidson said.
    “While challenges remain, the opportunity to buy better for less is firmly within reach. It’s true that paying rent is generally cheaper than a mortgage, and it’s never easy to get that first home. But the security of tenure provided by owner-occupier clearly remains a strong motivation for first home buyers.”
     
    About Cotality
    We accelerate data, insights and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, insurers, governments and innovators.
     
    About Westpac NZ
    Westpac NZ is one of the country’s biggest banks. As a large New Zealand business and employer, we touch the lives of around 1.5 million customers, 5,000 employees and communities nationwide. Getting more customers into their first homes sooner is a priority for us.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Murphy, Blumenthal Fight To Continue Funding For Emergency Housing Voucher Program

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined U.S. Senators Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.), along with Representative Maxine Waters (D-Calif.-43), and nearly 100 lawmakers in urging Congressional Appropriations leadership to include robust funding for the Emergency Housing Voucher (EHV) program as part of Fiscal Year (FY) 2026 funding legislation. Tens of thousands of Americans depend on this vital program for safe, stable, and affordable housing. The letter comes as the Department of Housing and Urban Development (HUD) announced in March that the program will soon run out of money due largely to rents rising at the fastest pace in decades.

    “[Public Housing Agencies] in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve,” wrote the lawmakers. “Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.”

    “The EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties,” the lawmakers concluded.

    As of April, this critical program supports 107,000 individuals who are mostly children under five years old, older adults, individuals with disabilities, and domestic violence survivors. In Connecticut, hundreds of families rely on EHVs for housing, but the program is now at risk. Support for the program is especially important as the Trump Administration cuts vital HUD funding and support staff. The EHV program was established in 2021 through the American Rescue Plan. Congress originally authorized $5 billion in funding for 70,000 vouchers through September 2030, with increased flexibilities for public housing authorities that made the program more successful than typical housing vouchers.

    Several leading national housing groups — including the Council of Large Public Housing Authorities (CLPHA), Public Housing Authorities Directors Association (PHADA), National Association of Housing Redevelopment Officials (NAHRO), National Alliance to End Homelessness (NAEH), Center on Budget and Policy Priorities (CBPP), National Low Income Housing Coalition (NLIHC), the Moving-to-Work (MTW) Collaborative, and the National Housing Law Project (NHLP) — wrote a separate letter to Congressional appropriations leadership pushing for adequate funding and flexibilities for the EHV program.

    In addition to Murphy, Blumenthal, Padilla, Warren, and Waters, the bicameral letter was also signed by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Blunt Rochester (D-Del.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.), as well as Representatives Alma Adams (D-N.C.-12), Yassamin Ansari (D-Ariz.-03), Becca Balint (D-Vt.-AL), Nanette Barragán (D-Calif.-44), Joyce Beatty (D-Ohio-03), Donald Beyer (D-Va.-08), Sanford Bishop (D-Ga.-02), Suzanne Bonamici (D-Ore.-01), Julia Brownley (D-Calif.-26), Janelle Bynum (D-Ore.-05), Salud Carbajal (D-Calif.-24), André Carson (D-Ind.-07), Greg Casar (D-Texas-35), Gilbert Cisneros (D-Calif.-31), Emanuel Cleaver, II (D-Mo.-05), Steve Cohen (D-Tenn.-09), Joe Courtney (D-Conn.-02), Sharice Davids (D-Kan.-03), Danny K. Davis (D-Ill.-07), Maxine Dexter (D-Ore.-03), Lloyd Doggett (D-Texas-37), Cleo Fields (D-La.-06), Bill Foster (D-Ill.-11), Valerie Foushee (D-N.C.-04), Laura Friedman (D-Calif.-30), Jesús G. “Chuy” García (D-Ill.-04), Sylvia Garcia (D-Texas-29), Daniel Goldman (D-N.Y.-10), Jimmy Gomez (D-Calif.-34), Maggie Goodlander (D-N.H.-02), Al Green (D-Texas-09), Jahana Hayes (D-Conn.-05), James Himes (D-Conn.-04), Steven Horsford (D-Nev.-04), Val Hoyle (D-Ore.-04), Jonathan Jackson (D-Ill.-01), Sara Jacobs (D-Calif.-51), Pramila Jayapal (D-Wash.-07), Robin Kelly (D-Ill.-02), Ro Khanna (D-Calif.-17), Greg Landsman (D-Ohio-01), John Larson (D-Conn.-01), Sam Liccardo (D-Calif.-16), Ted Lieu (D-Calif.-36), Stephen Lynch (D-Mass.-08), Morgan McGarvey (D-Ky.-03), James McGovern (D-Mass.-02), LaMonica McIver (D-N.J.-10), Gregory Meeks (D-N.Y.-05), Dave Min (D-Calif.-47), Gwen Moore (D-Wis.-04), Kevin Mullin (D-Calif.-15), Jerrold Nadler (D-N.Y.-12), Eleanor Holmes Norton (D-D.C.-AL), Alexandria Ocasio-Cortez (D-N.Y.-14), Ilhan Omar (D-Minn.-05), Jimmy Panetta (D-Calif.-19), Scott Peters (D-Calif.-50), Brittany Pettersen (D-Colo.-07), Stacey Plaskett (D-V.I.-AL), Ayanna Pressley (D-Mass.-07), Delia Ramirez (D-Ill.-03), Luz Rivas (D-Calif.-29), Raul Ruiz (D-Calif.-25), Andrea Salinas (D-Ore.-06), Linda Sánchez (D-Calif.-38), Janice Schakowsky (D-Ill.-09), Suhas Subramanyam (D-Va.-10), Shri Thanedar (D-Mich.-13), Rashida Tlaib (D-Mich.-12), Derek Tran (D-Calif.-45), Nydia Velázquez (D-N.Y.-07), Nikema Williams (D-Ga.-05), and Frederica Wilson (D-Fla.-24).

