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Earlier this month, DFI examined how local governments in North Carolina have stepped in to make new affordable housing construction economically viable after a historic increase in construction costs and elevated interest rates. In August, the North Carolina Housing Finance Agency (NCHFA) released the latest funding awards for 2024.
In this chapter, John O’Callaghan , president and CEO of the Atlanta Neighborhood Development Partnership (ANDP), and Mandy Eidson , senior manager of the ANDP Loan Fund, share how ANDP is innovatively meeting affordable single-family housing needs in Atlanta.
By Tarik Abdelazim , Director, National Technical Assistance, Center for Community Progress Before I came to Community Progress, I spent eight years in public service in my hometown, Binghamton, New York. For example, land banks in New York are: Expanding the Production of Affordable Housing.
In this model, the various sources of capital are stacked on top of each other to enhance communitydevelopment financing projects. All these layers together make a communitydevelopment loan possible. Senior debt is debt secured by specific assets of the organization.
We spoke with the Albany County Land Bank Corporation ’s Executive Director Adam Zaranko about affordable housing initiatives, the importance of diversified partnerships, and what’s coming up for the Land Bank in 2023. The program emerged from a National Technical Assistance Scholarship through the Center for Community Progress.
By most accounts, the need for affordable housing across North Carolina is massive. According to 2019 census data, over a million North Carolina households are “cost burdened,” meaning they spend more than 30% of their income on housing. What can local governments do to address the need for more affordable housing ?
By: Liz Kozub I got my start in transforming vacant properties in 2012 as an intern for the City of East McKeesport, Pennsylvania, a dense community of just over 2,000 residents with tremendous community pride. Secured annual funding from all members, using a formula based on the amount of delinquent taxes received by each member.
Committed to transforming communities through the power of economic development and CRA. Listen to hear Linda describe her vision for the CRA Hub and other communitydevelopment thoughts. CRA Partners is a turnkey CRA compliance program powered by the Senior Housing Crime Prevention Foundation.
Maximize the Reporting of CommunityDevelopment Activities; 2. Maximize the Reporting of CommunityDevelopment Activities. Oftentimes, large (for CRA purposes) banks overlook transactions, such as loans and investments, that could qualify for consideration as communitydevelopment activities.
Introduction The Federal Home Loan Bank (FHLB) System 1 is a relatively unknown but important part of America’s housing and financial system, with over $1 trillion in assets. It was established by Congress in 1932 and today consists of 11 regional FHLBanks that operate as one system, cross-guaranteeing each other’s debts.
Cyber Security.5 CED professionals can track these efforts via broadband mapping information for both the GREAT grants program as well as a developing Broadband initative, called the Completing Access to Broadband (CAB) Program , and access and adoption information via the NC OneMap. Public Space 12.5 Broadband 2.8
Introduction In November of last year, the Federal Housing Finance Agency (FHFA) published a report 1 (the Report) recommending reforms for the Federal Home Loan Bank (FHLB) System. 5 The similar key behaviors exhibited by both F&F and the FHLBanks should not come as a surprise. Growing profits by exploiting the implied guarantee.
Are you one of the 95 percent of banks that are underreporting communitydevelopment loans under the Community Reinvestment Act (CRA)? SHOWNOTES: CommunityDevelopment Loans Demystified with Krista Shonk, VP & Senior Counsel, Regulatory Compliance and Policy, Fair & Responsible Banking, ABA.
A basic transaction account is an important first step in establishing a mainstream banking relationship, depositing earnings securely, accessing credit and saving for the future. Nationally, 48% of Black households and 42% of Hispanic households are unbanked or underbanked, compared to less than 14% of white households.
Then again, there is a tension and balance for corporations between permeability and security (e.g., Five are under the city-- Liberty, Pioneer, Fairmont, Jordan, and Sunnyside, and one, Sugar House, is owned by the city and county both, and run by an independent authority (I'm on the board). There are six large city parks.
122 (2015)); loans for persons of low and moderate income to acquire housing ( In Re Denial of Approval of Bonds , 307 N.C. Multiple statutes provide authority for a local government’s affordable housing activities, as detailed in this comprehensive blog post by my colleague Tyler Mulligan. State , 368 N.C. Additionally, G.S.
You find a local home repair program and help your parents fill out an application, only to find out that they do not qualify because they do not have legal ownership—or title —to the house. At the Center for Community Progress, we’ve engaged with heirs’ property issues for years.
Few of the smaller towns and villages along the Choptank have paid staff, and even many of the larger ones lack in-house expertise on water-related issues. The organization is a coalition of nonprofits, government agencies, scientists and community groups that work across boundaries to protect and restore the Choptank’s health.
One of the major roles of the National Land Bank Network is to amplify the voice of land banks in securing federal policy changes that better equip your communities to address property vacancy, abandonment, and deterioration. Some of these communities received no investment at all.
In non-emergency situations, local government housing loans are authorized “only when the planning, construction, and financing of residential housing is not otherwise available to ‘persons and families of low income’” due to “the inability of private enterprise and investment, without assistance, to meet that need.” 29, 49, 50 (1970).
Building neighborhood confidence/The Myth of CommunityDevelopment. The idea that the point of government investment in community improvement wasn't to build dependency, but to stoke conditions to the point where private actors would continue to invest and improve on their own, without government assistance.
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