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Neighborhood Reinvestment
Board Member Urges Partnership Approach to Combating Predatory
Lending in Cleveland Speech
Julie L. Williams, chief counsel and first senior deputy
comptroller for the Office of the Comptroller of the Currency,
urged community groups, financial institutions and federal
and state regulators to form new partnerships to provide housing
finance to underserved communities and combat abusive and
predatory lending practices. Williams serves on the board
of directors of Neighborhood Reinvestment Corporation.
View
speech information.
Smart
Money Article Lauds Benefits of Homebuying Classes Offered
by NeighborWorks
Referred by a Realtor®
to Neighborhood Housing Services Phoenix, Maria Huerta, 38
and mother of four, met her goal of homeownership. At NHS,
she learned about everything from household budgeting to understanding
the closing process. A housing counselor showed her how to
clean up her credit report and qualify for a loan with a competitive
interest rate.
Doug
Dylla, manager of NeighborWorks Campaign for Homeownership,
told Smart Money that given the scale of investment
and complexity of a home purchase almost anyone would benefit
from homebuyer education. Ken Packman, a housing counselor
with Ithaca Neighborhood Housing Services, was also interviewed
for the article. View
article
Neighborhood
Reinvestment Starts Search for New Chief Operating Officer;
Margo Kelly to be Honored
Neighborhood Reinvestment is accepting qualified applicants
for the chief operating officer position and plans to review
the first pool of candidates by mid-August. This is a corporate
officer and a board-appointed position. All applicants interested
in this position should contact Bud Moseley at 2868@imsearch.com
or 617-262-6500.
Margo
Kelly recently resigned the chief operating officer position
after a long and illustrious career at Neighborhood Reinvestment.
She will be honored at a ceremony planned for the August NeighborWorks
Training Institute. Participating NWOs can contact Martina
Guilfoil for details. martina@homeownershipcenter.com
Los
Angeles Nonprofits Pulling Out the Stops to Address Housing
Affordability Problem
There are only five ZIP codes within Los
Angeles with median prices below $200,000, all of them in
or adjacent to Watts, reports the Los Angeles Times.
"All have experienced price increases of more than 25
percent in the past year. Some nonprofits are trying more
aggressive approaches to bring homeownership within reach
for low-income working families."
The newspaper reports
that Inglewood Neighborhood Housing Services, an area NeighborWorks
organization, is matching down-payment dollars at 3 to 1.
Both programs cap their assistance at $3,600. The programs
are among many "individual development account"
plans nationwide designed along the lines of 401(k) retirement
plans." For more information on Inglewood's IDA program,
click
here.
North of Los Angeles, VCCDC
Partners with State Farm Bank on Initiative at NeighborWorks
HomeOwnership Center
A new $1 million loan initiative from
the Ventura County Community Development Corporation (VCCDC),
a nonprofit lending affiliate of the Cabrillo Economic Development
Corporation (CEDC) will involve homeownership counseling at
CEDC's NeighborWorks HomeOwnership Center. State Farm Bank
is funding the initiative. View
article in Santa Paula Times.
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| Community
Strategies represents the shared experience of the NeighborWorks
network and Neighborhood Reinvestment Corporation in various topics
of community development and affordable housing. |
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| The
NeighborWorks Training
Institute is dedicated to providing the highest quality training
for community development practitioners. Learn about the latest
classes and symposia on leading-edge topics. |
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| Neighborhood
Reinvestment, working closely with members of the NeighborWorks
network and partners, produces a wide-variety of publications. Most
are free and others cost a nominal fee to order. For a complete
listing and order forms, go to NeighborWorks Publications. |
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| Find lists
and charts on Neighborhood Reinvestment and the NeighborWorks
network organizations. |
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Affordable
Housing Finance Features Award Winning Project of Nashville
NeighborWorks Organization
A 29-unit townhome development known as Row 8.9n
helped to eliminate blight and turn one of Nashville's needier neighborhoods
into a venue for revitalization and homeownership opportunities,
reports the June issue of Affordable Housing Finance. Developed
by NeighborWorks member Affordable Housing Resources (AHR), the
townhomes were named for their locations on 8th and 9th avenues.
"One of the biggest statements it makes is that you can have good
design and affordability," said E.D. Latimer, AHR executive director."
The NeighborWorks network was also featured in the magazine.
