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IACED Announces New Executive Director, Andy Fraizer, effective January 24. The new head of the Indiana Association for Community Economic Development most recently served as Director of Community Development in Indianapolis, and has rural and volunteer experience. 'HOPE Now' for 370,000 Homeowners in the Second Half of 2007. The HOPE Now alliance, which includes NeighborWorks America, Fannie, and Freddie, as well as HUD, Treasury, and some 40 other entities, announced that it negotiated new repayment plans for 250,000 homeowners and helped modify terms of 120,000 loans during the period (press release). 'Taking Shared Equity to Scale: An Innovative Method to Grow and Preserve Affordable Homeownership': December symposium materials available from NeighborWorks America. LISC Urban Forum 2008: April 28-30 in Indianapolis. Register before February 29 for individual early bird rate of $300 for the Local Initiatives Support Corporation conference. See brochure; website. LISC Announces 2007 MetLife Foundation Community-Police Partnership Awards. First place ($25,000) went to Charlotte Mecklenburg Housing Partnership & Charlotte-Mecklenburg Police Department for their Druid Hills Revitalization project in Charlotte, NC; and Olneyville Housing Corporation & Providence Police Department for their Riverside Gateway Initiatives project in Providence, RI. Second place ($15,000) went to Neighborhood Housing Services of Phoenix & Phoenix Police Department for their There's No Place Like a HOME project in Phoenix, AZ; and Over the Rhine Revitalization Corporation, Keep Cincinnati Beautiful & Cincinnati Police Department for their Revitalizing Over-the-Rhine project in Cincinnati, OH. Third place ($10,000) went to Jefferson East Business Association & Detroit Police Department for their Clean and Safe Program project in Detroit, MI; and Lawrenceville United & City of Pittsburgh Police Department for their Lawrenceville Public Safety Program in Pittsburgh, PA. A Special Strategy ($15,000) award went to Community Aesthetics HomeSight for Curbing Crime One Street at a Time in Seattle, WA. (Info). Enterprise Live Online Event: February 14. "Transit Oriented Development: A Tool for Promoting Regional Equity" will run 90 minutes beginning 2:00 p.m. EST for nonprofit and affordable housing developers looking to become involved in TOD, as well as local and regional government housing and transportation personnel, and for-profit developers interested in being good partners while still making money. Presented by Mariia Zimmerman, VP for Policy, Reconnecting America. Sponsored by the Ford Foundation. Registration 20 minutes prior to the event. Info: http://webinars.enterprisecommunity.org/. Questions: resources@enterprisecommunity.org. NeighborWorks Training Institute: February 25-29 in Atlanta, offering more than 100 courses on community building and related topics. Featuring "green" courses, "Go Green Now: Embracing Energy, Efficiency, Healthy Housing and Green Building" symposium sponsored by The Home Depot Foundation; four advanced clinics on community and neighborhood revitalization; the Rehab Specialist series; Next Steps for Organizational Succession and Organization Leadership Succession; resident services courses focusing on youth and adult programs; and the Foreclosure Intervention and Default Counseling Certification, Part I course (prerequisite test involved). (Info). Pre-event registration by February 4. Questions: (800) 438-5547. Onsite registration begins February 24 at 3 p.m. at the Hilton Atlanta. National Homeownership Industry Standards Advisory Council Announces Endorsement of National Industry Foreclosure Counseling Standards, which were released last month. NeighborWorks, HUD, Fannie, and Freddie are among the 21 members of the council (news release). Campaign for Housing and Community Development Funding Holds First Meeting of the Year on January 25 to address issues for the upcoming year. Beginning discussions included topics such as the President's Economics Stimulus Package, HUD programs, and letters to the Budget & Appropriations Committee. CHCDF also deliberated on issues that should be addressed in the presidential election platforms, discussed upcoming events, and assigned quarterly chairs. Additionally CHCDF decided to schedule a briefing after the presidential budget release to discuss what HUD is and why it is important to the country. Members also signed up to help create a Report Card on the Bush Administration to assess the impact of the last 7 years on affordable housing projects. The Report Card is anticipated to be released in late February or early March. Michigan Conference on Affordable Housing 2008: April 28-30 in Lansing. The annual event reportedly has become the largest of its kind in the nation. The educational tracks for this 10th annual