January 24, 2018

Community Developments: Funding for Rapid Recovery and Rebuilding

A daily roundup of news impacting housing and communities. Not receiving the Community Developments daily email yet? Sign up here. 

  • Enterprise Community Loan Fund, Mercy Loan Fund and NeighborWorks Capital announced today that they have partnered to offer $15 million in rapid-response loans for community organizations to accelerate recovery from last year’s hurricanes and fires. Loan recipients can use their financing for projects such as repairing, designing and planning affordable housing developments; repairing existing or planned developments of other kinds; and relocating offices so the organization can return to its work. Organizations can benefit from unsecured loans up to $500,000, loan decisions in approximately half the normal time, and capital to bridge insurance or other payments. Learn more about the Funding for Rapid Recovery and Rebuilding on the Enterprise Website.
     
  • The Public and Affordable Housing Research Corporation (PAHRC) at HAI Group, in partnership with Abt Associates, has published the first comparative study of Moving to Work (MTW) performance measurement in the nation. The MTW demonstration program allows public housing authorities (PHAs) to pilot new approaches to providing rental assistance and supportive services. The study findings show that MTW agencies are outperforming their peer agencies who are not in the MTW program on several performance standards, such as increasing housing choice and encouraging self-sufficiency. (HAI Group, January 2017) 
     
  • Yesterday the Senate voted 85-12 to confirm Jerome Powell as the next chair of the Federal Reserve. Powell previously served as an assistant secretary of the Treasury under President George H.W. Bush and is currently a Federal Reserve board governor. (HousingWire, January 23) 

In Case You Missed It

  • An article in Next City explores how affordable housing stakeholders are using the Tenant Opportunity to Purchase Act (TOPA) to help tenants in the District of Columbia acquire and rehab their affordable apartment buildings.  Under TOPA, residents of any building up for sale or demolition are offered the first opportunity to purchase it – either individually as tenants, to turn the building into condominiums, or by forming a tenant association and buying the building as a whole. Since 2016, a new revolving loan fund has aggregated $12 million from local investors, through the Enterprise Community Impact Note, which has supported the preservation of 341 affordable housing units in the region. Rachel Reilly Carroll, associate director of impact investing at Enterprise Community Loan Fund, notes "If given the opportunity people can and will come to the table with investment for their communities." (Next City, January 19)
     
  • HUD has published Frequently Asked Questions (FAQs) about the Federal Register notice that delays the deadline for local governments to submit an Assessment of Fair Housing (AFH) by almost two years, with the goal of informing localities about how the suspension will impact their fair housing obligations. Representatives Pramila Jayapal (D-Wash.) and Keith Ellison (D- Minnesota) are circulating a “Dear Colleague” letter asking HUD Secretary Ben Carson to provide more information on the agency’s recent decision to suspend the AFH requirement. The deadline to sign the letter is January 29. 
     

 

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