The 2015 Broadband Progress Report from the Federal Communications Commission indicates that over half of rural Americans lack access to benchmark broadband connections. For rural tribal lands, approximately 85 percent lack proper broadband.
Affordable housing programs were not to blame for the financial crisis, according to a study highlighted in Wonkblog. The study indicates that the the majority of mortgage dollars and defaults from 2003 – 2006 occurred in higher cost mortgages.
What does FHA’s new interest rate drop mean for borrowers? NPR’s Marketplace Economy investigates the Federal Housing Administration’s (FHA’s) new lower charges and how it may impact housing affordability across markets.
The Consumer Financial Protection Bureau (CFPB) launches a toolkit that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders.
A different angle on life in public housing. National Public Radio (NPR) features an art exhibit that includes numerous photos of public housing residents who have had successes, both large and small
President Obama outlines a plan to make homeownership more accessible and sustainable. A centerpiece of the Administration’s proposal would be to lower FHA premiums by 50 basis points, potentially saving borrowers as much as $900 annually.
The Rural Development Leadership Network is hosting an online auction to help promote entreprenuership in rural areas. For more information, visit the auction homepage at https://www.biddingforgood.com/auction/AuctionHome.action…
Please Refer a Friend and encourage them to participate so they don’t miss the fun and excitement. Please respond to rdln@ruraldevelopment.org.
September 25, 2014 – USDA Rural Development says that the continuing resolution (CR) to extend FY14 funding levels through December 11 also extends a provision related to the definition of rural used for the USDA rural housing programs. The FY14 appropriations law prohibited declaring any communities ineligible for the rural housing programs if they were eligible on September 30, 2013. President Obama signed the continuing resolution into law on September 19. As its name implies, the CR continues provisions of the FY14 law, including the prohibition on making places ineligible.
If a new FY15 appropriations law had been enacted, communities could have been determined ineligible based on population – if their populations grew to over 35,000 – or based on no longer being considered “rural in character.” USDA recently suspended all “rural in character” changes until at least September 30, 2015, so the CR’s suspension of ineligibility applies only to places with populations over 35,000. It will last until Congress enacts, and the President signs, an FY15 USDA appropriations law. It is possible that additional CRs will be adopted beyond December 11, maybe even for all of fiscal year 2015 (through September 30, 2015).
The Obama Administration invites a new round of eligible applicants to apply for a Promise Zone designation. HUD will designate six urban communities and USDA at least one rural and one tribal community as Promise Zones. This initiative targets high-poverty communities for job creation, economic development, and additional special assistance in an effort to drastically improve conditions for communities suffering persistent poverty. Applications are due November 21, 2014 by 5:00 PM EST.
To assist communities with the application process, HUD and USDA are hosting three Promise Zone Initiative Webcasts:
Tribal Webcast
September 29, 2014, Monday
1:00-2:00p.m. EST (please adjust for your local time)
Rural Webcast
September 29, 2014, Monday
3:00-4:00 p.m. EST (please adjust for your local time)
Urban Webcast
October 1, 2014, Wednesday
3:00-4:00 p.m. EST (please adjust for your local time)