HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership

first_img Previous: United Wholesale Mortgage Announces Launch of Investor Edge program Next: DS News Webcast: Thursday 12/4/2014 The Best Markets For Residential Property Investors 2 days ago December 3, 2014 1,068 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Homeownership HUD Sweat Equity Grants 2014-12-03 Brian Honea Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. center_img The U.S. Department of Housing and Urban Development (HUD) announced Wednesday that it is awarding $10 million in grants to four non-profit organizations that will create homes for hundreds of families.The grants, known as “sweat equity” grants, combined with the efforts and labor of many volunteers and the homebuyers themselves, will create affordable housing for at least 540 low-income, hard-working families and individuals, according to HUD.”These grants will make owning a home a reality for hundreds of working families,” HUD Secretary Julián Castro said. “These families will become homeowners not only because of our public investments, but because of their own contributions. Our job is to support sustainable homeownership and these self-help programs do exactly that.”The grants, which are funded through HUD’s Self-Help Homeownership Opportunity Program (SHOP), will be awarded to the following non-profit organizations: Community Frameworks ($540,000), Habitat for Humanity International ($6.21 million), Housing Assistance Council ($1.56 million), and Tierra del Sol (Western States Housing Consortium, $1.68 million).SHOP funds are awarded via grants on a competitive basis to regional and national non-profits and consortia that are experienced with self-help homeownership housing programs. The SHOP program has provided more than $396 million that, along with leveraged funds and numerous volunteer labor hours, has resulted in more than 28,500 units of affordable housing since 1996 when Congress first appropriated SHOP funds. SHOP funds are used to purchase land and make infrastructural improvements, not to exceed the average SHOP investment of $15,000 per unit; for construction and rehabilitation of the dwellings, leveraged funds must be used, according to HUD. Many SHOP homebuyers are first-time buyers that come from underserved groups.Homebuyers are required to contribute a minimum number of “sweat equity” hours toward the building and development of their own homes or others that are participating in self-help homeownership programs, according to HUD. The minimum sweat equity requirement is 100 hours for a household consisting of two or more persons and 50 hours for a household consisting of one person. Community volunteer labor participation is also required. Sweat equity and volunteer labor may include any number of activities related to the construction of a home, including but not limited to painting, carpentry, foundation work, drywall, trim work, roofing, or siding, according to HUD.Grant recipients may choose to carry out activities directly or distribute the SHOP funds to local non-profit affiliates that will assist with the development of SHOP dwellings, select the homebuyers, coordinate the homebuyer sweat equity efforts with those of volunteers, and help arrange for financing to ensure the homebuyers can afford their homes both for the present and long term. Home / Daily Dose / HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership Tagged with: Homeownership HUD Sweat Equity Grants in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago HUD Awards $10 Million in ‘Sweat Equity’ Grants to Aid Homeownership  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Shadow minister to discuss HE funding with University

