By HELEN ERIKSEN CHRONICLE CORRESPONDENT

Katy Area Economic Development Council president Lance LaCour said growth in Katy’s business sector remained steady in 2008 despite tough economic times.

LaCour said the council had its second audit and finished the year “in the black” during his delivery of the annual report at a March 10 general assembly meeting.

The report highlighted the year’s top projects either under way or near the start of construction in the areas of infrastructure, retail, energy industries and services, and real estate developments.

LaCour and other business leaders say they are excited about the growth in Katy where more than a dozen projects announced in 2008 represent a capital investment of $273 million in 1.4 million square feet of space. LaCour said the ventures could create about 5,400 jobs.

“I would say that’s a pretty good year in a major recession,” he said. (more…)

Within the new administration’s stimulus plan is an array of programs to help millions of homeowners refinance or modify their mortgages. The program has “teeth,” but requires everyone to make a contribution. Mortgage investors, servicers and borrowers all have to participate. First and foremost, the plan aims to help reduce the wave of unnecessary foreclosures which will in turn provide greater stability to home prices or at least mitigate the downward pressure of home prices, which will help us all.

Who will qualify for which programs?

If your debt to income ratio — that is —your principal, interest, taxes and insurance on your mortgage exceeds 31% of your gross income, you may be able to get help.

If you are borrower in distress, you may be eligible. First of all, you need to know program benefits apply to those in owner-occupied properties. You must live in the home and it must be your first mortgage. (more…)