    Full text of the letter is available here and below:

    Dear Chair Hyde-Smith, Ranking Member Gillibrand, Chair Womack, and Ranking Member Clyburn:

    As you develop the Fiscal Year (FY) 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill, we respectfully request that you include funding to ensure that the nearly 60,000 households who are currently being served by the Emergency Housing Voucher (EHV) program do not fall into homelessness.

    During the pandemic, Congress appropriated $5 billion in mandatory funding for the EHV program to help people experiencing or at risk of experiencing homelessness, including survivors of domestic violence and victims of human trafficking, access safe, stable and affordable housing during a moment of crisis.

    Since 2021, the success of the EHV program and its design, which includes critical administrative flexibilities that are responsive to a tumultuous housing market, cannot be overstated. The Department of Housing and Urban Development (HUD) reported that EHVs are leasing at a rate faster than any previous housing voucher program within HUD and drove unprecedented collaboration among public housing agencies (PHAs), homeless services organizations, and victim services organizations to provide rapid and effective housing assistance to vulnerable populations. PHAs in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve. Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.

    We understand that the Subcommittee must make difficult decisions. However, the EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties. Thank you for your consideration of this request and your continued support for the most vulnerable Americans.

    MIL OSI USA News –

  • MIL-OSI: Fortune Names Rate a ‘Best Mortgage Lender’ of 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 30, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, has been named a ‘Best Mortgage Lender’ for May 2025 by Fortune, a distinction that highlights the company’s customer-first approach, industry-leading technology, and commitment to making homeownership accessible for more Americans.

    Fortune gave Rate the Best Overall spot for its smooth online mortgage experience, citing its innovative digital tools and impressive array of loan options. With same-day approvals and closings in as little as 10 days, Fortune positions Rate as a strong choice for borrowers seeking an expedited mortgage process.

    Other leading industry voices are taking notice as well. Forbes recently named Rate the Best Mortgage Lender of 2025 for First-Time Homebuyers, and NerdWallet awarded Rate Best Lender rankings across multiple categories, including FHA Loans, Home Equity Loans, Lower Credit Scores, and more. Motley Fool further recognized Rate as a Best Mortgage Lender of 2025, highlighting the platform’s digital experience and down payment assistance.

    Taken together, these accolades underscore Rate’s ability to meet the needs of both first-time homebuyers and seasoned homeowners looking to refinance their present mortgage and/or leverage their equity. With a broad loan portfolio, the nation’s top Loan Officers, and unrivaled technology, Rate offers tailored solutions for virtually any borrower, with more ways to say “yes” built into every part of the process.

    A standout example is the Rate App, which simplifies financial management by offering mortgage approvals in a day, personal loan applications in five minutes, insurance savings, 24/7 communication with your Loan Officer, and more—all designed to help users achieve their financial goals.

