As I write to you this month, I sit in my office overlooking the herring run. It’s a sunny day and it’s hard not to wish the warmer weather that has been teasing us this winter to become a permanent fixture as spring and summer knock on our door! As I start to daydream, I am thinking about those long hot days of summer sipping on a cool refreshing beverage on Cape Cod. My mind journeys further into a European Holiday in the fall. What a great life! BAM
The phone rings and I snap back into reality. We are sitting on a truckload of transactions that need to be completed in our shop over the next five days. The office is crazy and people are yelling at me to move quicker and stop staring out the window. “Sean, can you look at this?” “Sean, call on Line 2”, “Sean, it’s the contractor for Bell, can you talk?”
WASHINGTON – As part of the Obama Administration’s effort to prevent and effectively end homelessness, the U.S. Department of Housing and Urban Development announced today that it will offer $1.9 billion for fiscal year 2015 to support existing and new homelessness programs. Funded throughHUD’s Continuum of Care (CoC) Homeless Assistance Program Notice of Funding Availability (NOFA), this notice will further incentivize local applicants to pursue permanent housing using a Housing First approach to target their resources to proven strategies.
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro, Detroit Mayor Mike Duggan, U.S. Senators Debbie Stabenow and Gary C. Peters, and Congressman John Conyers, Jr., announced the allocation of $8.9 million from the Community Development Block Grant Declared Disaster Recovery Fund (DDR) to the City of Detroit. The funds will help Detroit become better prepared for future floods and other natural disasters, and assist with planning and implementation costs associated with resilient projects in the Brightmoor, Mt. Elliot and McDougall-Hunt neighborhoods, stemming from August 2014 flooding damage.
WASHINGTON – The U.S. Small Business Administration’s (SBA) announced that it is seeking grant proposals to award up to $700,000 in grant funding for projects that promote the development of innovative and successful Native American firms that are eligible for assistance under the SBA’s 7(j) Management and Technical Assistance Program.
The SBA expects to award three to seven grants to provide funding opportunities for Native American Micro Enterprise Business Services.
The level of commercial/multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings, according to a release from the Mortgage Bankers Association. The new 1st quarter numbers represent a 1.5 percent increase over the fourth quarter of 2014.
Are you looking for ways to find new investors for your project? What if you could provide something better than a return. If you have ever been to a GDF seminar, then you know that the three major components to any funding deal are:
1. Job Creation
2. Provides Economic Development Activities
3. Shovel Ready
WASHINGTON: In a long awaited announcement several months late, the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $3.5 billion in New Markets Tax Credit awards aimed at stimulating investment and economic growth in low-income urban neighborhoods and rural communities nationwide. A total of 76 organizations (Allocatees) across the country will receive tax credit allocation authority under the 2014 round of the New Markets Tax Credit Program.
WASHINGTON – The U.S. Department of Housing and Urban Development today announced $29 million in grants to help approximately 1,200 extremely low-income persons and families living with HIV/AIDS annually. These grants provide a combination of housing assistance and supportive services for this vulnerable population.
WASHINGTON - The US Department of Agriculture announced the launch of two new private funds, known as Rural Business Investment Companies (RBICs), which make equity investments in rural businesses, helping them grow and create jobs. This announcement is part of USDA's ongoing efforts to help attract private sector capital to investment opportunities in rural America to help drive more economic growth in rural communities.
WASHINGTON – The Obama Administration announced eight additional Promise Zones across the country, including six cities, one rural area, and one tribal community. Promise Zones are high poverty communities where the federal government partners with local leaders to increase economic activity, improve educational opportunities, leverage private investment, reduce violent crime, enhance public health and address other priorities identified by the community. Through the Promise Zone designation, these communities will work directly with federal, state and local agencies to give local leaders proven tools to improve the quality of life in some of the country’s most vulnerable areas.
U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro and U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced new Promise Zone designations in the following communities:
- Camden, New Jersey
- Hartford, Connecticut
- Indianapolis, Indiana
- Minneapolis, Minnesota
- Sacramento, California
- St. Louis/St. Louis County, Missouri
- Pine Ridge Indian Reservation of the Oglala Sioux Tribe, South Dakota
- South Carolina Low Country
“From my time as Mayor to my tenure as Secretary, I’ve seen first-hand how a Promise Zone designation can spark progress and possibilities in underserved neighborhoods,” said HUD Secretary Castro. “A zip code should never limit the hopes that folks have for themselves or for their children. We’re proud to be working with a wide-variety of local leaders to strengthen neighborhoods and to unlock doors of opportunity that have been closed for far too long.”
