Today, the U.S. Census Bureau released its annual update of state-level data on household income from the American Community Survey (ACS). This data shows no statistically significant change in median household income –- a common barometer of how the typical household is faring –- in Massachusetts between 2007 and 2008. Please click here for more details.
Massachusetts home sales rose for the second consecutive month, climbing 2 percent in August year-over-year, but condominium sales continued to slump, according to a new report from The Warren Group.
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From Enterprise Community Partners – On September 30, President Obama signed into law a conference report that contains the continuing resolution to fund most of the federal government until October 31. The resolution was included as part of the FY 2010 Legislative Branch Appropriations Act (HR 2918) which passed the Senate earlier that day by a vote of 62-38, previously by the House on September 25. The Continuing Resolution (CR) provides funding for government activities at FY 2009 levels.
In addition to generally maintaining spending at FY 2009 levels, the CR provides for extensions of existing project-based Section 8, Section 202, and Section 811 rental assistance contracts for a full twelve months of funding upon expiration. Additionally, the CR extends FHA lending programs at higher commitment rates than would normally be allowed under the terms of a standard continuing resolution. Finally, the CR prohibits all funding under the CR and previous spending bills to ACORN and its affiliates.
To view a detailed budget breakdown and comparison, see Enterprise’s FY 2010 Budget Chart.
Visit the Library of Congress website for further information on the Continuing Resolution.
Boston Globe – US Representative Barney Frank said yesterday he wants the government to spend $10 billion to jump-start the stalled development of affordable rental housing nationwide, including 31 projects in Massachusetts that can’t move forward because of a lack of funds.
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Massachusetts is facing a housing crisis similar to the rest of the country. Affordable housing developers that have already received tax credit allocations have run into great difficulties in securing necessary investors because of the economic downturn. There is now strong national consensus that the pending American Recovery and Reinvestment Act can go a long way towards fixing this short-term problem by adopting four temporary measures.
Please click here to read the national sign-on letter for the Low Income Housing Tax Credit program signed by CHAPA and other national housing organizations.