The Center for Housing Policy released a report this week on the status of inclusionary housing policies after the housing crisis. Inclusionary Housing policies are policies that require or encourage developers to include a modest share of homes for low- or moderate-income households in otherwise market-rate developments.
The report is available here.
One thing that caught my eye in the report is a section highlighting the shortcomings of “fee-in-lieu” programs.
Sitting in the Texas General Revenue account is $125 million received as Texas’ cash payment share of the National Mortgage Settlement. This payment is part of agreement settling charges of misconduct by five national banks, misconduct that resulted in the premature and unauthorized foreclosures of single-family residential mortgages in Texas. […]Placing the money in General Revenue requires the Texas Legislature to act to fulfill the purposes of the settlement. Over fifty organizations in Texas (including TXLHIS) have signed on to the statement “We support using funds from the national mortgage settlement for housing and housing-related activities.” This money came from acts that made housing fail for Texans, and should go to making housing work for Texans.
Fannie Mae and Freddie Mac undergo more scrutiny as it is discovered that almost 100 possible foreclosure fraud cases were never referred for investigation. Meanwhile, as inventories of foreclosed homes stack higher, the two agencies hold fire sales to reduce inventories. Also, Texas stories.
As other parts of the state literally burn and the Governor calls on Texans to implement a critical part of his disaster response program, prayer for rain, here in the Valley rain clouds are rolling in. As I’ve been writing this post, the lights in my downtown Edinburg office have gone out, interrupting my work. The city streets flood terribly with even ordinary rainstorms like today’s, but colonias have it much worse.