April 10, 2018

Community Developments: HUD Announces $28 Billion in CDBG-DR Awards

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  • This morning HUD awarded $28 billion in Community Development Block Grant Disaster Recovery (CDBG-DR) funding to states and jurisdictions affected by natural disasters in recent years. HUD is awarding grantees with $12 billion for unmet need following hurricanes in wildfires in 2017 and an unprecedented $15.93 billion for mitigation grants. Puerto Rico will receive over $18 billion, the largest-ever CDBG-DR award. Texas, Florida, the US Virgin Islands, California, and several localities are also receiving funding.Read more about the CDBG-DR awards on Enterprise’s blog.

  • With funding awarded by the D.C. Department of Energy, Enterprise has partnered with New Ecology, Inc., the National Housing Trust and Clean Energy Group to design and pilot the nation’s first multi-family housing Resilience and Solar Assessment Tool for affordable housing. The tool will help meet the goals of Climate Ready DC and D.C.’s Solar for All program by increasing climate resilience, reducing energy use and increasing solar power in order to mitigate the vulnerabilities of low income communities on the front lines of climate change. The goal of the Resilience and Solar Assessment Tool is to provide significant and practical recommendations on resilience upgrades and climate mitigation. Learn more about the multi-family housing resilience assessment tool on Enterprise’s blog. (Enterprise Community Partners, April 9)
     
  • Enterprise encourages housing and community development advocates to reach out to their Senators and call on them to sign onto the following “Dear Colleague” letters in support of housing and community development funding in the FY 2019 appropriations process:
    • Senator Joe Donnelly (D-IN) is sponsoring “Dear Colleague” letter  urging the Senate Appropriations Transportation, Housing and Urban Development (THUD) Subcommittee to provide $40 million for the Section 4 Capacity Building for Affordable Housing and Community Development Program in FY 2019. The deadline for Senate offices to sign on has been extended until COB this Friday, April 13. Feel free to adapt this sample email in your outreach. Senate offices can sign on by contacting Zak Sawyer at Zak_Sawyer@donnelly.senate.gov.
    • Senators Chris Coons (D-DE) and Dianne Feinstein (D-CA) are are co-sponsoring a ‘Dear Colleague’ letter urging the Senate Appropriations Transportation, Housing, and Urban Development (THUD) Subcommittee to provide $1.5 billion for the HOME Investment Partnerships Program in FY 2019. Send a message to your Senators urging them to sign on to the 'Dear Colleague' letter. The deadline for Senate offices to sign on is COB Monday, April 16.For more information or to sign this letter, congressional staff can contact Kelsey Daniels at kelsey_daniels @coons.senate.gov or Brent Palmer at brent_palmer@feinstein.senate.gov.
    • Senators Dianne Feinstein (D-CA), Tammy Baldwin (D-WI) and Chris Coons (D-DE) are co-sponsoring a “Dear Colleague” letter urging the Senate Appropriations THUD Subcommittee to provide $3.5 billion for the Community Development Block Grant (CDBG) Program in FY 2019. The deadline for Senate offices to sign on is COB this Friday, April 13. Senate offices can sign on to the letter by contacting Meghan Ladwig in Senator Baldwin's office at Meghan_Ladwig@baldwin.senate.
    • Senators Jeff Merkley (D-OR) and Robert Menendez (D-NJ) are co-sponsoring a 'Dear Colleague' letter to appropriators requesting $12.2 billion for the Project-Based Section 8 Rental Assistance Program in FY 2019. Reach out to your Senators and urge them to sign on to this letter. Senate offices can sign on by contacting Meredith Booker at Meredith_booker@merkley.senate.gov. The deadline to sign on is COB this Friday, April 13
    • Senator Brian Schatz (D-HI) is sponsoring a "Dear Colleague" letter to Senate THUD appropriators requesting full funding for USDA Rural Housing Service in FY 2019 appropriations. The deadline for Senate offices to sign on is COB this Friday, April 13.
  • The HOME Coalition is circulating a national sign-on letter urging Congress to restore funding for the HOME Investment Partnerships Program to at least $1.5 billion in FY 2019. The deadline to sign on is COB Friday, April 20Read the letter and sign on now. Please share this action alert with your networks
     
  • Today the Campaign for Housing and Community Development Funding (CHCDF) had a “Day of Thanks” to show our appreciation for leaders in Congress, including Senator Susan Collins (R-ME), Senator Jack Reed (D-RI), Representative Mario Diaz-Balart (R-FL-25) and Representative David Price (D-NC-4),mwho provided significant and deeply needed increases to housing and community development programs in the FY 2018 appropriations omnibus. If you would like to add your voice in support, reach out to Congressional champions for housing and community development to thank them for their leadership on this important issue.
     
  • A new working paper from the Urban Institute explores the contributing factors to the 2008 financial crisis and collapse of the housing market. Using loan-level data from Fannie Mae and Freddie Mac, researchers compared the default and loss behaviors of purchase, rate refinance and cash out refinance loans on 30-year fixed-term mortgage originations occurring between 1999-2016. The results show that during the period leading up to the financial crisis, the default rate on cash out refinances were much worse than purchase loans or rate refinances, indicating that the poor performance of refinances– particularly cash out refinances– were the cause of the financial crisis, not the expansion of lending to include more marginal borrowers. (DS News, April 9)

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