A daily roundup of news affecting housing and
communities
By Allison Charette
- According to the Washington Post, the relief to troubled homeowners promised in nearly 30 settlements between the government and banks has yet to be felt. Less than half of the $5.7 billion owed has been paid, and some checks that were sent bounced. Banks claim that scale and complexity of settlements, as well as the time necessary to identify who should receive payment, prevent them from issuing the money more quickly. In the meantime, those who were harmed by improper banking industry practices continue to wait for compensation. (Washington Post, May 19)
- Last week, the Urban Institute released an evaluation of the HUD – DOT – EPA Partnership for Sustainable Communities, which seeks to foster interagency coordination to move toward more sustainable housing and transportation options. The report found that the partnership has contributed to breaking down the barriers of collaboration that exist between federal agencies both at the federal and local levels. (Urban Institute, May 17)
- Renters are having a more difficult time finding and affording housing than homebuyers since the end of the recent recession. A study by the Center for Housing Policy has found that between 2008 and 2011, the cost for renting has increased by 6 percent while incomes have fallen 3.2 percent. In 2011, 26 percent of renters spent more than 50 percent of their incomes on rent. (Businessweek, May 17)
- A study by the AARP Public Policy Institute has found that housing affordability has not improved, contrary to the findings of a recent National Association of Realtors (NAR) study. AARP’s study defined home purchasing in terms of ongoing affordability as well as changing incomes, taxes, and fees with a focus on homeowners over the age of 50. Many older adults are having a more difficult time affording a house today than 12 years ago. (AARP, May 16)
- In an effort to reduce administrative costs, HUD will close its offices for the first of seven days this Friday May 24. Unless the sequester cuts are reversed, HUD offices across the US will shut down six more days this fiscal year. (Housing Wire, May 17)
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