March 2009

  • HUD and DOT To Promote Sustainable Communities

    HUD Secretary Shaun Donovan and DOT Secretary Ray LaHood Thursday announced a new partnership to help American families gain better access to affordable housing, more transportation options, and lower transportation costs. The average working American family spends nearly 60 percent of its budget on housing and transportation costs, making these two areas the largest expenses for American families. Donovan and LaHood want to seek ways to cut these costs by focusing their efforts on creating affordable, sustainable communities. more

  • Administration Launches Consumer Site For Homeowners Seeking Relief

    The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) announced today the launch of a new Web site for consumers seeking information about the Obama Administration’s Making Home Affordable loan modification and refinancing program. “MakingHomeAffordable.gov”:http://www.MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they’re eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program. more

  • Survey: CLTs Lower Foreclosure Risk

    Homeowners in community land trusts are less less likely to lose their homes to foreclosure than owners of market-rate homes, according to a survey conducted by the “Lincoln Institute of Land Policy”:http://www.lincolninst.edu/ and the “National CLT Network”:http://www.cltnetwork.org/.

    The survey credits the lower foreclosure rates to a lack of “too-good-to-be-true” financing in CLTs, as well as “front-end guidance” to help homebuyers acquire safe loans—and support for homeowners struggling to pay their mortgages. more

  • {caption}

    OCC Report Examines Partnership Models in Handling Foreclosures

    The Office of the Comptroller of the Currency (OCC) this week published Community Developments Insights, a report that describes how banks and their partners in the community are working to dispose of foreclosed properties in creative ways that will preserve affordable housing opportunities and stabilize communities. more

  • {caption}

    MacArthur Foundation Names New President

    Robert Gallucci, Dean of the School of Foreign Service at Georgetown University for the last 13 years, will serve as the next President of the MacArthur Foundation, effective July 1, according to a statement released Tuesday by Bob Denham, the chairman of MacArthur’s board of directors. more

  • New Regulations for Loan Modification and Refinance

    The Obama Administration’s $75 billion Making Home Affordable program was announced this week along with the possibility that it could help three million to four million families avoid foreclosure.

    The announcement comes only weeks after the administration “announced its Homeowner Affordability and Stability plan”:http://www.nhi.org/news/1422/obama_announces_275_billion_homeowner_affordability_and_stability_plan/ that would offer up to $200 billion to support low mortgage rates by “strengthening confidence” in Fannie Mae and Freddie Mac, the government-controlled mortgage finance companies—monies that were made available through the Housing and Economic Recovery Act. more

  • Affordable Rental Units Preserved With MacArthur Support

    Seizing the opportunity to make needed long-term investments in the face of a weak economy, 12 states and cities are launching innovative projects to preserve more than 70,000 affordable rental homes with the support of a $32.5 million investment made by the MacArthur Foundation. more