    This wave of industry recognition is mirrored by the growing interest in Rate from top-performing Loan Officers across the country, many of whom are choosing to join the Rate team. It’s a clear sign that Rate has become both a magnet for industry talent and a trusted partner for consumers navigating today’s housing market.

    “This broad recognition is a result of the work our team puts in every day to make homeownership more cost-effective, simpler, faster, and more attainable,” said Victor Ciardelli, Founder and CEO of Rate. “We’re proud to be building a platform where trust and technology go hand in hand—and grateful to our customers for choosing us.”

    The accolades add to a growing list of milestones for Rate, including:

    “For Loan Officers, Rate has become the place where they can truly do their best work,” said Shant Banosian, President of Rate. “We’ve built a platform that differentiates LOs from a speed, price, and service perspective so they can grow their business and deliver a superior customer experience.”

    These accolades cement Rate’s leadership as a modern, all-in-one homebuying solution trusted by both new buyers and seasoned homeowners.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Media Contact:
    press@rate.com

    1 – Rate Intelligence refers to automated documentation verification. Underwriting experts provide final mortgage approvals.

    2 – All negotiations and Mortgage Loan Transaction Documents will be conducted and provided in English. We suggest that you work with an interpreter of your choice. You can find more information about the loan process in Spanish at: https://www.consumerfinance.gov/es/herramientas-del-consumidor/hipotecas/

    Operating as Guaranteed Rate, Inc. in New York.

    Guaranteed Rate, Inc. D/B/A Rate; NMLS #2611 For licensing information visit nmlsconsumeraccess.org.

    Subject to Approval. Conditions may apply.

    Guaranteed Rate, Inc. D/B/A Rate; NMLS #2611; Rate.com; 3940 N Ravenswood, Chicago, IL 60613; 866-934-7283. For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply. • AZ: 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254, Mortgage Banker License #0907078 • CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act • CO: Regulated by the Division of Real Estate • GA: Residential Mortgage Licensee #20973 • MA: Mortgage Lender & Mortgage Broker License #MC2611 • ME: Supervised Lender License #SLM11302 • NH: Licensed by the New Hampshire Banking Department, Lic #13931-MB • NJ: Licensed by the N.J. Department of Banking and Insurance • NY: Licensed Mortgage Banker – NYS Department of Financial Services, 750 Lexington Ave. Suite 2010, New York, New York 10022 • OH: MB 804160 • OR: Licensed and Regulated by the Department of Consumer and Business Services • PA: Licensed by the Pennsylvania Department of Banking and Securities • RI: Rhode Island Licensed Lender • WA: Consumer Loan Company License CL-2611.

    The MIL Network –

  • MIL-OSI: Bravo Property Trust Secures Sovereign Wealth Fund Manager Investment to Finance up to $400 Million in Bridge and Construction Loans

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 30, 2025 (GLOBE NEWSWIRE) — Bravo Property Trust LLC (“Bravo”), a U.S.-based real estate credit investment platform led by Aaron Krawitz and Gabi Moshayev announced today that it has signed an investment agreement with one of the largest investment managers in the Middle East—an institutional platform globally recognized for managing sovereign wealth fund capital. The agreement outlines an initial $400 million capital deployment schedule with the capacity to increase that figure up to $400 million across whole loan bridge, construction, and stabilized multifamily and healthcare opportunities within Bravo’s national lending platform.

    This partnership marks a significant milestone for Bravo and reinforces its position as a leading credit provider in the transitional and agency-exit lending space. The Middle Eastern manager allocates capital on behalf of one of the world’s largest sovereign wealth funds.

    Gabi Moshayev, Chairman of Bravo Property Trust, stated: “This collaboration reflects Bravo’s strategic expansion into global capital relationships and reinforces our ability to deliver secure, income-generating real estate credit solutions in the U.S. market. It’s a significant step in building long-term value for our international partners.”

    “We are proud to welcome a global institution of this caliber to our platform,” said Aaron Krawitz, CEO of Bravo Property Trust. “This partnership reflects the increasing demand from sovereign and institutional capital for access to high-quality, asset-backed credit in the U.S. housing market. With this $400 million investment program, we are positioned to expand our lending platform while maintaining our underwriting discipline and borrower-first service model.”

    The investment will be deployed through Bravo’s pipeline of balance sheet bridge loans and construction financing, with a defined focus on properties that present a clear path to HUD or agency takeout. Bravo’s programmatic approach emphasizes strong sponsorship, cash-flow stabilization, and high-certainty executions.

