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Posts Tagged ‘Bipartisan Policy Center’

Shortage of Affordable Housing Could Severely Impact 40% of Boomers

May 25th, 2016 Comments off

baby_boomers____howstuffworksWith 8,000 to 10,000 Baby Boomers hitting the 65 mark daily, a task force from the Bipartisan Policy Center, arguing that there is a link between housing and health that will impact the well-being of the country’s senior population, is urging the federal government to spur investment in affordable housing for seniors.

Comprised of former Department of Housing and Urban Development Secretary Henry Cisneros, former HUD Secretary and U.S. Senator Mel Martinez and former U.S. Representatives Allyson Schwartz and Vin Weber, the task force is recommending expansion of the Low-Income Housing Tax Credit (LIHTC) program to finance the production and preservation of affordable rental units.

As nationalmortgagenews tells MHProNews, the group recommended funding for Section 202, which provides rental assistance for seniors, and that LICHTs be used to attract funding from health care programs for services that will be needed by an older population.

The center reports in 2013 there were only 4.3 million rental homes available to extremely low-income households, but a need for housing for 11.2 million households, leaving a shortage of 6.9 million homes. With approximately 40 percent of seniors over 62 estimated to have assets of under $25,000 to sustain them over the next 20 years, the lack of affordable housing threatens to leave many possibly homeless.

Affordable housing is the glue that holds everything together,” Martinez, who co-chaired the task force, said in a news release. “Without access to affordable housing and the stability it provides, it becomes increasingly difficult to provide home and community-based supportive services that can enable successful aging.”

In order to make the necessary changes to accommodate health and accessibility needs, the task force suggests a new Modification Assistance initiative be implemented by the federal government, in conjunction with local and state governments, to utilize tax credits, grants and forgivable loans to assist the aging population.

Additionally, the group stated that HUD should create lending products that allow elderly borrowers access to home equity.

As MHProNews understands, this scenario could be an ideal situation for HUD to promote the affordable, quality manufactured housing it so vigorously regulates. ##

(Photo credit: howstuffworks–Baby Boomers)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Henry Cisneros: Current Affordable Housing Programs miss 75 Percent

September 16th, 2014 Comments off

Henry_Cisneros__former_HUD_secy__wikipedia__orgSpeaking at a luncheon at the Bipartisan Policy Center’s Housing Summit in Washington, D. C., former Housing and Urban Development (HUD) Secretary Henry Cisneros said the current affordable housing assistance programs only have funding for one out of four applicants. According to housingwire.com, he said: “In addition, we aren’t focusing on those in the most dire need of assistance. We focus in policy on helping those who are zero to 80% below area median wage, but in practice we ignore those 30% or more below median income, which is a real level of poverty and need. This can’t be sustained.” He adds, “In addition to prioritizing low-income housing assistance, we need to raise the housing tax credit by 50%, in the short term, so these people don’t fall back into poverty and homelessness.” MHProNews has learned independently Cisneros formulated policies as HUD secretary from 1993 to 1997 that led to the highest rate of home ownership in U. S. history. He is currently executive chairman of City View, overseeing multiple funds that focus on urban solutions. ##

(Photo credit: wikipedia.org–Henry Cisneros)

Housing Market Continues to Expand

August 14th, 2013 Comments off

The momentum of the housing recovery, despite tight credit, rising prices and low inventory, is in its early stages of recovery, and panelists at the Bipartisan Policy Center’s conference say the Federal Reserve’s bond-buying program should continue. “There is a cyclical and structural nature to the problem,” reports Paul Weech of the Housing Partnership Network. “We haven’t solved for the underlying structural problem and if we revert back to the norm, we still have millions of homes trying to get back in the full market recovery.” The fastest growing age group, the baby boomers, could have the largest affect on the housing market. Wanting to continue to own a home, they may sell their current home and downgrade their living quarters to allow more time and resources for travel, as HousingWire tells MHProNews.

(Image credit: HousingWire)

Eliminating GSEs could Still Leave Taxpayers Exposed to Risk

March 6th, 2013 Comments off

According to Anthony Randazzo, director of economic research at Reason Foundation, the federal government’s continued belief that everyone should own a home is what created the housing bubble in the first place, and it could happen again. Writing in the Orange County Register, he says with Fannie Mae and Freddie Mac being propped up to the tune of $187 billion, and continuing to offer subsidized insurance to mortgage investors with no upper limit on the size of the loans they may purchase could lead to another meltdown. The Bipartisan Policy Center, which includes two former HUD secretaries and Sen. George Mitchell, proposes phasing out the GSEs within five to ten years and replacing them with a new entity that would not buy mortgages but would offer catastrophic insurance against another meltdown. As MHProNews has learned, that would continue to leave the government on the hook for another bailout, protecting the banks and investors once again.

(Image credit: bankrate)

Former HUD Secretary Cisneros to Host Forum on Housing in America

March 5th, 2012 Comments off

By Gerald R. Vimont (Gerald R. Vimont) [CC-BY-SA-3.0 (www.creativecommons.org/licenses/by-sa/3.0)], via Wikimedia CommonsThe Bipartisan Policy Center Housing Commission and the Jack Kemp Foundation will jointly host a timely housing forum in San Antonio, Texas March 6. The forum will feature former Secretary of Housing and Urban Development Henry Cisneros, a co-chair of the BPC’s Housing Commission, San Antonio Mayor Julian Castro, as well as leading regional housing experts and local residents whose personal stories illustrate the most pressing needs associated with the housing market. In addition, new research will be released that highlights key demographic challenges tied to the still-unfolding U.S. housing crisis. According to the Urban Institute, more young adults are living in their parents’ homes today than they were in 2000. Homeownership rates for working-age adults are down, and roughly 10 percent of residential mortgages are either in foreclosure or are at least 90 days delinquent. There may seem to be an over-supply now, but experts say cities such as San Antonio are expecting explosive population growth over the next few decades and will face the challenge of having enough housing to accommodate that growth. Tuesday’s event is the first regional forum of the Washington, D.C. based non-profit Bipartisan Policy Center. Launched in October 2011, the Housing Commission aims to reform the nation’s housing policy by crafting realistic and actionable policy recommendations that consider the near-term and address the long-term challenges in the housing sector.

(Image Credit: By Gerald R. Vimont via Wikimedia Commons)