conference are: Ending Homelessness; Homeownership; Creating and Preserving Multifamily Housing; Community Economic Development; Organizational Development; and Asset Management for Individuals and Families. Contact regarding questions or presentation proposals: jdickie@ucia2.com. NACEDA Summit to Feature Foreclosure Prevention Panel. NACEDA's experts will examine both the national picture and what states, with the input from CDCs, are doing to solve this crisis. On the State level, both legislative achievements and remediation efforts will be discussed. So mark the date--March 31-April 2--for NACEDA's Second Annual Capacity Building and Policy Summit, Washington, DC at the DoubleTree Hotel. NACEDA group rate of $189 per night is available. Call (202) 232-7000 to reserve room--mention NACEDA Summit to receive discounted rate. (Book early to ensure a room and the rate.) |
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Track federal legislation at http://thomas.loc.gov. Economic Stimulus Proposal Includes House-Passed FHA and GSE Reform Bills With Modified Trust Fund Provisions. The House-Administration-agreed $150 billion package (H.R. 5140), unveiled on January 24, includes from the Federal Housing Administration modernization bill (H.R. 1852) provisions to permanently raise the limit on FHA-insured mortgage loans from $362,000 to $729,750, and make FHA's insurance products available to more types of homeowners. The package includes additional housing counseling funds, but not a cap increase on reverse mortgages to create more revenue for the National Housing Trust Fund (advocates are working to get it included in the Senate's version of the economic stimulus). H.R. 2139 would increase loan limits for FHA manufactured homes, establish loan-to-value ratios and down payment requirements for manufactured housing loans, and establish borrower premium charges, among other provisions. The loan purchasing limit for government-sponsored enterprises Fannie Mae and Freddie Mac would increase, effective for one year, from $417,000 to $729,750 as provided in H.R. 1427. Dropped from the package were key anti-poverty provisions such as food stamp increases or extended unemployment insurance. As of press time, House leaders were hoping to bring the final measure to the floor on February 6, and House and Senate leaders were looking to enact by February 15. Senate Banking, Housing, and Urban Affairs Committee Chairman Christopher Dodd (D-CT) has agreed to introduce legislation to make the GSE loan limits increases permanent. At a January 31 hearing of that committee, NACEDA proposed that specific measures be included: 1) Resources for local government to increase code enforcement of foreclosed properties; 2) Resources to state/local jurisdictions to allow nonprofits to acquire, rehab, manage and dispose of foreclosed properties; 3) Encouragement/requirement for Fannie Mae, FHA and Freddie Mac to be more risk-tolerant in foreclosure prevention and acquisition; and 4) A mortgage company Community Reinvestment Act at the federal level. NACEDA testified that CDCs could buy foreclosed properties, protect existing tenants, maintain the properties and ensure their long-term use as affordable housing in low-wealth communities. The National Association of Housing and Redevelopment Officials (NAHRO) says it wants $1 billion in additional Community Development Block Grant funds added to the stimulus package. Sens. John Kerry (D-MA) and Ted Kennedy (D-MA) are pressing the Senate leadership to add up to $2 billion. They reportedly sent a letter to Senate Majority Leader Harry Reid (D-NV) on January 28. Banking Chairman Dodd reportedly says the stimulus should include $10 billion in CDBG funds to help local governments purchase and renovate foreclosed properties. President Bush has indicated an intent to limit additional spending earmarks. Section 515 Rural Housing Property Transfer Improvement Act of 2007 Passes House by voice vote on January 23. H.R. 3873, introduced last October by Reps. Paul Hodes (D-NH) and Shelley Moore Capito (R-WV), would expedite transfers of ownership of Section 515 rural rental properties. The bill now goes to the Senate Banking Committee. (House Financial Services Committee press release.) Mobile Home Protection Act Introduced in House on January 23 by Rep. Bob Filner (D-CA). H.R. 5108 would amend Section 8 of the United States Housing Act of 1937 to provide for rental assistance payments to assist certain manufactured home owners who rent the lots on which their homes are located. The bill has been referred to the Committee on Financial Services. Housing and Foreclosure Issues Addressed in Hearing of Senate Banking, Housing, and Urban Affairs Committee on January 31 concentrating on the foreclosure crisis associated with the current economic decline. Discussion items included foreclosure prevention, neighborhood