Boston
Business Journal Article Applauds Restoration of Hibernia Hall,
Historic Building for Arts and Office Space
The Madison Park Development Corp., a Boston
NeighborWorks organization, is renovating the dilapidated Hibernian
Hall on Dudley Street in Roxbury into a new Center for Arts, Culture
and Trade. The 28,000-square-foot multi-use facility calls for office
space and artist studios, ground-level storefronts for shops and
restaurants and meeting space for local groups. Hibernian Hall,
according to writer Michael J. Quinlin in a Business Journal
opinion piece, was once a bustling cultural center where many single
Irish girls met their future husbands. He notes that "Boston's
ability to sustain a sense of vitality while keeping a sense of
place is what makes it such a remarkable city for residents and
visitors alike."
NHS of Clearwater
Commended for Converting Junkyard to Housing Site
Congressional Representative C.W. Bill Young,
R-Fla., chairman of the House Appropriations Committee, commended
NHS of Clearwater in the Congressional Register. The Florida
NeighborWorks organization turned an abandoned and polluted junkyard
into an affordable housing site. "This is the type of innovative
program that can solve two problems for a local community. First,
it cleans up an environmentally dangerous brownfields site and,
second, it provides source of much needed affordable housing," wrote
Young. The Congressman said he hopes that other cities around the
country will use the project "as a model to clean up abandoned
properties and fulfill the dream of homeownership for some fortunate
families." View
article The Petersburg Times.
Mural
Sponsored by Salt Lake City NHS, a Boost for Teen Pride
Ruby Chacon, a renowned Salt Lake City painter, is mentoring
teenagers as she works on an outdoor mural, a project sponsored
by Salt Lake Neighborhood Housing Services (NHS). Chacon figured
high school students might be "a little flaky." But the
young artists surprised her. View
article.
Grant to Expand
Credit Union Alternatives to Payday Loans
The National Federation of Community Development
Credit Unions has been awarded a grant of $350,000 to expand credit
union alternatives to high-cost payday loans. The grant was announced
in Chicago on June 23 by the foundations of JPMorgan Chase and Bank
One, whose respective bank holding companies will formally merge
on July 1, 2004. The grant will support a five-site pilot program
within the market areas of the merged banks, which will have branches
in at least 16 states. Three of the sites will be located in Illinois,
New York, and Texas, with two additional states to be determined.
Additional information is available at the Federation's Web site,
www.cdcu.coop.
Correction:
Downtown Housing Improvement Corporation (DHIC),
a NeighborWorks organization in Raleigh, North Carolina,
recently received the Charles L. Edson Award for Excellence from
the Affordable Housing Tax Credit Coalition.
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Neighborhood
Reinvestment Comments on HUD's Proposed GSE Housing Goals
for Fannie Mae and Freddie Mac for 2005 – 2008
Neighborhood Reinvestment formally submitted comments on the
new housing goals HUD has proposed for Fannie Mae and Freddie
Mac. The new federal regulations would significantly raise
the targeted lending requirements for the nation's two largest
mortgage finance companies. HUD estimates that over the next
four years an additional one million low- and moderate-income
families would be served as a result of the new goals.
"Clearly,
Fannie Mae and Freddie Mac have had an enormous positive impact
on the housing market, and in increasing the flow of capital
to communities and providing liquidity to lenders involved
in financing affordable housing activities," wrote Neighborhood
Reinvestment's Executive Director Kenneth D. Wade in a comment
letter to HUD. "However, we are supportive of HUD's efforts
through this proposed rule to encourage Fannie Mae and Freddie
Mac to “stretch” and do even more."
See
Neighborhood Reinvestment comments [PDF]
Background
information proposed rule Complete
rule
House
Passes Bill to Restore Loan Guarantees for Small Businesses
The House of Representatives approved an
amendment to the $39.8 billion FY05 Commerce-Justice-State
departments spending bill that would restore subsidies to
guarantee loans for small businesses.
The bipartisan nature of the 281-137 vote on the amendment
from House Small Business Chairman Manzullo and ranking member
Nydia Velazquez, D-N.Y., reflected an all-out lobbying effort
by interests ranging from the U.S. Chamber of Commerce to
Independent Community Bankers of America.
The Bush administration proposed zeroing out $79 million in
funding for the program, arguing that continued subsidies
make it subject to frequent disruptions and shutdowns when
Congress does not provide timely funding. In a Statement of
Administration Policy, OMB said zeroing out subsidies puts
the program "on a more sound and stable financial footing."
The amendment proposed offsetting the funds by reductions
of about $60 million to Justice Department accounts and $10.4
million for the National Endowment for Democracy, which opponents
said could hamstring anti-terrorism efforts. It would also
cut about $8.5 million from the Small Business Administration,
which administers the loan program.
Backers argue subsidies for the program, which supports $12.5
billion in loans, are necessary to leverage commercial funding
for small businesses, and that if federal funds disappear,
fees paid by participating borrowers will increase.
