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Issue #103, January/February 1999 |
| Industry News |
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People
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In Memorium
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| Organizations & Initiatives |
HUD has awarded $36.9 million to prevent parents facing a housing crisis from losing their children and to help adults in HUD-assisted housing get jobs and become self-sufficient. The assistance includes $19.1 million for the Family Unification Program, which will provide rental assistance subsidies to about 3,000 low-income families; and $17.8 million for the Family Self-Sufficiency Program, which will provide funds to pay the salaries of a self-sufficiency coordinator in 530 small public housing agencies. The coordinators are expected to help an estimated 20,000 adults receiving HUD rental assistance to get jobs. The National Association for the Advancement of Colored People (NAACP) and Fannie Mae have entered into a five-year partnership to provide expanded mortgage financing, homeownership counseling, and information to help underserved and minority families become homeowners. The multi-million dollar partnership aims to help at least 20,000 African-American households receive information on how to move toward homeownership. Fannie Mae will offer no-limit mortgage financing to NAACP clients using standard Fannie Mae products, and will provide up to $110 million in special financing products, including a new $50 million underwriting experiment tailored to the credit needs of the NAACP clientele. Consumer information: NAACP National Community Development Resource Center, 410-486-9227. Fleet Financial Group and its subsidiary, Fleet Mortgage, have launched a $65 million purchase rehabilitation program to revitalize housing and provide opportunities for low- and moderate-income homebuyers. The program, HouseWorks, a joint initiative with Fannie Mae and the Neighborhood Reinvestment Corporation's NeighborWorks network, is available to those who complete extensive homebuyer counseling programs offered by NeighborWorks organizations. Eligible borrowers may obtain up to 95 percent financing for single- and two-family homes, and up to 90 percent for three-family homes. Information: Terry Randall, Fleet Mortgage Group, 803-929-7971 or Marcia Ramos, Fleet Financial Group, 401-431-7327 . Pennsylvania became one of the first states to create a program to make small-business and housing loans to underserved inner-city and rural areas. In December, Governor Tom Ridge signed a measure that will help create a $30 million state Community Development Bank. The bank, with $17 million committed in state funds and a target of $13 million from private commitments, will make micro-loans to ventures that can't qualify for traditional small-business loans. The money will be loaned out through participating nonprofit organizations that pass state and federal certification requirements. The National Neighborhood Coalition (NNC) has joined 20 partner organizations in the Smart Growth Network (SGN) in signing an agreement with the U.S. Environmental Protection Agency to encourage development that better serves the economic, environmental, and social needs of all communities. Information: NNC, 202-986-2096 or email: nncncc@erols.com; SGN, www.smartgrowth.org The Citigroup Foundation has given the Wildcat Service Corporation $1 million over the next three years to collaborate with three other New York City-based nonprofit organizations, Bowery Residents' Committee, Women in Need, Inc., and Lenox Hill Neighborhood House, to create a comprehensive approach to addressing the needs of the chronically unemployed. The grant, to be matched by the federal government, will create a consortium of nonprofits to assist individuals facing barriers to employment, including homelessness, domestic violence, and substance abuse. |
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