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.