8:56 AM
Julio Barreto
The president’s proposed 2010 budget outline offers a glimmer of hope for funding housing and community development programs yet it raises questions about how restrictive these programs will be managed.
The president’s budget document is not as detailed as past budget documents in articulating funding levels for various programs. For example, there is no information on the proposed funding levels for the public housing programs, for the HOME Investment Partnership program or the Emergency Grant Shelter program. However, the outline provides a glimpse to the scope of support offered to these programs and the mandates to be imposed on them.
The portion pertaining to the Department of Housing and Urban Development (HUD) includes $7.5 billion for HUD on top of the $13.6 billion included in the stimulus bill, the American Recovery and Reinvestment Act of 2009 (ARRA). However, the documents indicate the administration will proceed with administrative and legislative initiatives which could result in greater restrictions for those administering the program.
For example, the administration is proposing $4.5 billion for the community development block grant (CDBG) program but also includes language which indicates targeting of these resources will be proposed this spring. The document also indicates the administration will propose increased funding for the Housing Choice Voucher program and unidentified changes to correct “inefficiencies”.
During the campaign the administration expressed support for initiatives which will pit resident advocates against administrators of these programs. They include a restoration of the one-for-one replacement rule and regional approaches to addressing housing issues. While all parties in the affordable housing industry welcome additional funds; however, they will come with a price.
CDFI Director Applauds Work of Industry in Presentation
Donna Gambrell, Director the Community Development Financial Institutions Fund, told the CDFI community at its 2009 Coalition meeting that the increased funding to the program and increased allocation for the New Market Tax Credit Program is a recognition of “the important work being done within the industry”.
Gambrell said the American Recovery and Reinvestment Act of 2009 includes $100 million to enhance the lending capacity of CDFIs and provides $3 billion in additional authority for the New Markets Tax Credit program. The stimulus bill also contains language which waives the matching requirement on CDFI Program awards.
“We at the CDFI Fund recognized that challenges facing the philanthropic community and lending community have made it difficult for CDFIs to obtain the matching fund requirements,” she said. “Congress also acknowledged this and waived the matching funds requirement for the stimulus funding to enable CDFIs to quickly make use of these funds.”
She encouraged participants to find innovative ways to serve the community and become successful financial lenders. She said CDFIs have “a significant role to play in helping this country once again get back on the path to economic prosperity.”
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The president’s budget document is not as detailed as past budget documents in articulating funding levels for various programs. For example, there is no information on the proposed funding levels for the public housing programs, for the HOME Investment Partnership program or the Emergency Grant Shelter program. However, the outline provides a glimpse to the scope of support offered to these programs and the mandates to be imposed on them.
The portion pertaining to the Department of Housing and Urban Development (HUD) includes $7.5 billion for HUD on top of the $13.6 billion included in the stimulus bill, the American Recovery and Reinvestment Act of 2009 (ARRA). However, the documents indicate the administration will proceed with administrative and legislative initiatives which could result in greater restrictions for those administering the program.
For example, the administration is proposing $4.5 billion for the community development block grant (CDBG) program but also includes language which indicates targeting of these resources will be proposed this spring. The document also indicates the administration will propose increased funding for the Housing Choice Voucher program and unidentified changes to correct “inefficiencies”.
During the campaign the administration expressed support for initiatives which will pit resident advocates against administrators of these programs. They include a restoration of the one-for-one replacement rule and regional approaches to addressing housing issues. While all parties in the affordable housing industry welcome additional funds; however, they will come with a price.
CDFI Director Applauds Work of Industry in Presentation
Donna Gambrell, Director the Community Development Financial Institutions Fund, told the CDFI community at its 2009 Coalition meeting that the increased funding to the program and increased allocation for the New Market Tax Credit Program is a recognition of “the important work being done within the industry”.
Gambrell said the American Recovery and Reinvestment Act of 2009 includes $100 million to enhance the lending capacity of CDFIs and provides $3 billion in additional authority for the New Markets Tax Credit program. The stimulus bill also contains language which waives the matching requirement on CDFI Program awards.
“We at the CDFI Fund recognized that challenges facing the philanthropic community and lending community have made it difficult for CDFIs to obtain the matching fund requirements,” she said. “Congress also acknowledged this and waived the matching funds requirement for the stimulus funding to enable CDFIs to quickly make use of these funds.”
She encouraged participants to find innovative ways to serve the community and become successful financial lenders. She said CDFIs have “a significant role to play in helping this country once again get back on the path to economic prosperity.”
Interesting Read
Housing and Community Development
Commentary: Bailing out homeowners is a mistake
By Jeffrey A. Miron
Special to CNN
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By Robert J. Samuelson
The Washington Post
Moffett resigning as Freddie Mac CEO
By Alan Zibel
The Associated Press
Buildings sprang up as donations rained down on Bronx Borough President Adolfo Carrion
By Benjamin Lesser and Greg B. Smith
The New York Daily News
White House mum as foes rip Carrión
By Samuel Goldsmith and Bill Hutchinson
The New York Daily News
Governors Hope to Guide Spending of Stimulus Funds
By Philip Rucker
The Washington Post
Government Gets Chance To Prove It Can Work
Stimulus Act Will Test Civil Servants' Abilities
By Alec MacGillis
The Washington Post
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Emergency bridge loans and reduced fees for SBA-backed loans are some of the stimulus bill's steps to help small businesses survive the recession.
By Stacy Cowley
CNNMoney.com
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In Framingham, Mass., local businesses are struggling through the recession. We talked to dozens of entrepreneurs for a look at the future of Main Street.
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Framingham's immigrants always felt like outsiders. Then the downturn forced the town's planners and entrepreneurs to work together to save imperiled businesses.
By Emily Maltby
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