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$177.5 Million Awarded Through National Foreclosure Mitigation Counseling Program
NeighborWorks America announced on December 3 that $177.5 million has been awarded to 35 state housing finance agencies (HFAs), 15 HUD-approved housing counseling intermediaries, and 84 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure.
In addition to the $177.5 million awarded for foreclosure counseling, $25.1 million in grants has also been awarded to 23 HFAs, six intermediaries, and 25 NeighborWorks organizations to provide legal assistance to homeowners facing foreclosure. Learn More.
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| NeighborWorks America and Make It Right Partner on Sustainable Homeownership in New Orleans |
| NeighborWorks America and network organizations continue to make significant progress in the Gulf Coast region working with local partners. NeighborWorks recently teamed up with Brad Pitt's Make It Right project in New Orleans to provide homeowners living in the battered Lower Ninth Ward with financial education and homeownership counseling that will ensure each homeowner achieves sustainable homeownership.
Read more.
NeighborWorks America's partnership approach in the Gulf Coast region was also featured in a recent publication of the U.S. Department of Treasury's Office of the Comptroller of Currency. View article: NeighborWorks Leverages Partnerships to Rebuild from 'Neighborhoods Up' [PDF].
Keep track of our Gulf Coast activities and be sure to check out the Gulf Coast rebuilding video on NeighborWorks YouTube channel. A new video featuring NeighborWorks partnership with Make it Right will be added to the channel in mid-December, so check back soon.
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| NeighborWorks America CEO Ken Wade Addresses 2008 Ohio Housing Conference |
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NeighborWorks CEO Ken Wade analyzed current housing policies and trends, as well as how Congressional actions are affecting the mortgage industry and real estate community, at the 2008 Ohio Housing Conference in November.
Sitting on a panel of national experts on federal housing policy, Wade discussed NeighborWorks' strong track record on revitalizing communities through sustainable homeownership. He also discussed NeighborWorks’ prescience and swift action on the foreclosure crisis, as well as the organization’s community stabilization strategies.
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| Community Strategies represent the shared experience of NeighborWorks America and its member organizations in various topics of community development and affordable housing. |
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| The
NeighborWorks Training
Institute is dedicated to providing the highest quality training
for community development practitioners. Learn about the latest
classes and symposia on leading-edge topics. |
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On another panel of banking industry experts, Wade discussed how NeighborWorks is working with the mortgage and real estate industries to help borrowers. NeighborWorks foreclosure mitigation efforts have stepped up recently in light of greater Congressional emphasis on the need for homebuyer counseling and loan modification efforts.
While in Ohio, Wade also visited NeighborWorks member Columbus Housing Partnership, where staff, like at so many other community development organizations, have been working double time on foreclosure intervention services, while maintaining their focus on homeownership.
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| Free Homeownership Preservation Workshops Reach 15,000 Participants |
| NeighborWorks America and the Hope Now Alliance continue their partnership to bring free homeownership preservation workshops to struggling homeowners across the country. So far these workshops have served 15,000 participants in 26 cities. These events are held to bring homeowners facing foreclosure or imminent default together with their servicers and nonprofit housing counselors. See more information about the homeownership preservation workshops. |
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| NeighborWorks America Honors HUD’s Assistant Secretary for Housing/FHA Commissioner Brian D. Montgomery |
| NeighborWorks America announced that Brian D. Montgomery, assistant secretary for Housing and Federal Housing commissioner of the U.S. Department of Housing and Urban Development (HUD), is the recipient of the 2008 NeighborWorks Government Service Award for Meritorious Service. The NeighborWorks Government Service Award is an honor that recognizes elected or appointed officials at the local, state and federal levels who have made significant contributions to improving the lives of the people in their communities through support for affordable housing and community development. Learn more. |
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| NeighborWorks Community Leadership Institute Draws Residents from 114 Communities in 40 States |
| Representatives from 40 states participated in NeighborWorks America's national Community Leadership Institute (CLI) held in San Jose October 23 to 26. The CLI helps emerging leaders learn new techniques and sharpen their skills to address specific issues affecting their communities. During the conference attendees had the opportunity to participate in more than 40 professionally led workshops and nine field tours on topics ranging from coalition building, protecting communities against the face of foreclosure and marketing neighborhoods. Participants interacted with resident leaders from 114 communities representing all eight of NeighborWorks America’s districts. Read more. |
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| Newsweek and Time Magazines Tap NeighborWorks Organizations for Expertise on Foreclosure Crisis |
| Homewise of Santa Fe, New Mexico, Executive Director Michael Loftin was recently cited in a Newsweek Magazine article on subprime lending. The article helps to dispel the myth that the working poor and the Community Reinvestment Act are responsible for the foreclosure crisis. Loftin cited data showing that lower-income borrowers who worked with his organization are doing far better on their loans than the national average of prime mortgage borrowers.
