Current Issue of Connections
 | CONNECTIONS |
| Friday, October 12, 2007 Vol. 3, No. 40 | |
This week, Connections celebrates passage of the National Housing Trust Fund (H.R. 1895) through the U.S. House of Representatives. The need for this measure, and its support of low-income rental housing, is amply demonstrated by the rental vacancy rate figures for much of Colorado, which were released this week. Vacancy rates at or below 5% are showing up in many areas in Colorado, indicating a tight market. On-going foreclosure concerns are motivating discussion of new national relief efforts aimed at easing the mortgage crisis. Finally, we include a thought-provoking article on bank vs. foundation-led development in rural Mississippi. Please forward this to anyone who might want to subscribe and receive this in the future. By: National Low Income Housing Coalition - 10/10/07 Today, the National Housing Trust Fund (NHTF) Campaign and its more than 5,600 supporters across the country celebrated a huge victory for low income people when the U.S. House of Representatives approved H.R. 2895, the National Affordable Housing Trust Fund Act of 2007, a bill to increase the supply of rental housing that low income people can afford. The House voted 264-148 to pass H.R. 2895, legislation to establish dedicated sources of funding for the production, preservation and rehabilitation of 1.5 million affordable homes in 10 years. At least 75% of the funds will be for housing for households that are extremely low income, earning less than 30% of an area’s median income. Affordable Rental Vacancies Tighten By: John Rebchook - The Rocky Mountain News - 10/9/07 Demand for affordable rental housing in the state is being driven by record foreclosures and rising market-rate rents. The statewide vacancy rate hit 4.7 percent in the second quarter, down from 6 percent in the first quarter, according to the the Affordable Housing Vacancy and Rent Survey, released on Monday by the Colorado Division of Housing and the Colorado Housing and Finance Authority. Housing Statistics Questioned By: Cari Merrill - Fort Collins Coloradoan - 10/10/07 Despite new numbers from the Colorado Division of Housing, industry experts say there is still a need for affordable housing in Fort Collins. According to the Affordable Housing Vacancy and Rent Survey, Fort Collins has an 8.2 percent vacancy rate in affordable housing, the highest rate in the state while the statewide vacancy rate fell from 6 percent in the first quarter to 4.7 percent in the second quarter. But Julie Brewen, executive director of the Fort Collins Housing Authority, said a few respondents could have skewed the results. Her numbers on affordable housing vacancies have hovered between 3 percent and 4 percent since February. The American Dream in Reverse By: Andrew Rosenthal - The New York Times - 10/8/07 For the first time since the Carter administration, homeownership in the United States is set to decline over a president’s tenure. When President Bush took office in 2001, homeownership stood at 67.6 percent. It rose as the mortgage bubble inflated but is projected to fall to 67 percent by early 2009, which would come to 700,000 fewer homeowners than when Mr. Bush started. The decline, calculated by Moody’s Economy.com, is inexorable unless the government launches a heroic effort to help hundreds of thousands of defaulting borrowers stay in their homes. New Moves in Washington to Ease Mortgage Crisis By: Edmund Andrews - The New York Times - 10/10/07 House Democrats squared off against the Bush administration today over measures to help homeowners trapped in a vise of unaffordable subprime mortgages and falling home prices. The Democratic-controlled House passed a bill that would require the nation’s two government-sponsored mortgage finance companies and the Federal Housing Administration’s insurance program to channel up to $900 million a year into a new fund for affordable rental housing. Bank vs. Foundation-Led Development: What Works? By: Patrick H. Mooney- The Daily Yonder.com - 10/10/07 Researchers compared two community development efforts in rural Mississippi; they found that a local bank's initiative, through its presence, local ties, and organization, was better able to create broad citizen participation. We want to hear your insights, reviews, and any feedback regarding our weekly Connections Newsletter. This will allow us to better organize and bring to you important news stories. Please forward your comments to blakechambliss@yahoo.com Thank You! Housing Justice! would like to thank the following sponsors: Platinum: Enterprise Community Partners Gold: Washington Mutual Silver: Colorado Housi Bronze: Rocky Mountain Conference - United Church of Christ H | |