first_imgUniversity officials are set to meet with the Labour MP Liam Byrne, who is Shadow Minister for Universities, Science and Skills, to discuss “the current challenges of HE funding”. Attendees at the meeting will include Byrne, the University’s Vice-Chancellor, the Pro-Vice-Chancellor for Education, the Registrar and the Director of Communications and Public Affairs. Items of discussion that have been suggested for consideration at the meeting include variable fees, postgraduate support and research funding.The OUSU VP for Access & Academic Affairs Rachel Pickering received an email about the meeting on Thursday 29th May. Pickering received the email, as part of an itinerary for the day of the meeting in question, as she is due to discuss Oxford’s access and support packages with the University  after the meeting between the Shadow Minister and University officials.The meeting follows comments by the Vice-Chancellor, in Michaelmas Term 2013, that raised the prospect that tuition fees could be raised £16,000 per undergraduate every year. In response, over 20 JCRs and OUSU Council passed motions condemning the speech by the Vice-Chancellor.OUSU President Tom Rutland commented, “It is unacceptable for the University to be secretly lobbying the Shadow Minister for Higher Education to introduce variable fees at an undergraduate level. Make no mistake: variable fees would mean an increase in the fees students will pay, and potentially a total lifting of the cap on fees that was raised just a few years ago.”Pickering commented, “I was deeply angered yesterday to receive a communication, which cited a ‘takeaway message’ of ‘variable fees’ for Liam Byrne, the Shadow Minister for Higher Education on his visit to Oxford next week. I stand with the University that the Government should ‘invest in education at all levels’, but this should be through increased public funding of the Higher Education sector.”Xavier Cohen, who is a member of the Oxford Activist Network, responded to the news by commenting, “This is a blatant act of unilateral lobbying from the unelected leader of our University to further marketise education. The problem Andrew Hamilton faces is one of funding, but to choose to secretively push for a market solution that will increasingly discourage less well-off students from applying to our university rather than publicly call for greater government funding is a betrayal of even the most basic conceptions of justice and democracy. “I urge students who care about education to take the initiative to bring motions to their common rooms condemning Andrew Hamilton’s actions in the strongest possible terms.”A University spokesperson commented, “Oxford University is not lobbying on behalf of variable fees or any other system of tuition funding.“University representatives intend to use next week’s planned meeting to discuss a wide range of higher education issues with Mr Byrne, including student funding. They will repeat the point, which the University has made many times in the past, that there is a wide gap between the current tuition fees limit and the true cost of many undergraduate degrees. In Oxford’s case this true cost is at least £16,000 per undergraduate per year. The University is not lobbying for any particular solution to this problem. It will, of course, be discussing with Mr Byrne options that have been already been aired, including variable fees. More important to the University however, is that that all political parties should be fully aware of the funding gap when they come to formulate their higher education policies.“last_img read more

Friday people roundup

first_imgDe Nederlandsche Bank, M&G Investments, KPA Pension, Liquidnet, Actiam, Ernst & Young, AEW EuropeDe Nederlandsche Bank (DNB) – The Dutch state has appointed Margot Scheltema as a member of the supervisory board of the regulator, effective 1 September. Scheltema, a lawyer, has served in several jobs, including CFO at energy giant Shell. In addition, she has worked in supervisory roles at financial institutions such as Triodos Bank, insurer ASR and civil service scheme ABP. She has held similar positions at Schiphol Airport, postal firm TNT Express and thermal energy company Warmtebedrijf Rotterdam. The DNB said Scheltema was familiar with corporate governance and behavioural codes and as such would be chair of the pension fund code monitoring committee. M&G Investments – Bernard Abrahamsen has resigned as head of institutional distribution within M&G’s Fixed Income business, a position he has held for 13 years. Simon Pilcher, chief executive, and Jenny Williams, head of institutional public debt, will take on his responsibilities in the near term. M&G, which provided no reason for Abrahamsen’s departure, said it would update clients on further developments in due course.KPA Pension – The Swedish pension fund has hired former financial markets minister Peter Norman’s deputy as its chief executive, following the announcement of Lars-Åke Vikberg’s departure. Erik Thedéen, who was state secretary in charge of state-owned companies and the AP fund system reform until Sweden’s 2014 general election, was hailed as a “powerful” personality by Jens Henriksson, KPA’s chairman and chief executive of parent company Folksam. He will take up his new role 13 April. Liquidnet – The institutional trading network has appointed Chris Jackson as European head of Liquidnet’s Execution and Quantitative Services Group. He joins from Citi, where he was head of execution sales for the EMEA region. Before then, he spent 12 years at Merrill Lynch, where he was latterly head of sales across programme, transitions and electronic trading.Actiam – Dennis van der Putten has started as head of ESG at asset manager Actiam, after leaving his job as investment support manager at pensions insurer Zwitserleven. He is to focus on guiding Actiam’s ESG team and integrating ESG into the company’s investment processes. Van der Putten has been working for Zwitserleven since 2010, initially as liaisons manager.Ernst & Young – Martine Frijlink has been appointed as a partner at accountancy firm Ernst & Young in the Netherlands, where she is active in the Professional Practice Department, focusing on quality, risk and regulatory affairs. Her appointment is one of a series of recent hires as Michèle Hagers – chair of E&Y Accountants LLP – expands her Quality Assurance team. Prior to joining E&Y, Frijlink held a number of similar roles at KPMG.AEW Europe – Nikolas Koulouras and Alexander Strassburger have joined the private equity investment team as executive directors. Strassburger joins from The Carlyle Group, where he was country head of Germany. Koulouras joins from Salamanca Group, where he was director and co-head of real estate.last_img read more