February NeighborWorks Alert

NeighborWorks America Applauds the Obama Administration’s Efforts to Combat Foreclosure

In just over one month since taking office, President Barack Obama has taken significant steps to address the economic crisis. On February 17, he signed into law the American Recovery and Reinvestment Act and one day later announced his Homeowner Affordability and Stability Plan. He also reaffirmed his administration's commitment to taking on the banking and foreclosure crises in his Address to a Joint Session of Congress on February 25.

NeighborWorks America applauds these efforts, which take important steps to get ahead of future foreclosures and provide substantial funding for initiatives including homeownership, low-income housing, affordable housing, energy efficiency improvements and the Neighborhood Stabilization Program. View more information:

News Release: NeighborWorks America Applauds the Obama Administration's Efforts to Combat Foreclosure

NeighborWorks Summary: President Obama's Homeowner Affordability and Stability Plan (Watch this page for more details on the plan, after they are announced March 4.)

NeighborWorks Analysis: Housing Provisions in the American Recovery and Reinvestment Act

NeighborWorks Highlights: President Obama Addresses Joint Session of Congress

Also in this Issue

News:

• NFMC Program Releases Second Report to Congress
  
• Leadership on Homeownership Counseling Promoted as Key Role for CDOs at NeighborWorks Symposium on Homeownership
  
• NeighborWorks America Invests $230,000 into Green Residential Rehabilitation Projects that Focus on Energy Conservation
  
• NeighborWorks America Works to Thwart Foreclosure 'Rescue' ScamsOffers Consumers Tips to Avoid Being Scammed
  
• NeighborWorks America Joins HOPE NOW and Queen Latifah in Kicking Off ‘Bringing Hope Home’ Campaign and Bus Tour in Newark
  
• NeighborWorks Center for Foreclosure Solutions Receives Donation from Smith Barney

Public Sector Alert:

• HUD Allocates More Than $10 Billion of Recovery Act Funding
  
• Treasury Department Touts Expanded Tax Credit for First-Time HomebuyersCredit Offers Up to $8,000 to Qualifying Taxpayers Now. See also NeighborWorks America's First-Time Home Buyer Tax Credit Quick Reference Guide.
  
• Revisiting the Community Reinvestment Act: Perspectives on the Future of the Community Reinvestment Act

Funding Opportunities

• Smart Growth Implementation Assistance 2009 Request for Applications, deadline April 23
• Bank of America Charitable Foundation Initiative Neighborhood Excellence Initiative Award Applications

Resources

• Post-Foreclosure Community Stabilization Strategies: Case Studies and Early Lessons [PDF]
• Nonprofit Strategies for 1- to 4-Unit REO Properties: An Analytical Framework [PDF]
• Consumer Guides to Living Green Available: A Homeowner's Guide to Green and Living Green Guide

Treasury Department Touts Expanded Tax Credit for First-Time Homebuyers

In an ongoing effort to deliver on swift implementation of the Obama Administration's recovery, stability and affordability plans, the U.S. Department of the Treasury touted today the availability of an expanded tax break for first-time homebuyers — a provision under the American Recovery and Reinvestment Act of 2009 that will make up to $8,000 available now to qualifying taxpayers who buy homes this year. Read Treasury Department press release. See also NeighborWorks America's First-Time Home Buyer Tax Credit Quick Reference Guide.

HUD Allocates More Than $10 Billion of Recovery Act Funding

The U.S. Department of Housing and Urban Development (HUD) on February 25 allocated nearly 75 percent of its funding, or $10.1 billion, made available through the American Recovery and Reinvestment Act of 2009. The Recovery Act includes $13.61 billion for projects and programs administered by HUD, 75 percent of which was allocated to recipients today — only one week after President Obama signed the Act into law. Learn more.

NeighborWorks Center for Foreclosure Solutions Receives Donation from Smith Barney

NeighborWorks Center for Foreclosure Solutions announced today it has recently received a donation in the amount of $50,000 from Smith Barney. This contribution was awarded to help support foreclosure intervention and prevention strategies.

