Leaders of the NeighborWorks Rural Initiative steering committee announced they are more than 60 percent of the way to their “Bust a Billion” goal — nearly four months ahead of schedule. The one billion dollar goal for direct investments in rural communities across America would provide 32,000 rural families with financial counseling, funding for new home purchases and repairs to existing homes, a catalyst for economic development and job creation, and funding for new and improved units of affordable rental housing, along with much needed community facilities. View press release.

Reforming a federal law designed to protect homebuyers could help curtail predatory mortgage-lending practices, said Edward Gramlich, a member of the Fed's board of governors, [and board chair for NeighborWorks America]. He said changing the Real Estate Settlement Procedures Act, or RESPA, is one option to fight predatory lending. RESPA requires that consumers receive disclosures at various times in a home-purchase transaction, and outlaws kickbacks that increase the cost of settlement services.

Speaking at the Wharton School of the University of Pennsylvania, Gramlich defined predatory lending as providing loans based on collateral, not ability to repay; loan flipping; and fraud and abuse. Although predatory lending practices can arise from subprime loans, Gramlich said the rise of subprime lending in the past 20 years has helped people who would otherwise be shut out of the housing market. He rejected the notion that subprime lending should be abolished. Dow Jones Newswires

Do you have a winning partnership that takes your homeownership program to new levels of achievement? The NeighborWorks Center for Homeownership Education and Counseling (NCHEC), NeighborWorks Campaign for Homeownership and NeighborWorks Insurance Alliance want to hear your story. Submit your winning partnership in one of four categories: —Realtor, —Lender/Insurance, —Employer/Government/University or —Other Innovative Partnership for a chance to win $2000 for your 501(c)(3) non-profit organization. Go to www.nw.org/nchec for contest rules and deadlines. The contest is sponsored by MetLife.

The Community Housing Tax Credit legislation is designed to help increase the supply of affordable homes built in lower-income communities nationwide. The credit is intended to bridge the gap between the cost of developing affordable housing and the price at which these homes can be sold; the tax credit would be available to developers/investors that build or substantially rehabilitate homes for sale to low-income buyers in targeted communities.

The “Community Development Homeownership Tax Credit Act” would produce 50,000 new and rehabilitated homes and generate $6 billion in development activity each year.

Modeled after the successful Low Income Housing Tax Credit program for rental housing, the homeownership tax credit is included in the Bush Administration’s FY 2006 budget, and is part of a White House initiative to increase homeownership among minority households by 5.5 million over the next decade and to create 7 million more affordable homes over the same period.

The Bill would provide investors with a credit of up to 50 percent of the cost of constructing a new home or rehabilitating an existing property, making it economically viable for development to go forward in inner cities, struggling suburbs and isolated rural areas.

NeighborWorks America is part of the Community Homeownership Credit Coalition that has come together in support of these bills.

Bank of America Charitable Investments has designated $17 million for the second year of its Neighborhood Excellence Initiative to recognize, nurture, and reward organizations, local heroes, and student leaders helping to rebuild and revitalize communities in 38 of the bank's major markets across the country. The application deadline is June 30. See select areas and more info on BOA Web site.

Although courses for the NeighborWorks Training Institute in Boston are filling up fast, there are still spaces open and time to register! This institute features 11 new courses and 10 updated courses in community development, four “green” courses promoting environmentally-friendly and healthier communities, a luncheon featuring Paul S. Grogan, author of “Comeback Cities: A Blueprint for Urban Neighborhood Revival”, and a daylong symposium on June 22. Learn more about the training institute in Boston!

The symposium — The Balancing Act: Blending Housing and Commercial Development to Building Thriving Communities — will explore the opportunities that mixed-use and commercial development offer our communities and businesses. Discover how community development organizations use their expertise and assets to support commercial development. Learn more about the symposium.

We are often aware of how buildings meet the ground because the lower story of a building is closer to where we walk. We are usually less aware of how buildings meet the sky. But the roofline is just as important to the image of your development as the lower floors. And, in many cases, a well-designed roof can be the difference between a building that’s not much more than minimal shelter and one that’s truly a home. May's Design Update looks at how three successful affordable housing developments meet the sky with roofs that are harmonious, not only with the buildings themselves, but with the overall neighborhood as well.  Learn more at www.designadvisor.org/updates.