President Trump signed into law the 3rd stimulus package – the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. The bill provides close to $2 trillion of relief for the millions of Americans and businesses impacted by the recent economic slowdown.
The CARES Act authorizes the Small Business Administration to make forgivable loans available to small businesses and non-profits. The SBA will furthermore offer debt relief on many current loans and newly originated loans
Like you, the Enterprise Northern California team is doing our best to adjust to the rapidly changing circumstances of the COVID-19 pandemic. The new public health and economic crisis underscores the urgency of our work and illuminates the stark economic and racial inequities in our community.
What does cultural resilience look like, especially in a time of social distancing? How can our actions now strengthen resilience for future challenges? Our Made to Last case studies share stories of cultural resilience.
Enterprise worked with the Washington State Housing Finance Commission (WSHFC) to provide priority in the competition for tax-exempt bond financing and 4 percent low income housing tax credit applications, by way of application points. The result was that over half of the projects funded in this round will be including early learning centers.
The national discussion has been focused on anti-eviction and other short-term relief measures, and these policies are critical to protecting people from immediate financial and health crises. But we also must plan for long-term solutions that include relief for the providers who house them.
There is a clear need for business continuity guidance and resources for affordable housing owners, operators, community managers and residents. Our Ready to Respond Tools are available to our entire community, free of charge.
With nearly 900 applications received, the Housing Affordability Breakthrough Challenge has moved to Round 2, advancing 45 finalists to the next stage of this national competition designed to transform creative ideas into scalable solutions.
While the nation focuses on the risk that the deadly coronavirus poses to seniors in nursing homes and cruise ships, there’s another population of extremely vulnerable people that have been largely ignored. Our nation’s subsidized housing is home to almost 2.5 million people age 62 and older with low incomes.
As the coronavirus continues to profoundly impact the health and wellbeing of millions of Americans, along with their housing and economic stability, Enterprise encourages bold federal action to protect the most vulnerable members of our society.
The Low-Income Housing Tax Credit (Housing Credit) finances more than 90 percent of all affordable housing production and preservation, and the health of the program is critical for the housing stability of millions of low-income families. There are several simple federal actions that can provide timing relief and prevent projects from losing their tax credits due to COVID-19’s impact, some of which are statutory and others that are regulatory.
The Enterprise Public Policy team works on state and local policy efforts across the country to increase local resources for affordable housing, use existing resources more effectively, ensure that rental housing stock is sustainable for the long-term and improve tenant protections.
Over the last few days, state and local governments have taken unprecedented measures to protect their residents during the COVID-19 outbreak. Policy makers and elected officials have already proposed and even implemented dozens of measures that place temporary moratoria on evictions and ensure running water and utilities for residents.
The majority of the House of Representatives has cosponsored the Affordable Housing Credit Improvement Act, H.R.3077, with a total of 221 members signed on to the bipartisan legislation. The Affordable Housing Credit Improvement Act (AHCIA) would strengthen and expand the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for building and preserving affordable housing.
The city of Detroit has announced a federally-funded Preservation Partnership with Enterprise and other local affordable housing non-profits. The partnership will seek to identify apartment buildings that have low rents and help them be redeveloped in a way that preserves the affordability and prevents displacement. Evelyn Zwiebach, Enterprise Detroit Director for State and Local Policy, urges all Presidential candidates to commit to robust federal funding for critical affordable housing programs.
In summer 2019, Enterprise’s Northern California market launched the Democratizing Resilience and Disaster Recovery Initiative (DRDR) in response to catastrophic wildfires and the affordable housing crisis in the region.
Section 4 funding enabled the tribe to expand its Sunrise Acres Complex on the St. Regis Mohawk Reservation to add homes for seniors with special needs and for Native American veterans, including homeless veterans.
On January 31, 2020 over 90 affordable housing and early learning professionals across Oregon state gathered to discuss the benefits and challenges of co-locating early learning centers in or with affordable housing communities.