Donovan Confirmed as HUD Secretary

The Senate unanimously confirmed Shaun Donovan as Secretary of the Department of Housing and Urban Development (HUD). The Senate acted on the nomination on Thursday, January 22.

Treasury Opens Next Round of New Market Tax Credits

The U.S. Department of the Treasury opened the seventh round of competition for New Market Tax Credits (NMTC) in mid January. The competition will allow for $3.5 billion in tax credit authority to finance a variety of community and economic development initiatives. This year’s allocation will place an emphasis on ensuring investments in underserved rural communities.

Equity investments totaling $12.6 billion have been raised by organizations awarded tax credits. In 2007 the amount of loans and investments in low-income communities totaled $9 billion which resulted in the following:

1. Close to 2,000 businesses and real estate developments financed in low-income communities;
2. Over 68 million square feet of commercial property developed or rehabilitated;
3. 210,000 full-time construction jobs created; and,
4. 45,000 full-time jobs at businesses operating in low income communities which were created or maintained.

The deadline for submitting applications is April 8.

Organizations Seek Information on Foreclosure Caused Homelessness

A variety of organizations representing the homeless are seeking information on the impact of the foreclosure crisis on homelessness. The National Low Income Housing Coalition (NLIHC), the National Coalition for the Homeless, the National Law Center on Homelessness and Poverty (NLCHP), the National Policy and Advocacy Council on Homelessness, and the National Alliance to End Homelessness (NAEH) have joined forces to conduct the survey.

There is a survey for those serving the impacted individuals and a survey for those surviving homelessness due to foreclosures.

Interesting Read

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Freddie Will Ask For More U.S. Funds
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Volunteer to Save the Economy
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