preservation, and the Economic Stimulus Package. Chairman Christopher Dodd (D-CT) called for a thoughtful yet aggressive approach. All committee members agreed that any solution made must keep taxpayers in mind, implying that the answer should help those in need without becoming a bailout for both borrowers and lenders. SBA Aid Sought to Battle Unemployment in Michigan. In a January 18 letter, Sen. Carl Levin (D-MI), a member of the Small Business & Entrepreneurship Committee, urged the Small Business Administration to help create more jobs in his home state, whose unemployment rate of 7.4% leads the nation. OCC to Cut National Bank Exam Fees, reportedly, due to surplus. It would be the first such reduction for the Office of the Comptroller of the Currency in more than a decade. Clinton Unveils Wide Consumer Protection Reform. Sen. Hillary Clinton (D-NY) vowed last week to curb abuses by credit card companies through interest rate caps, creation of an independent regulator for consumer protection, and prohibition of several common card practices. GSE Bill Hearing Set for February 7. The Senate Banking Committee reportedly is expected to consider legislation to reform the regulation of the government-sponsored enterprises. |
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New Economic Development Corporation Formed in New Haven, Connecticut, as announced by Mayor John Destefano Jr., a private investor in the venture with Yale University and members of the local business community. Set to begin March 31, the EDC is designed to be a one-stop center to retain and attract businesses. City officials have been engaged in a $1.5 billion effort to make the city a tourist destination point. Colorado Senate Considering CDA Creation with Eminent Domain Restrictions. The legislation (SB 08-094) would amend the state Urban Renewal Law to enable cities to create community development authorities while limiting their use of eminent domain to gain property. |
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Foreclosures Rose 75% in 2007 to total more than 2.2 million filings on 1.3 million properties, according to RealtyTrac Inc. Nevada, Florida, Michigan, and California posted the highest rates, the company said. (Weblink). Section 8 Contract Rent Annual Adjustment Factors Published. See Federal Register, 1/22/08, pp. 3739-52 or www.huduser.org/datasets/aaf.html. Contact David Vargas, HUD, (202) 708-0477. Public Housing Demolition/Disposition 10/24/06 Final Rule: Nonsubstantive Errors Corrected. See Federal Register, 1/23/08, pp. 3867-68, or online. Contact Ainars Rodins, HUD, (312) 353-6236. Homeownership Rate Down in U.S., to 67.8% in FY 2007's fourth quarter, from 68.2% the previous quarter and 68.9% a year earlier, although steady in the Northeast region. (Visit Census). Tech Museum Award Nominations Invited. Individuals, for-profit companies, and not-for-profit organizations eligible for awards of $50,000 in each of five categories: health, education, environment, economic development, and equality. Link to complete RFP. Low Income Housing Tax Credit Project Award Deadlines. HUD Secretary's Award for Excellence in Historic Preservation, nominations due March 1. Contact HUD User, 1-800-245-2691. Readers Choice Awards from Affordable Housing Finance magazine, applications due April 14. Visit http://www.housingfinance.com or contact Donna Kimura. New Materials Available: "Social Entrepreneurship & Government: A New Breed of Entrepreneurs Developing Solutions to Social Problems" by Andrew M. Wolk, Founder & CEO of Root Cause and MIT Senior Lecturer on Social Entrepreneurship; "Partnership Perspectives" special issue from the Community-Campus Partnership for Health; "Supporting Sustainable Community Development" toolkit from Just Partners, Inc. Treasury Seeks CDFI NMTC 2008 Application Reviewers. Interested persons must submit questionnaires and resumes by February 15 for Community Development Financial Institutions Fund's New Markets Tax Credit Program. Reviewers will be chosen in early March. (NMTC invitation letter) HUD to Update NRSA Rule, Seeks Comment on Follow-up. HUD's Office of Community Planning and Development is preparing to issue an update this year regarding Neighborhood Revitalization Strategy Areas (NRSAs) and is already seeking suggestions for a future version of the rule, which HUD historically has used to leverage funding for partnerships to bring economic development to targeted underdeveloped areas. HUD's CPD Is Told to Improve Its Grantee Performance Monitoring. In a December 31 report, the HUD Office of Inspector General argues that the Office of Community Planning & Development needs to craft a system that measures the impact of monitoring efforts, and create controls to ensure they are streamlined and emphasize high-impact activities. CPD officials on November 14 issued a blistering response to OIG's draft, attacking its premise. |
