HUD ANNOUNCES NEW OFFICE OF SUSTAINABLE HOUSING AND COMMUNITIES

Funded by Congress for the first time in HUD’s 2010 Budget, the Office of Sustainable Housing and Communities (OSHC) will begin to tie the quality and location of housing to broader opportunities such as access to good jobs, quality schools, and safe streets.

Traditionally there has been no coordination among federal housing, transportation and land use investments. For the first time the federal government is proposing to speak with one voice when it comes to housing, transportation and environmental policy, and in doing so will be partners to regions and local governments instead of a barrier.  Read HUD’s announcement.

Proactive Housing Solutions Needed in the Surburbs

Here in the Lowcounty no longer can the lack of AFFORDABLE and WORKFORCE housing options be seen as an issue to be addressed only in the urban core.  Recent data shows that it will become increasingly more important that our suburban communities proactively develop housing plans to accomodate the growing number of households below the poverty level.  Innovative land uses must be adopted now to reduce sprawl and minimize the negative impacts on an already overburdened infrastructure in the future.  Housing options affordable to households at every income level should be a priority and an investment we make today in the future of our region.

 A recent Brookings Institute study shows that by 2008, suburbs were home to the largest and fastest-growing poor population in the country. Between 2000 and 2008, suburbs in the country’s largest metro areas saw their poor population grow by 25 percent—almost five times faster than primary cities and well ahead of the growth seen in smaller metro areas and non-metropolitan communities. As a result, by 2008 large suburbs were home to 1.5 million more poor than their primary cities and housed almost one-third of the nation’s poor overall. 

Read the full report or check out the charleston_poverty_profile.

South Carolina Does not Receive Round 2 of Stabilization Funds

Despite South Carolina’s overwhelming success with the Neighborhood Stabilization (NSP) 1 program, SC was not successful in Round 2.

On January 14, 2010, HUD awarded a combined total $1.93 billion in NSP 2 grants to 56 grantees nationwide. This includes 33 consortiums at a regional level and four national consortiums carrying out activities in target areas throughout the country. These grantees were selected on the basis of foreclosure needs in their selected target areas, recent past experience, program design and compliance with NSP2 rules. On 29 States were funded.

The Neighborhood Stabilization Program 2 (NSP2) was established to stabilize neighborhoods whose viability has been and continues to be damaged by the economic effects of properties that have been foreclosed upon and abandoned. NSP2, a term that references the NSP funds authorized by Title XII of Division A of the American Recovery and Reinvestment Act of 2009, (the Recovery Act) provides grants to states, local governments, nonprofits and a consortium of public and or private nonprofit entities on a competitive basis.

South Carolina was highlighted in a recent Federal Reserve bank Marketwise as being one of the higher NSP 1 performers. Read more at http://www.lowcountryhousingtrust.org/pdfs/angles_communityperspectives.pdf

Could the decision have been political? Or was it that South Carolina simply did not rank as high in foreclosures? SC State Housing Finance and Development Authority has requested a debriefing from HUD. As partners in this program we hope to continue seeking additional opportunities to bring these resources to SC!

Join us in this effort, let Congress know SC does want access to stimulus funds and that with unemployment at over 12% and foreclosures up 67% from last year SC needs help too!

U.S. Housing Market At Inflection Point: The “Old Normal” Will Not Be Part of Recovery

Research From the Urban Land Institute Report Cites Trends in Demographics, Consumer Behavior as Drivers of New Markets

For more information, contact: Trish Riggs at 202-624-7086; priggs@uli.org

WASHINGTON (January 27, 2010) – As the U.S. economy recovers, emerging trends in demographics and consumer behavior will become major drivers of new housing opportunities, resulting in a residential market vastly different from the one that existed prior to the recession, according to Housing in America: The Next Decade, a new research paper authored by John K. McIlwain, senior resident fellow, Urban Land Institute/J. Ronald Terwilliger Chair for Housing.

In a presentation of the research to Urban Land Institute (ULI) trustees during the Institute’s Midwinter Meeting in Washington, McIlwain discussed the implications of the rising numbers of foreclosures, re-establishing a private-market residential finance system, as well as shifts in housing demand triggered by baby boomers, their children, and by immigrant households. “The old ‘normal’ will not return,” McIlwain predicted. “Over time, a new mode of metropolitan development will emerge, presenting opportunities and stiff challenges. Those who fail to understand these new trends will find themselves building what is no longer in demand.” Read More

What is South Carolina’s Housing Recovery Plan?

What is South Carolina’s Housing Recovery Plan?
Once the Federal incentives have gone away what resources with South Carolina commit to keeping the home sales moving? What credits or incentives do we have for our own state? If the market is a more affordable product and the $8,000 tax credit is working, why can’t we identify our very own resource for closing real estate deals to provide additional opportunities? We can’t expect Washington to be the only innovator in keeping the housing market alive?

What Realtor, Home builder, homer buyer , home seller and local government official does not want a little help in making sales happen in this current economy?

We challenge SC to identify their own incentives, their own resources to stimulate the real estate economy otherwise we will continue be shut out of leveraging federal resources locally as we were with NSP 2 and we will continue to EXPECT an $8,000 federal tax incentive extension instead of focusing on what we can do “here” to create more state resources for down payment and closings costs, for acquisition of foreclosed properties and increased resources for financing housing development and rehabilitation while the banks continue to pull back!

Who out there is ready to find a SC solution to “our” housing crisis and stop depending on Washington? Reach out; we wanna hear from you and we need your support! www.lowcountryhousingtrust.org

Plotting a comeback

Stability key to local real estate rebound

By Katy Stech

The Post and Courier

Monday, January 25, 2010

By retail standards, you could say Lowcountry homes have been selling off the discount rack.

Home prices across the Charleston region fell last year by 9 percent, the steepest year-over-year drop in recent memory, to a median of $181,286. That’s off nearly 14 percent from the region’s peak annual price of $209,742 set in 2007.  Read more

Stabilization funds dry up

Photo by Robert Behre

S.C. cut out of federal program that allows purchase, rehab of properties

By Robert Behre

The Post and Courier

Monday, January 25, 2010

SUMMERVILLE — When Whitney Edwards shook hands Friday with Jeff Stahl outside her new apartment on Travelers Way, they both had good reason to thank Uncle Sam.

Stahl, a developer with Jessco Homes of Charleston, was able to acquire four brand new townhomes here, worth about $370,000, including the one he was renting to Edwards.  read more

The NEXT American Opportunity – U.S. Department of Agriculture

www.nextamericanopportunity.org

The NEXT American Opportunity, where you can explore the possibilities of innovative policy solutions to foster small business and entrepreneurship; promote affordable housing; protect the environment…

Record 3 million households hit with foreclosure in 2009

NEW YORK (CNNMoney.com) — Almost 3 million homeowners received at least one foreclosure filing during 2009, setting a new record for the number of people falling behind on their mortgage payments. Read More

The National Housing Trust Fund

As Congress reconvenes for the new year, the NHTF Campaign is refocusing its efforts to secure initial funding for the National Housing Trust Fund. Prior to leaving for the holiday recess, the House passed a jobs bill that includes $1 billion for the NHTF. The focus now turns to the Senate, where the situation is more fluid.

 

To see how much money your state would receive and how many jobs this initial funding would produce, click here.