From jdornfeld at mhponline.org Tue Mar 15 13:36:25 2005 From: jdornfeld at mhponline.org (Joanna Dornfeld) Date: Tue Mar 15 13:37:33 2005 Subject: HousingMinnesota Bulletin - Volume 4, Issue 5 3-14-05 Message-ID: <91CE81A8B5C57940AA99ECF1E2A160607B93D7@mhpserver.mhponline.org> HousingMinnesota Homes for All by 2012! The Bulletin March 14, 2005 Volume 4, Issue 5 Distributed bi-weekly, with news, announcements, legislative updates, publications and upcoming events. Contact us with items to include in future issues. The Bulletin is also available on MHP's website at http://www.mhponline.org/Bulletin/Bulletin.htm. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * News/Announcements Housing Matters Day at the Capitol March 10 More than 300 people participated in HousingMinnesota's and the Minnesota Coalition for the Homeless' Housing Matters Day at the Capitol Thursday. Participants met with 89 representatives and 55 senators. Housing advocates also held successful hearings about increased funding for the Family Homeless Prevention and Bridges programs in a House committee, as well as opposed cuts to MHFA's budget in a Senate committee. Look for photos from the event on HousingMinnesota's website this week. >From the Capitol Budget Improves but Deficit Remains Large The Minnesota Department of Finance forecasted improvements of nearly $400 million in the state's budget, but this still leaves the governor and legislators with a $466 million hole, without inflation, to fill in the next biennium. The governor announced his supplemental budget March 11, with no additional housing funds. For a copy of the supplemental budget go to http://www.finance.state.mn.us . Challenge Fund Housing advocates have focused their efforts on urging the governor to restore funding to the MHFA's Challenge Grant program which is a critical component of housing development around the state. Now efforts will focus on urging key committee members to restore the 60 percent cut proposed in January. Under the governor's proposal, 50 percent fewer projects would receive funding. Bonding The House and Senate have each passed their respective bonding bills and named conferees to the conference committee. The amount for supportive housing is $10 million in the House bill and $20 million in the Senate bill. The Senate also included $4.25 million for a housing project that would be owned by Hennepin County and operated by Lutheran Social Services. The conference committee has met twice, and the next meeting is unscheduled and at the call of the chair. It's important to contact the conferees to let them know, "We support the Senate position." Go to www.housingminnesota.org/takeaction for information about how to contact the conferees. Fair Valuation of Rent Restricted Properties Sen. Pogemiller, (DFL) Minneapolis has released the language he plans to include in this year's tax bill, which uses last year's language as a starting point. It provides three different methodologies for resolving the problem of tax increases experienced by properties formerly classified as 4d. He does not anticipate hearings before April and has not formally introduced a bill. In the House, Rep. Vandeveer (R) Forest Lake is drafting a bill that will look at the number of units in a building that are rent restricted and occupied by individuals who meet the definition of low income. A formula would be applied to the qualifying percentage of rent-restricted units to determine the tax to be paid. Advocates continue to encourage Rep. Vandeveer to address both the loss of the 4d classification and increasing property values in his proposal. Charitable Housing Tax Credit Rep. Morrie Lanning, (R) Moorhead introduced HF 1611 Monday to provide a 50 percent tax credit to those who make cash or in-kind donations of at least $1,000 to workforce housing projects. Donations are tax deductible if the housing is located in Minnesota, affordable to households earning less than 80 percent of the area median income and funded in part by MHFA. Such a contribution would be tax deductible only if the project is completed and would be restricted to a maximum credit of $250,000. A Senate companion will be introduced shortly. For a copy of the bill go to http://www.house.leg.state.mn.us/bills/billnum.asp?Billnumber=1611&ls_ye ar=84&session_number=0&session_year=2005. For more information about the Charitable Housing Tax Credit go to http://www.housingminnesota.org/downloads/Support_a_Charitable_Housing_T ax_Credit.pdf. Renters' Credit A bill was introduced in the House Thursday to cut the renters' credit further than the governor's proposal. Currently, it is assumed 19 percent of a household's rent goes to pay property taxes. Under the new proposal, it would be assumed that 13 percent of a renter's income is for property taxes - reducing the refund rental households receive. A cut to the renters' credit is effectively a tax increase for low-income people. For a copy of the bill go to http://www.revisor.leg.state.mn.us/bin/bldbill.php?bill=H1678.0&session= ls84. For more information about the impact of a cut to the renters' credit go to http://www.mncn.org/bp/renterscredit.htm. Regulators Back Off From Weakening CRA In a joint press release February 22, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced another proposed rule to revise the Community Reinvestment Act (CRA) regulations, which mandates that banks provide community reinvestment loans in underserved moderate and low-income areas. Previous proposed rules to revise CRA regulations were issued in February 2004 and submitted voicing strong opposition to the proposed rules were submitted. The FDIC and the OCC have considered these comments in this newest iteration. The goal of the proposed rule is to provide "regulatory relief" to community banks. The proposal would raise the threshold for a bank to be considered a "small bank." Under the new proposal, "small banks" would be defined as banks with under $1 billion in assets, expanding the pool of banks with lesser standards for the CRA. Banks between $250 million and $1 billion will fall into a new category, "intermediate small banks," which will require them to follow a certain set of guidelines. While the original FDIC proposed rule would have eliminated requirements for banks between $250 million and $1 billion to do community investment, these new guidelines indicate