April 2007 Table of Contents

OFHEO Now and Then

Established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Office of Federal Housing Enterprise Oversight (OFHEO) ensures that the government-sponsored enterprises (GSEs) are adequately capitalized and operating their businesses in a financially sound manner. Read more

Developers Like What They See

Herman & Kittle Properties, Inc., has been using Fannie Mae programs more in the last 18 to 24 months, said Todd Sears, vice president of finance for the Indianapolis-based builder and developer. Read more

Turn up the Heat on HUD

It’s been nearly one year since Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson made a public spectacle of his desire to prevent opponents of President George W. Bush from getting HUD contracts. Read more

The Power of Multiplication

Chicago— In the world of neighborhood development, local officials have come up with dozens of ploys to make each dollar in Community Development Block Grant (CDBG) funds they receive worth more than a dollar. Read more

HUD Projects Get Green Rehab

Washington, D.C.— They say no good deed goes unpunished: That’s how it felt at Galen Terrace when developers tried to make this old project-based Sec. 8 development more energy-efficient and a healthier place for residents to live. Read more

New AHIC President Discusses Year Ahead

Cynthia Lacasse is a veteran of the low-income housing tax credit (LIHTC) business. She is president of John Hancock Realty Advisors, Inc., a longtime tax credit investor. Read more

Learning New Tricks

As Fannie Mae begins to emerge from its accounting scandal and Freddie Mac reorganizes and refocuses its multifamily division, there’s a high-stakes poker game going on in the halls of Congress. Read more

The Housing U-Turn

Portland, Ore.— A few years ago, Portland, Ore., Read more

Mixed-Income Goes Hollywood

Hollywood, Calif.— Legacy Partners broke ground on a new apartment tower in the heart of Tinseltown in February. Read more

One Family at a Time in Austin

Austin, Texas— A former addict who’s now in job training and reunited with her daughter, a video editor studying business management with plans to start his own theater center, and a small-plane pilot who lost his home after a back injury and is now working to become a physicians’ assistant: These are some of the people who have been helped by Community Development Block Grants (CDBG) in Austin. Read more

Sparking a Turnaround in Boston

Boston— The Dartmouth Hotel, a land- mark in this city’s predominantly African-American Roxbury district, had stood largely vacant for years. The building was “terribly underutilized, and yet we knew this was a gem, a diamond in the rough,” said Charlotte Golar Richie, the city’s chief of housing. Read more

A History of Suspicion

In December 2006, Fannie Mae restated its financials for 2001 through June 30, 2004, correcting $6.3 billion in overstatements.  Read more

CDBG at the Crossroads

One of the federal government’s key programs for funding local community development efforts survived an attempt on its life, but still finds itself defending its existence and effectiveness two years later, even as Democratic leaders take the reins in Congress. Read more

Small Town Dollars Pack Big Punch

Davenport, Iowa— This city doesn’t get much money from the Community Development Block Grant (CDBG) program, but officials here make sure what they do receive gets them the biggest bang for their buck when it comes to housing. Read more

Helping the Elderly, $300 At a Time

HIALEAH, Fla.— This city used a chunk of Community Development Block Grant (CDBG) money invested in one small, well-chosen project and figured out a way to compound those funds over time to develop more than a hundred senior housing units that all offer fixed rents of $300 each. Read more

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