    The Middle Eastern investment manager brings decades of experience allocating capital globally, with a track record of partnering with best-in-class managers in real estate, private equity, and credit. The partnership with Bravo represents its latest expansion into direct U.S. private credit, and reinforces the attractiveness of multifamily housing as a resilient and income-generating asset class in today’s market environment.

    Since inception, Bravo Property Trust and its affiliates have originated and financed more than $1.6 billion in bridge and HUD-focused financings. The firm has established itself as a specialist in complex capital structures across healthcare and multifamily, with a focus on customized execution and long-term partnerships.

    About Bravo Property Trust LLC
    Bravo Property Trust is an institutional real estate credit platform focused on originating and structuring transitional financing for multifamily and healthcare properties across the United States. With expertise in HUD, construction, and bridge-to-agency executions, Bravo delivers capital solutions tailored to operators and developers seeking value creation and stabilized outcomes.

    The MIL Network –

  • MIL-OSI USA: Padilla, Warren, Waters Lead Fight to Continue Funding for Emergency Housing Voucher Program

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Warren, Waters Lead Fight to Continue Funding for Emergency Housing Voucher Program

    WASHINGTON, D.C. — U.S. Senators Alex Padilla (D-Calif.) and Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, along with Representative Maxine Waters (D-Calif.-43), Ranking Member of the Committee on Financial Services, led nearly 100 lawmakers in urging Congressional Appropriations leadership to include robust funding for the Emergency Housing Voucher (EHV) program as part of Fiscal Year (FY) 2026 funding legislation. Tens of thousands of Americans depend on this vital program for safe, stable, and affordable housing. The letter comes as the Department of Housing and Urban Development (HUD) announced in March that the program will soon run out of money due largely to rents rising at the fastest pace in decades.

    “[Public Housing Agencies] in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve,” wrote the lawmakers. “Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.”

    “The EHV program provides rental assistance to help end and prevent homelessness,” continued the lawmakers. “At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties.”

    As of April, this critical program supports 107,000 individuals who are mostly children under five years old, older adults, individuals with disabilities, and domestic violence survivors. California received 15,417 of the 70,000 emergency housing vouchers authorized by Congress, but the program is now at risk. Support for the program is especially important as the Trump Administration cuts vital HUD funding and support staff.

    The EHV program was established in 2021 through the American Rescue Plan. Congress originally authorized $5 billion in funding for 70,000 vouchers through September 2030, with increased flexibilities for public housing authorities that made the program more successful than typical housing vouchers.

    Several leading national housing groups — including the Council of Large Public Housing Authorities (CLPHA), Public Housing Authorities Directors Association (PHADA), National Association of Housing Redevelopment Officials (NAHRO), National Alliance to End Homelessness (NAEH), Center on Budget and Policy Priorities (CBPP), National Low Income Housing Coalition (NLIHC), the Moving-to-Work (MTW) Collaborative, and the National Housing Law Project (NHLP) — wrote a separate letter to Congressional appropriations leadership pushing for adequate funding and flexibilities for the EHV program.

    “Funding the EHV program was, and remains, the right thing to do, and is a smart use of federal dollars. It would be more expensive to rehouse or provide services for these individuals after becoming homeless again than it would to keep them housed with additional EHV funding,” the letter from the housing advocates reads. “Without these critical provisions and continued investment, PHAs will face major funding shortfalls in 2027, putting thousands of households at risk of losing their homes. Families who were previously at risk of homelessness and found stability through the EHV program could once again face housing insecurity.”

