Building Blocks Coalition Submits FY 2010 Budget Requests to Conference Committee – June 2, 2009
Please click here to read, in detail, requests made by the Building Blocks Committee to the Conference Committee.
Massachusetts Economy Continues its Rapid Descent (MassBenchmarks) – March 27, 2009
The Massachusetts economy contracted at a 4.2 percent annualized rate in February according to the latest MassBenchmarks Current Economic Index. Recent data revisions indicate that the state economy declined at a 4.7 percent annualized rate in the fourth quarter of 2008, substantially worse than the 3.5 percent decline previously reported but comparatively better than the 6.3 percent annual rate of contraction the US experienced during the same period.
Please click here to read the full bulletin from MassBenchmarks.
FDIC Releases Proposal to Accelerate Loan Modifications – November 17, 2008
The FDIC has initiated a systematic loan modification program at IndyMac Federal Bank to reduce first lien mortgage payments to as low as 31% of monthly income. Modifications are based on interest rate reductions, extension of term, and principal forbearance.
The FDIC’s proposal is designed to promote wider adoption of the systematic loan modification program:
- by paying servicers $1,000 to cover expenses for each loan modified according to the required standards; and
- sharing up to 50% of losses incurred if a modified loan should subsequently re-default
The FDIC envisions that the program can be applied to the estimated 1.4 million non-GSE mortgage loans that were 60 days or more past due as of June 2008, plus an additional 3 million non-GSE loans that are projected to become delinquent by year-end 2009. Of this total of approximately 4.4 million problem loans, the FDIC expects that about half can be modified, resulting in some 2.2 million loan modifications under the plan
Please click here to read further details of the proposal on the FDIC’s website.
HUD Releases Notice on Green Retrofit Program for Multifamily Housing – May 13, 2009
The Recovery Act is designed to stimulate the economy through measures that, among other things, modernize the Nation’s infrastructure, jump start American energy independence, and protect those in greatest need. Green Building is an approach to sustainable development that is designed to result in a property that reduces energy demand, costs less to operate, improves the residents’ quality of life, and reduces its impact on the environment. Issuance of the Notice implements the Green Retrofit Program.
New England Housing Network 2008 Conference Resources
GENERAL RESOURCES:
- Federal Reserve Bank of Boston 2008 Issue 2: “New England Community Developments“
- Policy White Paper: “Unfinished Business: What the Next President Must Know About Housing and HUD“
- CHAPA Summary of the Housing and Economic Recovery Act of 2008
- National Preservation Working Group letter in response to the Federal Economic Stimulus package
Economic Stimulus Materials:
FY 2009 HUD Appropriations:
KEYNOTE ADDRESS PRESENTATION: Michael D. Goodman, PhD – “What’s Going on in the Economy?” WORKSHOP RESOURCES: 11:40 am – 12:40 pm: Update on Section 8 Funding and SEVRA Legislation Workshop Handouts:
- SEVRA III Possible Changes
- Voucher Utilization 2004-2008
- November 25, 2008 Housing Policy Practitioners Corner
Section 8 SEVRA Materials:
- NAHRO’s Views on S. 2684
- NAHRO’s Analysis of HR 1851 vs. S.2684
- NAHRO Policy and Advocacy Webcast: “Section Eight Voucher Reform Act of 2008” (S. 2684)
- Center on Budget and Policy Priorities (CBPP) Analysis: Side-by-Side Comparison and Powerpoint Presentation
Other Voucher Reform Proposals: Testimony before the National Commission on Fair Housing and Equal Opportunity Boston, Massachusetts on “HOW TO PROMOTE HOUSING INTEGRATION AND CHOICE THROUGH THE SECTION 8 VOUCHER PROGRAM”
11:40 am – 12:40 pm: Communications Strategies to Generate Support for Affordable Housing
- Organization Assessment Tool
- Communications Worksheet
- Karen Jeffreys Article: “Making Our Communications Strategic“
- Literature Review of Communications-Related Affordable Housing Research
11:40 am – 12:40 pm: Public Housing Funding and Revitalization Strategies The Future of Public Housing – Policy Framework
2:15 pm – 3:45 pm: State and Federal Approaches to the Foreclosure Crisis
- Kemple – Powerpoint Presentation
- CHAPA Summary: “Foreclosure Prevention Strategies – What Other States Are Doing”
- CHAPA Summary of Federal Neighborhood Stabilization Program
- FDIC proposal on loan modifications
2:15 pm – 3:45 pm: The Impact of the High Cost of Utilities on Affordable Housing
- Response to the New England regional heating cost crisis
- Chretien Presentation – Impact of the High Cost of Energy
2:15 pm – 3:45 pm: Integrating Green Building Techniques into Affordable Housing Building Healthy Affordable Homes: www.homedepotfoundation.org 2:15 pm – 3:45 pm: Smart Growth Coalitions and Their Role in Affordable Housing
- Homes for New Hampshire’s Future: Conservation and Housing: Common Ground 2006
- Homes for New Hampshire’s Future: Land Use Tools for Affordable Housing
- New Hampshire Growth and Development Roundtable Video: www.nhroundtable.net
- Vermont Neighborhoods Program State Summary
HUD Releases Allocations for $3.9 Billion Neighborhood Stabilization Program – September 26, 2008
HUD’s new Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring.
Read HUD’s News Release for Allocations