Archive for Uncategorized
Case Shiller for March Continues Decline
Released on May 31 the Case Shiller index shows continued declines. The Index now stands at the lows that it reached in 2009, having achieved the much feared double dip. The Ten City Composite Index now stands at the same level as it did in July 2003. The New York City metro area index also declined and has reached the level it stood at in January 2004. No evidence yet that the decline has reached its bottom with many analysts predicting continued declines.Read more
Congress Passes 2011 Budget – Housing Gets Cut
On April 14, 2011, almost halfway into federal fiscal year 2011, Congress passed a 2011 budget. This new budget makes substantial cuts to federal housing programs, including a 16% cut to the Community Development Formula Block Grant program, 12% to the HOME program, 18.2% to the Public Housing Capital Fund and 3.1% to the Public Housing Operating Fund. While Section 8 Vouchers get increases over 2010 in both tenant-based (1.2%) and project-based (8.4%), they are both below the Administration’s 2011 request (by 5.8% for tenant based and 1.1% for project based).
As noted in our Inside Edge on the proposed …Read more
New Budget Bill Cuts Community Development
As of today, the House has passed (and the Senate is expected to pass) a new continuing resolution for budget year 2011, containing cuts negotiated with the Administration. While the cuts are only about $4 billion for the entire federal budget, among them are the first official cuts in HUD’s community development budget. The Economic Development Initiatives (EDI) program at $173 million, and the Neighborhood Initiatives Program at $22 million have been cut from this temporary budget which will last till March 18, 2011. However we can assume that once these programs have been cut in this bill they will …Read more