The NeighborWorks Center for Foreclosure Solutions (The Center), a major program initiative of NeighborWorks America, was launched in 2005. The Center was created to preserve homeownership in the face of rising foreclosure rates.

Kenneth D. Wade, CEO of NeighborWorks America commented, "We are delighted that Smith Barney is supporting the Center’s efforts to help families avoid foreclosure. The Center’s work has already made a difference for thousands of struggling homeowners and the substantial contribution from Smith Barney will enable many more families to find a solution that works best for them.” Read more.

NeighborWorks America Applauds the Obama Administration’s Efforts to Combat Foreclosure

NeighborWorks America applauds President Obama, the U.S. Department of Treasury, and the U.S. Department of Housing and Urban Development on the announcement of the Homeowner Affordability and Stability Plan. The plan is an important step that gets ahead of future foreclosures by creating a way for borrowers facing imminent financial stress to get help, as outlined by several efforts that will help between seven to nine million families around the country avoid foreclosure and sustain homeownership. Read press release.

See also:

Factsheets, frequently asked questions and other information at financialstability.gov.

NeighborWorks Summary of President Obama's Homeowner Affordability and Stability Plan.

NeighborWorks CEO Ken Wade quoted in CNNMoney article, Housing Fix Will Help Many, but Not All.

NeighborWorks America Joins HOPE NOW and Queen Latifah in Kicking Off ‘Bringing Hope Home’ Campaign and Bus Tour in Newark

NeighborWorks America CEO Ken Wade and National Homeownership Programs Director Marietta Rodriguez joined the HOPE NOW alliance to kick off ‘Bringing Hope Home,’ a foreclosure prevention campaign with Golden Globe and Grammy Award winner and Oscar nominee Queen Latifah, multi-platinum recording artist and actor Wyclef Jean, and New York/New Jersey radio personality and actress Angie Martinez, while participating in a bus tour of Newark, N.J. The goal of the campaign is to raise awareness of the foreclosure crisis and the free resources available to homeowners in danger of foreclosure. More.

NeighborWorks America Teams Up with Federal Reserve Bank of Boston and Connecticut Governor's Office on Foreclosure Prevention Workshop

NeighborWorks America National Initiatives and Applied Research Director Nelson Merced and Eric Rosengren of the Federal Reserve Bank of Boston joined Connecticut Governor Jodi Rell at a press conference on February 10 to invite homeowners in danger of default or foreclosure to attend a free foreclosure prevention workshop scheduled for Valentine’s Day at the Connecticut Convention Center. Seventeen servicers and 19 housing counselors will be available to meet with homeowners and discuss mortgage options. More.

NeighborWorks America Invests $230,000 into Green Residential Rehabilitation Projects that Focus on Energy Conservation

NeighborWorks America today announced that as part of its goal to advance energy efficiency and environmental quality of affordable residential housing that it invested $230,000 in targeted residential rehabilitation projects in 12 states. The rehabilitation efforts supported by the NeighborWorks investment will create higher level energy and water conservation retrofitting for 500 owner-occupied homes thereby helping these households achieve better savings. The investments were made to 15 local non-profit organizations that are chartered members of the NeighborWorks network. More.

Post-Foreclosure Community Stabilization Strategies

In this report prepared for NeighborWorks^® America, author Anne Gass examines a collection of 14 case studies outlining strategies that nonprofit organizations across the country are using to begin the process of repairing damaged communities. Read Post-Foreclosure Community Stabilization Strategies: Case Studies and Early Lessons [PDF, 1.21 MB]

New NeighborWorks America Publications Available

Now available on nw.org:

• Nonprofit Strategies for REO Properties [PDF]
  
• Disaster Preparedness and Recovery Manual for Community Development Organizations [PDF]
  
• United Villages: A Case Study on Building Materials Reuse in Portland, Oregon [PDF]