News
Current Federal Legislative Action Threatens Housing Assistance for Thousands
While most FY2011 spending bills, including that for HUD, remain unfinished, a growing number of proposals to cut federal budgets threaten funding for various housing programs. The Center on Budget & Policy Priorities (CBPP) recently released a brief report on the likely effects that three primary scenarios for appropriations funding in 2011 would have on Housing Choice voucher renewals. State-by-state estimates by CBPP show that the three scenarios could result in the elimination of assistance to between 576 and 7088 Oregon families. Click here for the CBPP report.
Though recently on track to receive initial capitalization of $1 billion, the National Housing Trust Fund (NHTF) is not part of the latest version of the “tax extender” legislation being debated in Congress. The NHTF would create or preserve rental housing affordable to households earning less than 50% of AMI and the National Low Income Housing Coalition (NLIHC) estimates that the initial capitalization would mean $15 million for Oregon. Click here for more information, including how you can help ensure funding for the NHTF.
— Posted on 12/06/2010
HUD Offers Funds for Emergency Repairs at Senior Properties
HUD issued a Notice of Funding Availability for first-come-first-served grants, up to $500,000, to make emergency capital repairs at multifamily senior properties. Eligible projects must need repairs on “items that present an immediate threat to the health, safety, and quality of life of the tenants”; be owned by a private nonprofit; and serve seniors. Funds will remain available until fully obligated or November 29, 2011, whichever occurs first. Click here for further information.
— Posted on 12/03/2010
Report Updates Job Growth Estimates from ARRA Funding
The Center on Budget & Policy Priorities (CBPP) released a summary of the recent Congressional Budget Office (CBO) report on job growth tied to the American Recovery and Reinvestment Act (ARRA). The non-partisan CBO estimates that, in the third quarter of 2010, ARRA funds “increased the number of people employed by between 1.4 million and 3.6 million” and “the number of full-time-equivalent jobs by 2.0 million to 5.2 million.”
Notably, the report identifies which types of funds from ARRA represented the best investments. One of the highest yielding was transfers payments to states and localities for infrastructure. Those funds included the Tax Credit Assistance Program (TCAP) and Tax Credit Exchange Program, which ultimately resulted in funding for 14 Preservation projects here in Oregon (see post from 12/08/2009), and the Green Retrofit Program for federally subsidized multifamily housing, which required recipients to extend the project’s affordability period (see post from 5/27/2009).
Click here for CBPP summary and here for the CBO report.
— Posted on 12/02/2010