Participatory budgeting (PB) is a democratic process in which community members decide together how to spend part of a public budget.
Today, the Trump Administration released its FY 2021 budget proposal, which would either eliminate or drastically reduce funding for numerous federal housing and community development programs that help lower-income families climb into the middle class.
A cardinal rule of any rulemaking is that a federal agency must use data and analysis to assess the impact of its proposed changes to a regulation. Based on NCRC’s analysis so far, it appears that the OCC and FDIC have flagrantly violated this fundamental rule.
The government’s plan to change how it enforces the Community Reinvestment Ac is “fundamentally flawed” and will significantly weaken the law, according to analysis of the proposal by the National Community Reinvestment Coalition (NCRC).
Lending and investments would total $7.75 billion over the 2020 to 2023 period and align with the combined retail branch footprint in Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada and Texas.
“While NCRC supports ending the conservatorship of Fannie Mae and Freddie Mac, the fundamental restructuring of the nation’s housing finance system envisioned across several federal agencies and programs represents a significant turnaround in the nation’s commitment to facilitating homeownership for low- and moderate-income (LMI) families,” said NCRC CEO Jesse Van Tol.
President Trump signed an executive order to create a new administrative office that is expected to tackle the affordable housing crisis facing America. NCRC looks forward to working with the council on expanding the nation’s affordable housing inventory.
The racial wealth divide is greater today than it was nearly four decades ago and trends point to its continued widening. A new report, “Ten Solutions to Bridge the Racial Wealth Divide,” released by the Institute for Policy Studies and Kirwan Institute for the Study of Race and Ethnicity, with the National Community Reinvestment Coalition, takes stock of the problem and offers ten bold solutions.
We are concerned that the fundamental restructuring of the housing finance system will set in motion further limits on those who have access to the system today.
The bill, S. 3503, addresses discriminatory lending, affordable homeownership, modernization of the Community Reinvestment Act and relief for families still recovering from the Great Recession.
The money will be lent to not-for-profit developers who build or preserve affordable housing in the District.