The first two Texas Grow Homes in Port Arthur have been completed by Houston-based CDC Covenant Neighborhoods and the new homeowners have moved in, just in time for Thanksgiving. Thanks to the Texas Department of Housing and Community Affairs and all the project partners for making this possible. We have launched a web site that [...]
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Archive | November, 2009
10 percent of Texans are behind in their home loan payments
November 24, 2009
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Each one of the yellow squares represents a judicial mandated sale of property in San Antonio and Bexar County. Scary, huh? You can see the map live on the Bexar County Clerk’s website. In a related story, the Dallas Morning News reported this week that almost 10 percent of Texans were behind in their home loan [...]
Read moreBo McCarver’s weekly housing news compilation – 11/24/2009
November 24, 2009
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Lean times permeate all classes and now the rich begin to default on mortgages — meanwhile, the government makes it easier for homebuyers to again buy more than they can afford. The contradictions mount as home sales rebound while mortgage defaults soar. A photo-essay of 100 residents in their 10’ X 10’ square public housing [...]
Read moreWhat the State of Texas must do to fix the Hurricane rebuilding plan (and what we plan to do to make sure it does)
November 23, 2009
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People have asked me what we want from the Texas CDBG Disaster Rebuilding Plan that we have criticized and that HUD has asked the Governor to revise. The complete answer lies in the extensive comments that we have submitted on repeated occasions to the State of Texas and in our complaints to HUD. Here is [...]
Read moreBo McCarver’s weekly housing news compilation – 11/17/2009
November 22, 2009
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The consequences of rampant, irrational home loans issued during in the false economic boom of George W. Bush’s presidency continue to fuel the prolonged recession. As more mortgage holders default, the FHA finds its coffers nearing empty. Meanwhile, hopeful homebuyers are finding more stringent rules as they approach banks to take advantage of stimulus funds [...]
Read moreHUD denies Governor Perry’s Amended Recovery Plan
November 17, 2009
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On November 10, HUD Assistant Secretary Mercedes Marquez issued a letter to Governor Rick Perry denying the State of Texas’s Amendment 1 of the Action Plan for CDBG Disaster Recovery Grantees. The proposed amendment would give the state $1.7 billion in supplemental CDBG funds for Hurricane Ike Recovery. Secretary Marquez cites the State’s proposed amendment [...]
Read moreTexas Grow Home dedications this Friday in Port Arthur
November 16, 2009
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Here are the details of the dedication of the first two of four Texas Grow Homes in Port Arthur Friday November 20. A virtual tour will be available on the website starting November 20 at www.texasgrowhome.org in case you cannot get to Port Arthur. Download the Open house flyer.
Read moreHUD Rejects State of Texas CDBG Disaster Recovery Plan
November 16, 2009
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HUD has rejected the State of Texas Plan to spend $1.7 billion in CDBG disaster recovery funds for Hurricane Dolly and Ike recovery. In rejecting the plan HUD mirrors concerning that we have expressed over the past months. We applaud HUD’s decision. More analysis will follow. Read HUD’s letter to Governor Perry rejecting the Texas [...]
Read moreTDHCA: Trying to make the best of a bad LIHTC thing
November 11, 2009
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One of the Recovery Act programs we’re watching is the Housing Tax Credit Exchange program, a program supporting the production of affordable multifamily housing. This program builds on the infrastructure and processes of the traditional Low Income Housing Tax Credit (LIHTC) program. In the LIHTC program, investors receive tax credits for funding the construction of [...]
Read moreBo McCarver’s weekly housing news compilation – 11/10/2009
November 10, 2009
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Facing a huge deficit issue, Congress finally acts to give tax breaks to homebuyers but does not address the broader problem of lack of affordable units across the nation. Meanwhile, HUD is implementing a new measure January 1, that will require full disclosure of closing costs to homebuyers. In Galveston, an anti-public housing organization is [...]
Read moreBo McCarver’s weekly housing news compilation – 11/3/2009
November 10, 2009
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Disclosures about Wall Street’s bottom-feeders continue to surface: two stories about Goldman-Sachs were published this week describing the firm’s shady dealings. Foreseeing an end to the housing bubble, the company bundled its subprime mortgages into junk bonds and escaped the downturn – but now returns to foreclose on hapless homeowners. Meanwhile, Texas Appleseed has levied [...]
Read moreThe Evolution of Housing Discrimination
November 9, 2009
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It is important to remember that discrimination still exists as a sizeable barrier between low-income families and safe, affordable housing. Just last week, the Justice Department reached a record discrimination settlement with L.A. Clippers owner and real estate mogul: http://www.reuters.com/article/pressRelease/idUS178210+03-Nov-2009+PRN20091103 Unfortunately for enforcement efforts, not all of housing discrimination is so blatant. As technology has [...]
Read moreRecovery Act Reporting Milestone
November 6, 2009
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Last Friday was a major milestone in the extensive reporting requirements of the Recovery Act. Recovery.gov released the first round of reports by local recipients regarding the status of some 142,825 initiatives receiving recovery funds. This round of reports covered Feb. 17, 2009, through Sept. 30, 2009—the reports will be updated quarterly going forward. [...]
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- Mitt Romney at private fundraiser: I might eliminate HUD – The Washington Post
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Bo’s housing news clips: Study finds zoning segregates lower-income students in lower-scoring schools.
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Texas LIHTC housing program rocked by second earthquake in two months
- Low-Income Housing Program Compels Building in Poor Texas Areas – NYTimes.com
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Bo’s housing news clips: National home foreclosures and Galveston housing woes are top stories in recent weeks