Neighborhood Housing Services of Miami Executive Director Arden Shank was quoted in a Time Magazine article on the foreclosure crisis and its impact on communities. Shank commended banks for being more willing than a year ago to work with struggling borrowers.
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| NeighborWorks Reaches Out to the Hispanic Community with Live Foreclosure Education Telethon |
| NeighborWorks America partnered with Univision Television earlier this month to organize a live foreclosure education telethon, which aired on Univision affiliates WUNI-TV in Boston, Providence, Rhode Island, and Southern, New Hampshire; WHTX in Springfield/Holyoke, Massachusetts; and WUVN in Hartford, Connecticut. The telethon is the latest NeighborWorks effort to reach out to Hispanic homeowners who may be in danger of foreclosure.
During the November 19 telethon bilingual foreclosure counselors from Massachusetts, Connecticut, and Rhode Island were available to answer viewers’ questions, help callers understand their options when trying to avoid foreclosure, and refer callers to nonprofit housing counseling agencies in their geographic areas. Learn more about this effort.
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| Sweeping Mortgage Aid Plan Unveiled |
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A new plan to speed the rescue effort for those most in danger of losing their homes was unveiled in November, at a Washington, D.C., news conference by the Federal Housing Finance Agency; Hope Now, a private banking alliance; Wells Fargo Bank; and Fannie Mae and Freddie Mac, the two government-sponsored enterprises that hold 58 percent of the nation's single-family mortgages and
20 percent of serious delinquencies.
View FHFA Director James B. Lockhart's Statement.
View Mercury News article.
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| FDIC Offers Plan for Reworking Mortgages |
| The Federal Deposit Insurance Corp. (FDIC) is proposing a plan to offer incentives to companies to reduce monthly mortgage payments for troubled homeowners. FDIC Chairwoman Sheila Bair wants to dedicate a part of the government's $700 billion bailout fund to the proposal for reworking millions of mortgage loans. Bair says that the restructuring would be similar to the FDIC's cleanup efforts after the failure of the California bank IndyMac. View NPR article. |
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| HUD Announces Flexibility for 'Hope for Homeowners' Program |
U.S. Housing and Urban Development Secretary Steve Preston announced on November 19 that the HOPE for Homeowners board of directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-backed mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower's monthly mortgage payments. The changes include:
- Increasing the loan to value ratio (LTV) to 96.5 percent for some loans;
- Simplifying the process to remove subordinate liens by permitting up front payments to lien holders; and
- Allowing lenders to extend mortgage terms from the current 30 years to 40 years.
HOPE for Homeowners will continue to only offer affordable, government-insured fixed rate mortgages. Only owner-occupants are eligible for FHA-insured mortgages. View release.
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| HUD Issues New Rules to Help Consumers Shop for Lower Cost Home Loans |
| The U.S. Department of Housing and Urban Development has issued new RESPA (Real Estate Settlement Procedures Act) regulations aimed at helping consumers shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. The new regulations will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs. HUD estimates that on average its new regulation will save consumers nearly $700 at the closing table. View HUD release. |
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| Comptroller of the Currency John Dugan Says CRA Not Responsible for Subprime Lending Abuses |
| Comptroller of the Currency John C. Dugan said he categorically disagrees with suggestions that the Community Reinvestment Act (CRA) is partly responsible for the ongoing credit crisis.
In a speech to the Enterprise Annual Network Conference, Dugan said that lenders
most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. He also pointed to data showing that
banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas. Read Comptroller Dugan's press release. |
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| Congress Extends Energy Efficiency Tax Incentives |
President Bush recently signed into law legislation to extend many of the Energy Efficiency Tax Incentives first enacted in 2005 that expired at the end of 2007 or that were scheduled to expire at the end of 2008. The new bill includes extensions of a variety of renewable energy tax incentives. Energy efficiency provisions include:
- An extension of the commercial buildings tax deduction to the end of 2013.
- An extension of the tax credit for efficient furnaces, boilers, air conditioners, water heaters and insulation and window upgrades to existing homes.
- A one-year extension of the new energy-efficient home tax credit, to the end of 2009.
- Three-years of manufacturer tax credits for sales of high-efficiency refrigerators, clothes washers, dishwashers, and dehumidifiers (2008-2010).
- A new tax credit for plug-in hybrid vehicles purchased starting in 2008 and extending until shortly after the number of qualifying vehicles reaches 250,000.
- A new 10 percent investment tax credit for combined heat and power systems (through 2016).
- An extension of fuel cell and microturbine credits to the end of 2016.
- Accelerated depreciation for smart meters and smart grid systems.
