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.”
- Last week, the finalists for Atlanta’s Affordable Housing Preservation Challenge (ATL Challenge) discussed their innovative proposals to strengthen the region’s ability to preserve affordable housing on the ATL Challenge blog. In January, submissions from Tapestry Development, TriStar, and Stryant Investments were chosen from a larger pool of proposals to compete for up to $70,000 to implement proposals related to expanding sources of capital, connecting preservation efforts with schools to expand community impact, and increasing affordability through zoning flexibility, respectively. (ATL Challenge, April 10)
- Today, Colorado appeals court judge Neil M. Gorsuch will be sworn in as the newest justice of the Supreme Court. Gorsuch was confirmed by a 54 to 45 vote last week and will begin to work immediately. The appointment of Gorsuch as a Supreme Court judge will have an impact on important cases that affect civil rights, as the court will be meeting privately this week to consider cases for next term. (The Washington Post, April 10)
- 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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