The A.C.T.I.O.N. Campaign is pleased to announce that we currently have over 100 organizations as signed members of our coalition. If your organization is interested in joining the campaign, please visit the Action Campaign website. In a related development, Ernst and Young released a report on October 8 measuring the impact of the A.C.T.I.O.N. proposals on LIHTC investment. The report found that the five-year carry-back proposal would increase LIHTC investment by $5 billion through 2011. Please visit the Enterprise Public Policy website for a copy of the report and Action Campaign website for state fact sheets that provide the local economic impacts of the proposals. The campaign is continuing to meet with key Congressional staff, especially members of the House Ways & Means and Senate Finance Committees, to urge them to include the proposals in upcoming tax legislation
On September 30, Senator Jack Reed (D-RI) introduced the Preserving Homes and Communities Act of 2009 (S. 1731). This act capitalizes the National Housing Trust Fund (NHTF) with $1 billion from the sale of warrants under the Emergency Economic Stabilization Act of 2008, which includes the Troubled Assets Relief Program (TARP). Additionally, the Act would require mortgages to make loan modifications for qualified borrowers of loans with some sort of federal backing, establishes a grant program for State and local government mediation programs, and creates databases for defaults and foreclosures. Visit the Library of Congress website to view full bill information for the Preserving Homes and Communities Act.
On October 8, Representative Barney Frank (D-MA) introduced the Main Street TARP Act of 2009 (HR 3766). The Act capitalizes the NHTF at an amount of $1 billion from TARP funds. Additionally, the Act requires that tenant contributions in NHTF-funded projects not exceed 30 percent of the household’s adjusted income and directs TARP funds for the newly established Emergency Homeowner’s Relief Fund. This fund would provide relief for borrowers facing hardships caused by adverse economic circumstances or medical conditions. Visit the Library of Congress website to view full bill information for the Main Street TARP Act.
On September 30, Senator John Kerry (D-MA) and Senator Barbara Boxer (D-CA) introduced the Clean Energy Jobs and American Power Act (S 1733). The Act would create the Retrofit for Energy and Environmental Performance program, which would provide funding for energy efficiency upgrades to buildings. Additionally, the bill would require the EPA Administrator to establish national energy efficiency building codes for residential and commercial buildings. Other provisions include efforts to increase renewable energy development, limit emissions, provide for a carbon cap-and-trade system, and promote green jobs. Companion legislation passed the House of Representatives in June, and contained the Green Resources for Energy Efficient Neighborhoods Act.
For more information on S 1733, visit the Library of Congress summary or the Senate Committee on Environment and Public Works press release.
The House and Senate passed the USDA Appropriations conference report on October 7 and October 8, respectively. The act, which funds several rural housing programs, will go into effect once it is signed by President Obama. The act provides approximately $40 million in subsidy for Section 502 Single Family Direct loans, $172 million for Section 502 unsubsidized loan guarantees, and almost $19 million for Section 515 rural rental housing direct loans.
To view a detailed budget breakdown and comparison, see Enterprise's FY 2010 Budget Chart.
Green For All, a “national organization working to build an inclusive green economy strong enough to lift people out of poverty” is conducting a campaign to strengthen green job measures in the Clean Energy Jobs and American Power Act (S 1733).
For more information, visit the Green for All website.
On September 30, the House Financial Services Committee held a hearing on Perspectives on the Consumer Financial Protection Agency (CFPA). Topics debated included the Obama Administration’s proposal to create the CFPA and other potential reforms, preventing the spread of predatory and/or discriminatory financial products, federal preemption of state regulations, and the appropriate level of regulatory burden. To view the full submitted panelist testimony, visit the House Financial Services Committee website.
On October 7, the House Ways and Means Subcommittee on Select Revenue Measures held a Hearing on Revitalizing Distressed Communities. Specifically, the focus of the hearing was the potential reauthorization of the Empowerment Zone and Renewal Communities initiatives. For further information, please visit the House Ways and Means Committee website.
On October 8, the Senate Banking Committee held a hearing to discuss the Future of the Mortgage Market and the Housing Enterprises. Panelists discussed the role of Fannie Mae and Freddie Mac in the economic downturn, the financial state of the organizations, potential restructuring of the organizations, and the effects of restructuring on the mortgage market. To view full testimony, visit the Senate Banking Committee website.
On September 30, AARP released a study on Preserving Affordability and Access in Livable Communities: Subsidized Housing Opportunities near Transit and the 50+ Population. The report analyzed availability affordable housing within proximity to transit in 20 metropolitan areas. The study found that while there are substantial affordable opportunities in these areas, more than two thirds of federal subsidies will expire within five years.
To download the report, visit the AARP website.
Enterprise Trustee Ray Christman is the co-author of a report issued by the Affordable Housing Institute comparing successful nonprofit housing developers in the United States with their counterparts in the United Kingdom. The report concludes that successful affordable housing delivery systems depend on what the report calls “mission entrepreneurial entities” – organizations that combine the business discipline of profit making enterprises with a social mission. The organizations studied include Fordham Bedford in New York, the Cleveland Housing Network in Cleveland, Reach Community Development in Portland, and Community Preservation and Development Corporation in Washington, DC. Read excerpts from the report at the Affordable Housing Institute website.
|