- Extension of an existing bonding program for green buildings and sustainable design, and establishment of a new energy conservation bond program that would help local and state governments to fund energy conservation efforts.
Learn more at the Tax Incentives Assistance Project.
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| 2009 ENERGY STAR Award Applications Now Available, Deadline December 12 |
| Each year, the US Environmental Protection Agency (EPA) and the US Department of Energy (DOE) honor organizations that have made outstanding contributions to protecting the environment through energy efficiency. All organizations participating in the ENERGY STAR program are encouraged to apply for a 2009 ENERGY STAR Award. To be considered, an organization must meet the specific eligibility requirements in the award application and submit a complete online application package by December 12, 2008. Learn more. |
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| $50,000 Rudy Bruner Award for Urban Excellence, Deadline December 15 |
| The Bruner Foundation offers an annual gold medal award in the amount of $50,000 and four silver medal awards of $10,000 each to "urban places that demonstrate the successful integration of effective process, meaningful values and good design." A Last call for applications has been issued. Applications and more information are now available on the foundation's Web site. The deadline to apply is December 15. |
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| DC NeighborWorks Training Institute On-Site Registration Begins December 7 |
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Online registration has closed for the NeighborWorks Training Institute in Washington, DC, but on-site registration will open December 7 at the Walter E. Washington Convention Center, East Registration, Level 1. Registration opens at 3 p.m., and there are still opportunities to register on-site for some courses and special events, including AH200, Put Your Action Plan to Work: How to Use HUD’s Neighborhood Stabilization Program in Your Community, being held Thursday, December 11, and the Affordable Housing Symposium, The Future of Rental Housing: Policy to Preserve Choice for American Families, being held Wednesday, December 10. Email stablecommunities@nw.org to RSVP for AH200 or for more information about this special forum.
Check out these and over 100 other courses being offered at the Washington, DC, Training Institute, including several foreclosure-related courses. Further information and a downloadable, faxable registration form are also available on the training Web site.
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| NeighborWorks America Expands E-Learning Course Options |
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NeighborWorks America continues to expand its e-learning courses, with the addition of a new course, Board Oversight and Governance. Two additional options will be available shortly, titled FHA-Insured Loans — An Affordable Mortgage Option and A Board Member’s Guide to Ensuring Organizational Health. Register now for Foreclosure Basics and the brand new Board Oversight and Governance courses. Learn more about e-learning at NeighborWorks.
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| NeighborWorks America Has More Great Course Opportunities on the Horizon |
| Look online, in email and at the Washington, D.C., and Atlanta Training Institutes for new training opportunities being offered by NeighborWorks America. In an effort to bring participants innovative ideas and the most up-to-date best practices, we’ll be launching a number of new courses covering topics such as management of REO properties, greening of affordable housing and nonprofits, and foreclosure mitigation. With the huge success of the e-learning foreclosure course, NeighborWorks is also launching two new e-learning courses to continue to bring the community development field the tools and information practitioners need when and where they need it. Check the NeighborWorks Training Web site frequently for details and look out for announcements in e-mails and flyers to be distributed soon. |
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| Community Stabilization Data Available |
| Local Initiatives Support Corporation (LISC) has made available "foreclosure needs scores" at the zip code level. These scores help state and local officials quickly assess the relative needs of different jurisdictions for neighborhood stabilization funding within each state and allocate funds accordingly. View data. |
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| Green Single Family Rehabilitation Guidelines Available |
| With the rising interest in green housing rehabilitation, Enterprise Community Partners has compiled a selection of specifications to meet the requirements of green communities criteria. These specifications can be adapted for different climates and availability of housing stock. View green rehab specifications. |
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| Housing Assistance Council Publishes 'It's Not Hard Building Green' |
| In this issue of the Housing Assistance Council's Rural Voices magazine, recent trends in green affordable building are explored. HAC also highlights some rural nonprofit organizations that have integrated sustainable design elements into their affordable housing projects. Four NeighborWorks organizations were featured: Universal Housing Development Corporation , Russellville, Arkansas; Frontier Housing, Inc., Morehead, Kentucky; Rural Ulster Preservation Company, Kingston, New York; and Tierra del Sol Housing, Anthony, New Mexico. Read "Its Not Hard Building Green." |
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| National Center for Healthy Housing Report Ranks Leading Green Building Programs |
The National Center for Healthy Housing (NCHH) recently introduced the results of a new report, How Healthy Are National Green Building Programs? The report ranks the leading national green building programs on how they address conditions known to affect health status, such as asthma and respiratory disease, unintentional injuries, and toxic agents. The results show that while all the programs have elements aimed at improving resident health, some important protections have been omitted. NCHH is calling for more progress to address the public health aspect of green building.
View the report. |
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