CDFI Fund: U.S. Treasury Awards $204.1 Million to Support Economic Growth in Low-Income, Distressed and Native Communities
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in awards today. The awards, through the fiscal year (FY) 2020 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs…
Federal Reserve: ANPR Issued on Approach to Modernize CRA Regulations
The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR…
HUD: Secretary Carson Announces Expansion of HUD’s “Moving to Work” Demonstration
Department invites 100 additional Housing Authorities to join the program over next two years During his remarks at the Public Housing Authorities Directors Association’s (PHADA) 2020 Legislative Conference, U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced that the Department is expanding its Moving to Work (MTW) Demonstration, which invites 100 additional…
SBA: Women Empowerment and Entrepreneurship Celebrated with Opening of Mississippi Women’s Business Center
New resource will increase opportunities and accelerate economic recovery solutions for women entrepreneurs, particularly in disadvantaged communities The U.S. Small Business Administration today announced grant funding for a new SBA Women’s Business Center in Mississippi, which will be hosted by Alcorn State University, a designated historically black college and university (HBCU) in Claiborne County, Mississippi. “The SBA’s…
HUD: Guidance Issued for Coronavirus Relief Funds
Department working with states and local units of governments to aid vulnerable populations amid outbreak U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today provided guidance and additional flexibility to states and units of local government who are utilizing their existing federal disaster recovery funds to support low- and moderate-income persons and…
HUD: Over $74 Million in Grants Awarded to Support Affordable Rental Housing for Extremely Low-Income Persons with Disabilities
The U.S. Department of Housing and Urban Development today announced the award of over $74 million in grants to 12 state housing finance agencies to support affordable rental housing for extremely low-income persons with disabilities. The awards will support up to five years of rental assistance for approximately 2,400 units of housing in buildings participating…
HUD: Housing Choice Voucher Mobility Demonstration Announced
New pilot program aims to break generational cycles of poverty Today Secretary Ben Carson announced HUD’s new “Housing Choice Voucher Mobility Demonstration,” which aims to measure the impact of housing choice upon the economic condition of low-income families. Secretary Carson made the announcement at a news conference alongside Senator Todd Young, Former Congressman Sean Duffy,…
FHFA: 2021 Housing Goals for Fannie Mae and Freddie Mac Proposed
Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020. Once finalized, the…
CFPB: New “Making Ends Meet” Survey Results Released
The Bureau released the first results from the Making Ends Meet survey today. The results provide a deeper understanding of how often U.S. consumers have difficulty making ends meet and how they cope with financial shortfalls. Key results from the survey Among survey respondents, 52 percent reported they could cover expenses for two months or…
FDIC: Annual Report Issued on Efforts to Preserve and Promote Minority Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) today released a report submitted to Congress that chronicles the efforts the agency made to preserve and promote Minority Depository Institutions (MDIs) in 2019. This report provides a summary profile of MDIs as of the end of 2019; a description of the FDIC’s MDI program; and detailed information on…