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A Message From the Affordable Homeownership Team
It’s been a hard year for many of us. As organizations, practitioners, and individuals, we had great plans, but the pandemic changed everything. In what has easily classified as the most challenging year ever for housing advocates, members of Affordable Homeownership and I’M HOME Networks continue to prove their commitment to the cause and that we are truly stronger together.
Here’s a brief year in review.
A Year in Review
Launching HomeReserve Program
In March, we launched our team’s newest initiative, HomeReserve [[link removed]]. This mortgage-match savings initiative provides low-income families at 80% AMI or below with a way to save for emergencies after closing on a home. The program provides a savings match of up to $400, along with additional financial capability services, to build savings. As the pandemic unfolded, our partners and Prosperity Now pivoted to ensure family well-being remained the key priority. We expect that participants can use their savings to address unexpected expenses or disruptions in income, ultimately reducing their risk of mortgage default and delinquency.
California Governor Signs First-in-the-Nation Rent Reporting for Credit Building Bill in Nation
On September 28, Gov. Gavin Newsom signed SB 1157 [[link removed]], a bill that would require managers of most subsidized housing units in California to allow tenants to opt into a rent reporting program. As we reported [[link removed]] when it was introduced, the law (which has had some modifications since introduction) will allow renters to build credit based on their rental payments. The law takes effect on July 1, 2021, and will serve as a model for other states.
Updates to the Duty to Serve Plans
On October 16, Prosperity Now presented testimony at the Federal Housing Finance Agency’s Duty to Serve [[link removed]] listening session on manufactured housing. Fannie Mae and Freddie Mac are adopting their plans for 2021, which unlike the current plan, is just for one year. The enterprises will revisit the three-year planning cycles in late 2021. Prosperity Now and some of our partners submitted written testimony [[link removed]] on October 22. We also continue to engage Fannie, Freddie, and the FHFA regularly on the DTS and other matters.
Fort Collins Manufactured Housing Community Residents Now Protected by New Zoning
Fort Collins, CO, has a new MHC-specific zoning designation that covers about 75% of the manufactured and mobile homes in the city, according to a recent article in [[link removed]] the Coloradan. This follows a trend seen mostly in western states. The 2019 I’M HOME Conference highlighted such efforts [[link removed]] in our host city, Portland, OR.
In the News
Federal Reserve Releases ANPR on CRA
The Board of Governors of the Federal Reserve System released its Advanced Notice for Proposed Rulemaking [[link removed]] on revisions to the Community Reinvestment Act. Comments are due on February 16, 2021. Prosperity Now will comment, as we did on the Office of the Comptroller of the Currency’s flawed proposal [[link removed]], and we welcome your input. We also encourage you to comment on your own. The National Reinvestment Coalition has a good summary of the Federal Reserve [[link removed]] proposal on its website.
HUD Manufactured Housing Modernization Act – One Year Later
About a year ago, Congress enacted, and the president signed, the HUD Manufactured Housing Act as part of federal spending legislation. Long a priority of I’M HOME, the law now requires jurisdictions that receive federal housing dollars to include manufactured housing in their consolidated planning and analysis. In contrast to earlier administrations, HUD has not issued guidance to localities on how to implement the requirement. This lack of guidance essentially leaves the law unfulfilled and is why Sen. Catherine Cortez Masto (D-NV), a lead sponsor, and others wrote [[link removed]] HUD to ask the secretary to develop the guidance. We encourage you to reach out to your jurisdictions to encourage them to analyze the role and potential of manufactured housing, even in absence of HUD rules.
In the Networks
Chris Arnold [[link removed]] from the NPR Times is looking to talk with low-income families that have been affected by the coronavirus, particularly as it relates to housing security (mortgage, rent, evictions).
NPR wants to better understand how this is playing out, especially in vulnerable communities. They are specifically looking for experiences and stories that may demonstrate how mortgage companies, banks, landlords, etc. may be putting undue pressure on consumers, forcing evictions, levying fees, etc. that result in housing insecurity.
This is an opportunity for the people you serve to tell their story as Congress prepares to pass the next stimulus bill. Please feel free to share this with your clients and networks, you can submit stories and experience to Chris directly through this link [[link removed]].
HAPPY HOLIDAYS
As we all grapple with the COVID-19 pandemic, we want to assure you that Prosperity Now will continue to work to support the members of our networks. Please fill out this survey [[link removed]] to share your stories on the impact of COVID-19 on your communities, your organization, and your partners. We want to hear what you're seeing on the ground and how best to support you.
We're in this together!
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