July 12, 2018
Community Developments: Enterprise Involvement in the FloodHelpNY Initiative, Drop in Residential Energy Usage
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- An article in NextCity looks at FloodHelpNY, a post Hurricane Sandy initiative that aims to identify necessary resiliency improvements in multifamily affordable housing and the city’s Housing Development Fund Corporation (HDFC) co-ops and cooperatives. The article notes that Enterprise Community Partners New York market conducts free resiliency audits as part of the initiative, which was established by the Center for New City Neighborhoods and is funded by the Governor’s Office of Storm Recovery and New York Rising. Enterprise has a key role in educating residents on what improvements are likely to yield the most benefits in a cost-effective manner. The article also highlights the challenges faced by property owners in some of the audited co-ops, pointing out that many lower- to middle-income property owners do not have access to the capital required to make the recommended improvements. (NextCity, July 11)
- A blog post by the Joint Center for Housing Studies (JCHS) notes that total on-site energy usage in occupied U.S. homes dropped by more than 10 percent between 2009 and 2015. The drop in energy usage can be partially explained by the adoption of stricter energy codes for new construction, as occupants of single-family units built since 2010 used 28 percent less than occupants of older single-family homes and households living in newer multifamily units used 24 percent less energy than those living in older multifamily units. Energy usage also dropped for households living in older units, mainly due to home improvements like adding insulation or installing more energy efficient windows, doors and HVAC systems. However, per-household energy usage for air conditioning rose by 5 percent between 2009 and 2015, driven mainly by residents in the Northeast and Midwest. (JCHS, July 11)
- An analysis by Zillow shows that while waterfront homes nationally are valued at $134 billion the sale price premium for waterfront single-family homes has fallen to 36 percent in April 2018, down from an average of 41 percent over the past 22 years. Unlike non-waterfront homes, which have returned to pre-recession peaks as the housing market has bounced back, waterfront home premiums are shrinking, particularly in expensive metro areas. The analysis suggests that this decline can be partially explained by the rising occurrence and intensity of hurricanes. (Zillow, July 10)
In Case You Missed It
- Earlier this week, Enterprise CEO Terri Ludwig joined leaders from the Center for Indian Country Development at the Federal Reserve Bank of Minneapolis and other organizations to debut a new resource guide, “Tribal Leaders Handbook on Homeownership.” This handbook aims to increase homeownership opportunities for Native American communities by helping tribes understand the importance of homeownership in their communities, as well as demystifying complex systems and identifying the players involved in the mortgage lending process. Learn more about the release of the new handbook.
- HUD Secretary Ben Carson has approved a $243 million disaster recovery plan to help the U.S. Virgin Islands recover from Hurricanes Irma and Maria. Funded through HUD’s Community Development Block Grant—Disaster Recovery (CDBG-DR) program, this plan includes: $32 million for the redevelopment and creation of new affordable housing, including subsidized and mixed-income rental units; $33 million for economic revitalization; $15 million for supportive housing and sheltering programs; $10 million for homeowner rehabilitation and reconstruction efforts; and $5 million for the rehabilitation and reconstruction of rental housing. Earlier this year, HUD allocated an additional $1.621 billion of CDBG-DR funding to the U.S. Virgin Islands for unmet need, infrastructure and mitigation purposes, and HUD says that it will shortly issue requirements governing those funds. (HUD, July 11) As previously reported in Community Developments, last month HUD approved a $616 million plan to help Florida recover from Hurricane Irma and a $5 billion plan to help Texas recover from Hurricane Harvey.