Thursday’s Advocacy & Think Tank Round-Up

The Center for American Progress has released a report The Uneven Housing Recovery which includes an interactive map the report analyzes the problem of negative equity, which grew out of the financial crisis and concludes that the lack of recovery in some areas, mostly non-metropolitan and rural, creates a risk of foreclosure and threatens to exacerbate the rental affordability crisis.
Corelogic has released its latest Home Price Index it shows that there has been a 4.7% increase in home prices in September.
HOME Coalition has released a report Building HOME which highlights the success of the HOME Investment Partnership Program by analyzing its impact in all 50 states, it also includes over 100 success stories. Enterprise Community Partners is hosting webinars in their effort to #saveHOME.
MakeRoom’s November Living Room Concert was hosted in the home of Devin Hallford in Denver, Colorado, where rent has increased 50% since 2010. Devin is an aspiring artist and restaurant worker struggling to find an affordable place to live and pay back student loans. American Author’s performed a concert in Devin’s cramped living space to draw attention to the affordable housing crisis. MakeRoom has also released an interactive map which illustrated the rising trend of Millenials living with roommates later in life.

Friday’s Government Reports

The Consumer Financial Protection Bureau’s Monthly Complaint Snapshot focuses on consumer complaints related to mortgages. The CFPB found that consumers have particular difficulty with mortgage servicing – especially when applying for loan modifications to avoid foreclosure. The report also takes a close look at compliants coming out of the Denver, CO area.
The U.S. Treasury has announced $327 million in CDFI Bond Fund Gaurantees, which were awarded to CDFI’s to issue bonds, the funds of which are intended to be used to finance projects in low income communities. Among the initiatives guaranteed include senior and long term care development in latino communities and residential and commercial development in Native American communities.

Today, July 21st The U.S. Senate Finance Committee is holding a mark up of several expired tax provisions. This Tax Extenders Legislation would, among other provisions, extend the popular New Market Tax Credit and the Low Income Housing Tax Credit which help developers finance affordable housing construction.

Federal Housing Finance Agency issues update on the structure of a single mortgage backed security which will be sold by Fannie Mae and Freddie Mac to finance fixed rate mortgages backed by 1-4 unit properties.
Minimum Housing Credit Rate Legislation has been introduced in the both the House and Senate, this legislation would permanently extend the 9% minimum tax credit for low income housing development in order to promote certainty and make the development of affordable housing ecomonically feasible.