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| Industry News |
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People |
Deepak Bhargava was named executive director of the Center for Community Change, succeeding Andrew Mott. Bhargava has been director of public policy for the center since 1994. He also directs the National Campaign for Jobs and Income Support, a coalition of grassroots groups established by the center in 2000 to give low-income people a voice in the reauthorization of the federal welfare law and in other areas critical to poor people. John Murray has been named director of Multi-Family Lending for the New Jersey Housing and Mortgage Finance Agency. He will be responsible for managing the department that reviews and analyzes applications for mortgage financing for multi-family or special needs housing. Murray was formerly vice president of housing and development for Volunteers of America/Delaware Valley, Inc. Prudential Mortgage Capital Company has named Shaun Donovan managing director for its FHA business and affordable housing investments. Donovan will lead Prudential Mortgage Capital’s FHA-lending arm, Prudential Huntoon Paige. Before joining Prudential, he served as a consultant to the Millennial Housing Commission and was deputy assistant secretary for multi-family housing at HUD. |
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| Organizations & Initiatives | Living Cities, a partnership of leading foundations, financial institutions and the Federal government, has pledged $500 million over the next 10 years to promote inner-city revitalization. Formerly known as the National Community Development Initiative, Living Cities will continue supporting the Local Initiatives Support Corporation and the Enterprise Foundation in their efforts to help CDCs build strategic alliances and better use information technology in their work. Reese Fayde, CEO, 212-663-2078. www.livingcities.org. A group of Baltimore area foundations has raised $15 million to seed the Baltimore Venture Fund, which will invest in eight to 10 established but growth-oriented companies in and around Baltimore over the next four years. The aim of the fund is to create more than 1,000 jobs for low- and middle-income people while providing a return that allows participating charities to enhance their efforts. The Open Society Institute-Baltimore and the Annie E. Casey Foundation, each of which contributed $5 million, spearheaded the project. www.soros.org/news/baltimore_press.html. The John D. and Catherine T. MacArthur Foundation has announced nearly $3 million in grants to support Chicago’s Plan for Transformation. Ray Boyer, MacArthur Foundation, 312-726-8000. The Enterprise Foundation’s Innovative Challenge Grants were awarded to three Dallas-Ft. Worth area nonprofit organizations for new affordable home and independent living developments. Grants of $25,000 were awarded to Fort Worth Human Services, Inc., AIDS Services of Dallas, and Operation Relief Community Development Corporation. Funding for the grant was supplied by the National Community Development Initiative (now known as the Living Cities program), a consortium of Federal agencies, corporations and foundations. Lorenzo Littles, Enterprise, 214-651-7789 x112. Freddie Mac, National Council of La Raza, Bank of America, Wells Fargo Home Mortgage and U.S. Bank Home Mortgage have launched En Su Casa, a $200 million homebuyer assistance initiative. The program combines Freddie Mac’s new web-based technology for nonprofit counseling agencies, CounselorMax, with flexible mortgage products geared to increase homeownership opportunities for Hispanic borrowers. A component of Freddie Mac’s Catch the Dream program, En Su Casa is designed to address some of the key homeownership challenges facing Hispanic families, such as language and cultural barriers. Deborah Hyman, Freddie Mac, 703-903-2144; Lisa Navarrete, NCLR, 202-776-1744. The J.P. Morgan Chase Foundation has made a $2.25 million grant to Local Initiatives Support Corporation to fund neighborhood revitalization efforts across the country. The three-year grant will support LISC’s programs in Buffalo, Connecticut Statewide, Houston, Los Angeles, Greater Miami, New Jersey Multi-City, New York City, Greater Newark and Jersey City, and Palm Beach County, as well as two of their national programs, Community Investment Collaborative for Kids and Organizational Development Initiative. The grant will also provide funds for national operations, including technology upgrades to improve LISC’s program analysis and evaluation capabilities. Stephen Sagner, LISC, 212-455-9807. The Non-Profit Housing Association of Northern California recently honored seven individuals and organizations for their leadership in community building in California’s Bay Area. The honorees were: Art Evans, A.F. Evans Company; East Bay Asian Local Development Corporation; Mike Rawson, California Affordable Housing Law Project; Sara Conner, Eden Housing; Roy Bateman, Marin County Community Development Agency; Arabella Martinez, The Unity Council; and Dorothy Broadman, LISC Local Advisory Committee. A special recognition award was also given to Bay Area LISC for their support of community building efforts for the past 20 years. Tina Duong, NPH, 415-989-8160 x15. The Federal Home Loan Bank of Atlanta has launched the New Markets Fund to provide incentives to investors assisting with economic development in distressed Southeastern inner cities and rural areas. FHLBA members who participate in the program will be eligible for a recoverable matching funds grant up to $100,000, provided they agree to invest the grant and a comparable amount of their own funds in qualified community development entities. The grant will be repayable after seven and before 10 years. Members can file applications beginning this fall; announcements of grant recipients will begin in early 2003. Christopher McEntee, FHLBA, 404-888-8158. |
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