Neighborhood Reinvestment Appropriation Update
Both the House and Senate Appropriation subcommittees for
VA, HUD and Independent Agencies have yet to mark up their
respective FY 2005 appropriations bills. House action is scheduled
for the next few weeks, while the Senate's timeline is unclear.
Neighborhood Reinvestment Corporation is included in this
appropriations package.
Regulators
Issue CRA Amendments
Federal banking and thrift regulators have
issued interim technical amendments to Community Reinvestment
Act rules. The amendments incorporate new metropolitan area
statistical guidelines issued by the Office of Management
and Budget, change the definition of "geography"
to conform with Census 2000 definitions, and update the definition
of "home mortgage loan" to include refinancings,
in addition to home purchase and improvement loans. The deadline
for public comment on the amendments is Sept. 7; they were
published in the Federal Register on Thursday, July 8. For
more information, click
here and scroll to "Comptroller of the Currency."
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Bank
of America Offers $200,000 'Neighborhood Excellence' Grants
in Select Markets,
Due: August 25
As part of a $15 million Neighborhood Excellence
Initiative, the Bank of America is offering two $200,000 grants
in each of their selected 30 markets across the country to
neighborhood nonprofit organizations working to promote vibrant
neighborhoods. The grants are for leadership training and
operations support and are designed to strengthen the capacity
and infrastructure of neighborhood nonprofit organizations.
To learn more about the grants program and the eligible markets,
click
here or call Steven Fitzgerald at the Bank of America
at 410-605-3096.
Kellogg
Foundation Grants for Rural Entrepreneurship, Due: August
13
The Kellogg Foundation will award four
grants of up to $2 million each to four "rural regional
entrepreneurship development systems." Grants will be
used to promote entrepreneurial activity in their region,
produce entrepreneurial models for other communities, leverage
significant investment, and stimulate national and state interest
in rural entrepreneurship policies and strategies. View
more information.
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NeighborWorks
Community Leadership Institute in Los Angeles, Sept. 9-11
Mark your calendar for September 9-12 for the NeighborWorks
Community Leadership Institute (CLI) in Los Angeles. This
CLI, which is sponsored by Neighborhood Reinvestment’s
Pacific and Rocky Mountain districts, will focus on the theme
of “Building Community: Each One, Reach One, Teach One!”
Participants will share and learn about proactive approaches
for dealing with neighborhood issues, visit local neighborhood
improvement projects, spend time with other participants from
the same community to develop an action plan and develop effectiveness
as leaders. The registration deadline is July 22. Download
Brochure and Registration Form [PDF]
Advanced Practitioner Program Offering: Multifamily Bond Transactions
Course,
Sept. 28-29
Apply your hands-on knowledge to a formal review of bond transactions
when Neighborhood Reinvestment presents “Advanced
Issues in Multifamily Bond Transactions.” The course
will be offered September 28-29, 2004, in Chicago. By the
end of the course, participants will be able to access a wider
range of choices in each bond deal; use templates to analyze
those choices; compare the advantages and disadvantages of
different types of bonds and credit enhancements; and understand
the particular issues posed by preservation and refunding
deals. Participants are required to have conducted at least
two bond deals. A limited number of $500 scholarships will
be available on a first-come, first-served basis. The application
deadline is August 20.
Download
Course Brochure [PDF] Download
Course Application [PDF]
The Nonprofit Housing Management Specialist (NHMS) Course,
Sept. 15-19
This intensive, five-day survey course, offered September
15-19, 2004, and January 19-23, 2005, is the first course
in professional certification from the Consortium for Housing
and Asset Management (CHAM). This course introduces the functions,
requirements and systems of good asset management and is ideal
for:
• Property managers who know their tasks but lack a
professional framework in which to analyze and evaluate property
performance
• Community development corporation staff responsible
for management oversight and board reporting who have had
little direct property management experience
• Directors of property management who are building
new systems
The registration deadline for the September 15-19 course is
July 28. Download
Brochure [PDF]
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Report from The Mixed-Income
Demonstration Program: Reaching Extremely Low-Income Families
in Mixed-Income Settings
A recent report from the Mixed-Income Demonstration
Program of the NeighborWorks Multifamily Initiative. View
PDF
NHS
New York City Opens Bilingual Web Site: www.nhsnyc.org
Neighborhood
Housing Services (NHS) es una organización sin fines
de lucro que ha venido ayudando a los neoyorquinos desde 1982.
National
Neighborhood Day, September 12, 2004
National Neighborhood Day was established as an annual day
to recognize and reinforce the relationships that are the
fabric of our communities. It is a day of simple gatherings
of neighbors to re-kindle friendships; welcome new neighbors;
catch up on each others' families, interests and needs; and
share food, fellowship and fun. To learn more, visit www.neighborhoodday.org
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