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CRA May Deter Risky Mortgage Lending of the sort that has contributed to the current foreclosure crisis, according to "The Community Reinvestment Act: A Welcome Anomaly in the Foreclosure Crisis," released on January 7 by Traiger and Hinckley, LLP, a law firm specializing in fair lending counsel and CRA compliance. Among other measures, CRA banks reportedly are 66% less likely than other lenders to make a high-cost loan and 58% less likely to originate such loans to low- and moderate-income borrowers, and are twice as likely to retain originated loans in their portfolio. Addendum released on January 14. Housing Research May Be Compromised by Funding Cuts, the National Low Income Housing Coalition reports. The 2009 American Housing Survey likely will see a reduction in sample size or number of metro areas covered. The 2011 Residential Finance Survey likely will be canceled. |
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Section 202 Predevelopment Grants. Awardees can apply by February 27. See Federal Register, 1/23/08, pp. 3985-91 or www.grants.gov. Contact a local HUD office or Brenda M. Butler, HUD, (202) 708-3000. Neighborhood Excellence Initiative, to which the Bank of America Charitable Foundation has committed more than $20 million in 2008 for organizations, individuals, and students who have shown a commitment to improving and revitalizing their communities. Nomination submission due dates: for student leaders, February 29; for nonprofit organizations and individuals: June 27. (Info). 'Affordable Housing Built Responsibly' Grants from Home Depot Foundation to support projects that result in the production, preservation, or financing of housing units addressing various environmental and energy concerns for low- to moderate-income families. Deadlines: letter of intent, March 1; full proposal, May 15. (Info). New Market Tax Credits. Up to $3.5 billion in equity investments will be available. The CDFI Fund will give special consideration to applicants with successful past nonmetro NMTC use. Deadline: March 5. Visit http://www.cdfifund.gov or call (202) 622-9046. See Federal Register, 12/28/07, pp. 73976-87. Contact CDFI Fund staff, cdfihelp@cdfi.treas.gov, (202) 622-6355. USDA Farmworker Housing TA Grants for Nonprofits and public agencies to provide technical assistance to applicants for Section 514/516 Farm Labor Housing funds in the Eastern, Central, and Western regions. Deadline: March 14. See Federal Register, 1/29/08, pp. 5167-74, online access. Contact Sue M. Harris-Green, Rural Development, (202) 720-1604. Federal Individual Development Accounts. Standing notice issued by the Department of Health and Human Services for the Assets for Independence Demonstration Program. Eligible are nonprofits, government entities, credit unions, and others. Deadlines: January 15 and March 25 in 2008, 2009, and 2010. Contact AFI staff at (202) 401-4626, afiprogram@acf.hhs.gov or visit online. High-Energy-Cost Community Grants for nonprofits, for-profits, state and local governments, and tribes to improve energy generation, transmission, or distribution facilities. Deadline: March 28. See Federal Register, 1/28/08, pp. 4778-90 or http://www.usda.gov/rus/electric. Contact Karen Larsen, USDA-RD, (202) 720-9545, energy.grants@wdc.usda.gov. Household Water Well System Grants from USDA Rural Development for nonprofits to make loans to homeowners. Deadline: May 31. See Federal Register, 1/28/08, pp. 4809-15 or http://www.usda.gov/rus/water/well.htm. Contact Cheryl Francis, RD, (202) 720-1937. Business and Communities Grants from the Hitachi Foundation to support business-community partnerships that enhance job advancement and finance management opportunities for economically isolated people. Priority given to projects that leverage foundation support; can be replicated; focus on small to medium-sized businesses in sectors that traditionally employ low-wage workers. Interested parties must submit project ideas online to receive invitation for proposal. (Info). |
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HUD Home Equity Conversion Mortgage Regulation Amendments effective February 7 on an interim basis; comments due March 10. See Federal Register, 1/8/08, pp. 1433-36 or http://www.regulations.gov. Contact James Beavers, HUD, (202) 708-2121. Consumer Lending Protections proposed by the Federal Reserve. Due date: 90 days after publication in the Federal Register. Click for proposal. Contact Kathleen C. Ryan, Fed, (202) 452-2412. |
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NACEDA Policy Update seeks your state/local news. Please send to Jane DeMarines. Copyright © 2007 by NACEDA. All rights reserved. Any republication must be credited to NACEDA. |
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