February 2009

ECONOMIC STIMULUS SIGNED INTO LAW
Important Housing Funds Included
On Tuesday, February 17, President Obama signed the American Recovery and Reinvestment Act of 2009 into law. The $787 billion economic stimulus package was designed to provide a needed boost to the economy. The package includes many provisions which are particularly important to the affordable housing and community development industry. Enterprise worked with industry partners and advocates to include key priorities in this package, particularly in the areas of foreclosure and green affordable housing.

Read Highlights of the American Recovery and Reinvestment Act of 2009.

Read Investment in Building Energy Efficiency in the Economic Recovery bill.

New Neighborhood Stabilization Program Allocation
Enterprise successfully led efforts to include a second round of funding for the Neighborhood Stabilization Program (NSP) which aims to stabilize neighborhoods negatively impacted by vacant and foreclosed properties. The American Economic Recovery and Reinvestment Act of 2009 (ARRA) includes $2 billion for the NSP along with several major changes to the program, some of which will affect the first allocation and some of which will only apply to the second allocation. 

Enterprise has developed a detailed summary of the updates and changes to the NSP included in the stimulus package. Some of these changes will be subject  to HUD’s interpretation of the statutory language. HUD is required to publish criteria for the competition of NSP funds by April 30, 2009 and applications will be due to HUD by mid July 2009.

Read Changes to the Neighborhood Stabilization Program in the American Recovery and Reinvestment Act of 2009. This document will be updated as HUD releases its interpretations of the new ARRA language.

CONGRESSIONAL AGENDA
Legislative Outlook
On Friday, February 6, Enterprise Sr. Director of Government Affairs Dvora Lovinger participated in a panel discussion before the board of the National Association of Housing and Redevelopment Organizations (NAHRO). Lovinger discussed the expected post-stimulus legislative agenda for the new Administration and the now-not-so-new 111th Congress. She outlined key issues facing the Administration and Congress, as well as the obstacles that the two branches must overcome to move their agenda.  Lovinger also provided an outlook for the Fiscal Year 2010 budget.