April 10, 2017

Community Developments: NY Housing Funds, ATL Challenge Proposals

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  • Governor Andrew Cuomo of New York and state legislators came to an agreement last week on a $153.1 billion state budget for fiscal year of 2018, including $2.5 billion in housing funds for a variety of programs. The budget allocates $1 billion for 6,000 supportive housing units statewide, $125 million for senior housing and $200 million for the New York City Housing Authority (NYCHA). (Curbed NY, April 10) The Affordable Housing Stakeholder Coalition, a  coalition of 11 housing advocates and stakeholders co-led by Enterprise, released a statement praising state leaders for allocating $2.5 billion in housing funds and adopting a budget that does not exclude anyone and provides the long-term funding needed to bring about real change: “Especially in the face of uncertainty at the federal level, New York’s landmark commitment shows individuals and families throughout the state that leaders in Albany are serious about tackling the housing challenges that threaten our communities, and we commend them for making good on their promise.”
  • An analysis by CoreLogic shows that the share of home loan applications and originations from people with a less-than-perfect credit score has dropped over the past decade, as the share of credit scores below 700 for applications has declined and has been offset by a greater share of credit scores above 750. The analysis suggests that the decline in originations could be the result of potential applicants, particularly borrowers with less-than-perfect credit, being cautious or discouraged from applying for a home loan. The analysis also suggests that consumer education, such as counseling and financial literacy programs, could be as or more successful in raising origination levels than introducing new lending products. (CoreLogic, April 7)
  • Last week, Councilmember Anita Bonds has introduced new legislation in Washington, D.C., that would guarantee $120 million each year for the district's Housing Production Trust Fund, which is a permanent, revolving fund that preserves and develops affordable housing for low- and moderate-income households. The legislation would require that the Housing Production Trust Fund be funded by at least $120 million of the property-transfer and deed-recordation taxes, or 25 percent of the revenue generated by each of those taxes, whichever is greater. (Curbed DC, April 7)

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