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New rules on payment of commissions to salespeople in New York

National Mortgage Professional
Aug 14, 2008

NACEDA says all neighborhoods hit by foreclosure must be targeted by relief fundsMortgagePress.comForeclosures, NACEDA, Community Development Block Grants, National Alliance of Community Economic Development Associations, HUD As the federal government prepares for the distribution of the $3.9 billion in Community Development Block Grants (CDBG) funding for the purchase and resale of foreclosed properties to prevent neighborhood blight, the National Alliance of Community Economic Development Associations (NACEDA) wants to ensure that no communities hit by foreclosure are ignored and that community development groups have the tools they need to reverse the strain of foreclosures on their neighborhoods. It is estimated that 8,500 families a day are falling into foreclosure and one in every eight homes is projected to enter foreclosure over the next five years, according to recent Senate hearing records. These Neighborhood Stabilization funds, found in the recently enacted Housing Relief legislation, will help to reverse this devastating impact. "Every family and every community deserves decent, affordable housing, and this foreclosure crisis has put that basic human right in jeopardy," said NACEDA Executive Director Jane DeMarines. "Community Development Corporations (CDCs) must be a part of the solution to this crisis. They are on the front lines in foreclosure mitigation and vacant property distribution and are invested in their communities for the long term." NACEDA represents more than 2,400 CDCs through state, city and regional associations that are working on the frontlines of revitalization of low-income neighborhoods nationwide, including foreclosure counseling, and vacant property disposition, trying to prevent further disinvestment of their communities. The U.S. Department of Housing and Urban Development (HUD) has the task of creating regulations to implement the new CDBG funding program. NACEDA and other groups involved in foreclosure relief have been meeting with HUD. Additionally, NACEDA has provided written comments on behalf of its members, including the following: Neighborhood Stabilization Funds: NACEDA Areas of Concern 1. Find a way to recognize small areas of populations where neighborhood foreclosures are particularly steep, but where the city foreclosure data may not be. 2. Ensure funding allocated via community non-profits, rather than for-profits, who could subvert the process by "flipping" foreclosed properties. 3. Homes sold to individuals: Enforce home buying counseling requirement. 4. Allow funding for due diligence/predevelopment work, including capacity building, to ensure strategic redevelopment occurs; protecting the integrity of the program. 5. Non-profits should be able to earn fees for development commensurate with the risk they are taking and subject to the degree of rehab provided. "NACEDA's membership is concerned that funds be administered fairly and with careful consideration, as they recognize the importance and difficulty of this undertaking," said DeMarines. "They are active in vacant property issues, forming alliances with government and other non-profits to create specific entities to purchase foreclosed properties to be rehabbed for affordable housing. In particular, our members are concerned about keeping the housing affordable for the long term." For more information, visit www.NACEDA.org.
Published
Aug 14, 2008
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