    In addition to Padilla, Warren, and Waters, the bicameral letter was also signed by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.), as well as Representatives Alma Adams (D-N.C.-12), Yassamin Ansari (D-Ariz.-03), Becca Balint (D-Vt.-AL), Nanette Barragán (D-Calif.-44), Joyce Beatty (D-Ohio-03), Donald Beyer (D-Va.-08), Sanford Bishop (D-Ga.-02), Suzanne Bonamici (D-Ore.-01), Julia Brownley (D-Calif.-26), Janelle Bynum (D-Ore.-05), Salud Carbajal (D-Calif.-24), André Carson (D-Ind.-07), Greg Casar (D-Texas-35), Gilbert Cisneros (D-Calif.-31), Emanuel Cleaver, II (D-Mo.-05), Steve Cohen (D-Tenn.-09), Joe Courtney (D-Conn.-02), Sharice Davids (D-Kan.-03), Danny K. Davis (D-Ill.-07), Maxine Dexter (D-Ore.-03), Lloyd Doggett (D-Texas-37), Cleo Fields (D-La.-06), Bill Foster (D-Ill.-11), Valerie Foushee (D-N.C.-04), Laura Friedman (D-Calif.-30), Jesús G. “Chuy” García (D-Ill.-04), Sylvia Garcia (D-Texas-29), Daniel Goldman (D-N.Y.-10), Jimmy Gomez (D-Calif.-34), Maggie Goodlander (D-N.H.-02), Al Green (D-Texas-09), Jahana Hayes (D-Conn.-05), James Himes (D-Conn.-04), Steven Horsford (D-Nev.-04), Val Hoyle (D-Ore.-04), Jonathan Jackson (D-Ill.-01), Sara Jacobs (D-Calif.-51), Pramila Jayapal (D-Wash.-07), Robin Kelly (D-Ill.-02), Ro Khanna (D-Calif.-17), Greg Landsman (D-Ohio-01), John Larson (D-Conn.-01), Sam Liccardo (D-Calif.-16), Ted Lieu (D-Calif.-36), Stephen Lynch (D-Mass.-08), Morgan McGarvey (D-Ky.-03), James McGovern (D-Mass.-02), LaMonica McIver (D-N.J.-10), Gregory Meeks (D-N.Y.-05), Dave Min (D-Calif.-47), Gwen Moore (D-Wis.-04), Kevin Mullin (D-Calif.-15), Jerrold Nadler (D-N.Y.-12), Eleanor Holmes Norton (D-D.C.-AL), Alexandria Ocasio-Cortez (D-N.Y.-14), Ilhan Omar (D-Minn.-05), Jimmy Panetta (D-Calif.-19), Scott Peters (D-Calif.-50), Brittany Pettersen (D-Colo.-07), Stacey Plaskett (D-V.I.-AL), Ayanna Pressley (D-Mass.-07), Delia Ramirez (D-Ill.-03), Luz Rivas (D-Calif.-29), Raul Ruiz (D-Calif.-25), Andrea Salinas (D-Ore.-06), Linda Sánchez (D-Calif.-38), Janice Schakowsky (D-Ill.-09), Suhas Subramanyam (D-Va.-10), Shri Thanedar (D-Mich.-13), Rashida Tlaib (D-Mich.-12), Derek Tran (D-Calif.-45), Nydia Velázquez (D-N.Y.-07), Nikema Williams (D-Ga.-05), and Frederica Wilson (D-Fla.-24).

    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country, including through his Housing for All Act. Padilla has fought against the Trump Administration’s proposals to cut HUD staff and field offices who help provide crucial housing services. Padilla and U.S. Representative Emanuel Cleaver, II recently led more than 100 Democrats in the Senate and House in condemning staffing cuts and potential closures of HUD field offices across the country. Earlier this year, Senator Padilla sounded the alarm that these wide-ranging cuts would hamper HUD’s ability to support vulnerable communities and address the housing and homelessness crises. He also helped secure a Government Accountability Office investigation into how these cuts will impact the federal government’s ability to enforce the Fair Housing Act.

    Full text of the bicameral letter requesting robust funding in the FY 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill is available here and below:

    Dear Chair Hyde-Smith, Ranking Member Gillibrand, Chair Womack, and Ranking Member Clyburn:

    As you develop the Fiscal Year (FY) 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill, we respectfully request that you include funding to ensure that the nearly 60,000 households who are currently being served by the Emergency Housing Voucher (EHV) program do not fall into homelessness.

    During the pandemic, Congress appropriated $5 billion in mandatory funding for the EHV program to help people experiencing or at risk of experiencing homelessness, including survivors of domestic violence and victims of human trafficking, access safe, stable and affordable housing during a moment of crisis.

    Since 2021, the success of the EHV program and its design, which includes critical administrative flexibilities that are responsive to a tumultuous housing market, cannot be overstated. The Department of Housing and Urban Development (HUD) reported that EHVs are leasing at a rate faster than any previous housing voucher program within HUD and drove unprecedented collaboration among public housing agencies (PHAs), homeless services organizations, and victim services organizations to provide rapid and effective housing assistance to vulnerable populations. PHAs in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve. Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.

    We understand that the Subcommittee must make difficult decisions. However, the EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties. Thank you for your consideration of this request and your continued support for the most vulnerable Americans.

    Sincerely,

    MIL OSI USA News –