that comments by advocates were recognized. The new proposed guidelines would strengthen the investment incentives for housing and community development under CRA by requiring intermediate small banks to provide community development loans, community development investments and community development services. In order to expand CRA regulations to better meet the needs of rural areas, the latest proposed rule would also redefine community development to include affordable housing for individuals in rural areas and designated disaster areas. The proposed rule has not yet been published in the Federal Register. Advocates will have 60 days from the date of publication to submit comments. The press release can be read at www.fdic.gov/news/news/press/2005/pr1305.html. (Source National Low Income Housing Coalition 3/4/05) * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Reading Preserving Rural Rental Housing Preserving rural rental housing is the featured topic for the current edition of the Housing Assistance Council's "Rural Voices." To read the issue go to http://www.ruralhome.org/manager/uploads/VoicesWinter2004-2005.pdf. (Source: Housing News 3/11/05) HUD Suggests CDBG Formula Revisions A new HUD publication reports that targeting of Community Development Block Grant funds to needy entitlement areas and states works, but could be improved. Four alternative targeting formulas are analyzed. To read the full report, CDBG Formula Targeting to Community Development Need go to http://www.huduser.org/publications/commdevl/cdbgAssess.html. (Source: Housing Assistance Council News 3/9/05) * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Upcoming Events March 18 Benefit for the Bridge for Runaway Youth 5 p.m. all ages show with ICollide, Clair de Lune, and 24 Reasons Why ($5), 6 p.m. 21+ show with Battle at Sea, Clpd Beaks, Incommunicado and Passions ($6) at Triple Rock Social Club, 629 Cedar Ave on the West Bank of Minneapolis. March 23-24 2005 Working Together Conference, Sheraton Hotel South (formerly Radisson South), 7800 Normandale Blvd, Bloomington. Join more then 900 professionals in the multifamily housing industry for the tenth annual Working Together Conference. The Minnesota Housing Finance Agency (MHFA) co-hosts the conference as one of six public and private housing agencies sponsoring the two-day event. This unique forum provides educational and networking opportunities for multifamily housing professionals in a variety of fields. For more information go to http://www.mhfa.state.mn.us/multifamily/WTC.htm. Through March 27 Home Sweet Home Again: A Visual Art Presentation Focusing on Affordable Housing Shortages, Intermedia Arts, 2822 Lyndale Ave. S, Minneapolis. To raise awareness and consciousness regarding affordable housing, Intermedia Arts and the Family Housing Fund are partnering to present Home Sweet Home Again. This exhibition stems from the successful 2000 Home Sweet Home exhibit. Home Sweet Home Again includes more than 75 pieces of visual artwork and 28 poems by local artists and poets on homelessness, affordable housing and the meaning of home. For more information about Home Sweet Home Again or the Family Housing Fund, please contact Shawna Nelsen Tobechukwu at 612-375-9644, ext. 13 or by e-mail at shawna@fhfund.org. April 2 Northcountry Cooperative Development Fund's Annual Cooperative Housing Conference. 9:00 a.m. to 3:00 p.m., Zuhrah Shrine Center, 2540 Park Avenue South, Minneapolis. There will be a keynote speaker and panel discussion about cooperation among cooperatives. Breakout sessions include challenges to the board of directors, finance, co-op purchasing, the changing face of cooperative members and converting leasehold cooperatives to equity cooperatives. For more information or to register contact Candace Dow at (612) 767-2120 or candace@ncdf.coop. April 4 Housing First: A Strategy for Ending Homelessness, 9:00 a.m. to 4:30 p.m., Continuing Education and Conference Center on the University of Minnesota St. Paul campus (1890 Buford Ave, St. Paul). The conference is sponsored by Metro-wide Engagement on Shelter and Housing and the Corporation for Supportive Housing and costs $20 per person, including breakfast and lunch. For more information contact Christy Snow-Kaster, Executive Director, Metro-wide Engagement on Shelter and Housing at (612) 278-1165 or via email at csnowkaster@msdh-mn.org. April 26 Achieving Long Term Affordability Seminar. 8 a.m.-noon. Four Points Sheraton, 400 Hamline Ave N. St. Paul. Please join Twin Cities LISC, MCCD and the St. Paul Coalition of CDCs as we look at the challenges and opportunities of five different models for achieving long-term/perpetually affordable ownership, including: Community Land Trusts, Deed Restrictions, Soft Second Mortgages, Limited Equity Co-ops, and the Habitat for Humanity model. This seminar assumes a base level of knowledge. It is targeted to community development practitioners interested in doing long-term/perpetually affordable development, though anyone is welcome. There is no cost to attend. To pre-register, contact Susie Bern at 612-789-7337 x15, or email sbern@mccdmn.org April 30 Home Ownership Fair 2005. 10 a.m.-4p.m., Metropolitan State University, 700 East 7th Street, St. Paul. The Home Ownership Fair is an opportunity to talk to real estate professionals, lenders and nonprofit agencies. Orientation programs and seminars include: what to expect when buying a home, programs to help finance a home, the importance of your realtor, and more. The event is free and open to the public. Programming will be offered in English, Spanish, Hmong and Somali. For more information go to www.homeownershipfair.org . * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Looking for something from the last Bulletin? Archived issues are available online at: http://www.mhponline.org/Bulletin/Bulletin.htm For more information on affordable housing, the content of this document or if you have news or events to include in future issues, contact Joanna Dornfeld at (651) 649-1710 ext. 108, email jdornfeld@mhponline.org or see HousingMinnesota's website at www.housingminnesota.org . Joanna Dornfeld Communications and Media Specialist HousingMinnesota (651) 649-1710 ext. 108 www.housingminnesota.org -------------- next part -------------- An HTML attachment was scrubbed... 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