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U.S. Department of
Housing and Urban Development
Rental Burdens: Rethinking Affordability Measures
U.S. Department of Housing and Urban Development (HUD) PD&R Edge
September 30, 2014
Since 1969 the government’s measure of housing affordability has been determined at 30 percent of income can be safely spent on housing costs and any amount over that equates to households being considered cost burdened. This equation has come under scrutiny recently because 30 percent of low and very low income households, especially ones with children, don’t provide enough affordability for necessities. “Rather than measuring affordability using a rent-to-income ratio, [Michael] Stone proposes a residual income approach, which measures cost burden by calculating the money a family has left for housing after other expenditures such as food, clothing, medical costs, and school fees are taken into account.” More…
Open House Blog
HUD Embraces Regulatory Flexibility to Encourage Preservation of Affordable Rental Housing
National Housing Conference/Open House Blog
September 26, 2014
HUD’s [U.S. Department of Housing and Urban Development] Office of Multifamily Housing recently issued guidance to create regulatory flexibility and encourage preservation of existing affordable multifamily properties. In two memos, Deputy Assistant Secretary (DAS) Ben Metcalf authorized changes in HUD rules which will ease the burden on property owners trying to recapitalize aging assisted properties and maintain their long-term affordability. The National Housing Trust commends HUD for initiating these changes. More…
Foreclosure Prevention PSA by Making Home Affordable
|Foreclosure Prevention Assistance, This is Why :60|
Making Home Affordable
September 24, 2014
Foreclosures can have a devastating effect on families and communities. Because many homeowners struggle to make their mortgage payments, the Foreclosure Prevention Assistance campaign aims to increase awareness of the Making Home Affordable® program’s free resources and assistance for distressed homeowners. More...
Florida Financial Institutions Need to Expand Their CRA Activities
Carras Community Investments, Inc.
September 23, 2014
The U.S. Department of Treasury, Community Development Financial Institution (CDFI) Fund announced that $17.9 in Bank Enterprise Awards (BEA) has been distributed to 69 banks throughout the country to increase lending in distressed communities and/or investments in CDFI's. No funds were awarded in Broward County, South Florida or Florida in general. This is a warning indicator that banks are not increasing their lending and activities in Florida and its communities. This is an opportunity to remind Florida financial institutions that rewards are available to them for expanding their Community Redevelopment Agency (CRA) activities.
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