“The Promise Zone effort is proof positive that partnerships are the key to community economic development,” said Agriculture Secretary Vilsack. “Families and children in rural and tribal communities are full of potential to compete and succeed in the 21st Century. When we invest our resources and establish long-lasting public-private alliances to strengthen educational opportunities, deliver health care, build infrastructure and create jobs, we are investing in our country’s future.”
To celebrate the newly designated zones, events were held across the country in each of the new urban zones. Secretary Julián Castro, U.S. Department of Housing and Urban Development visited St. Louis, Secretary Arne Duncan, U.S. Department of Education visited Minneapolis, CEO, Wendy Spencer, Corporation for National and Community Service visited Indianapolis, Deputy Secretary, Nani Coloretti, U.S. Department of Housing and Urban Development, visited Hartford and HUD Regional Administrators held events in Camden, NJ and Sacramento, CA. To highlight the rural zone designations of South Carolina's Low Country and South Dakota's Pine Ridge Indian Reservation, Secretary Tom Vilsack hosted media calls for South Carolina and South Dakota.
Background on Promise Zones:
Today’s newly designated Promise Zones join five others that President Obama designated in January, 2014 – San Antonio; Los Angeles; Philadelphia; Southeastern Kentucky Highlands and the Choctaw Nation of Oklahoma. The work underway in these communities is already showing results. For example:
- In San Antonio, the George Gervin Youth Center was awarded a $1.1 million YouthBuild grant from the Department of Labor to establish an education and training program for at-risk young people. The program is enrolling 64 people and preparing them for jobs in good, middle-class careers including jobs in the nursing and the building trades. The Gervin Center also received a $2 million Training-to-Work grant from the Department of Labor to help young men and women participating in work-release programs gain the job skills necessary to launch them on a path to high-demand jobs.
- In Los Angeles, the Unified School District is supporting college and career readiness programs for 6,500 students in 16 schools, while Advocates for Youth is developing a teen pregnancy prevention plan with community partners. Access to healthy foods is also a high priority in the L.A. Promise Zone. Business leaders and the East Hollywood Farmers Market are involved in various initiatives including establishing six community-supported agricultural sites to expand access to nutritious food options. The City is also conducting outreach to low-income tenants to reduce lead hazards in homes and will be placing AmeriCorps volunteers in schools and job training sites to counsel students on post-secondary education options and career choices.
- In Philadelphia, the Juvenile Justice Center is providing career training for youth who have been involved with the justice system. Promise Zone partners are creating access to healthy food and improving the business infrastructure for sustainable food production. Drexel University is leading a collaborative effort to increase the number of neighborhood children who have access to high quality child care and improve school performance. Security cameras were installed at a high-crime hot spot and businesses are being encouraged to take advantage of subsidized cameras along key Promise Zone commercial corridors. Specific plans are being developed to preserve affordable housing to avoid displacement of long-time residents as the neighborhood improves.
- In Barbourville, Kentucky, the Knox County Hospital is utilizing funding from the USDA’s Community Facilities Program to expand medical care services for a rural population of approximately 31,883 people and to secure more than 200 jobs.
- In the Choctaw Nation, nineteen Head Start classrooms in thirteen centers received direct support from the Department of Health and Human Services to provide early education, nutrition, and health services to 310 children and their families.
Today’s Promise Zone communities were selected from 123 applications from 36 states, Puerto Rico and Washington, DC. Each urban, rural, and tribal Promise Zone applicant was asked to put together a clear description of how the Promise Zone designation would accelerate and strengthen the community’s own efforts at comprehensive community revitalization. Each Promise Zone will be coordinated by a lead community based organization in partnership with the Obama Administration. HUD will be the federal lead for the six urban designees, while USDA will serve as the lead federal partner to the tribal and rural Promise Zones.
All Promise Zones will receive priority access to federal investments that further their strategic plans, federal staff on the ground to help them implement their goals, and five full-time AmeriCorps VISTA members to recruit and manage volunteers and strengthen the capacity of the Promise Zone initiatives.
Third Round Promise Zone Competition
A competition to select a third round of Promise Zones will commence later this year. In the Summer of 2015, HUD will publish a Notice in the Federal Register requesting public comment on the proposed selection process, criteria, and submissions for the final round of the Promise Zones initiative. This notice will provide urban, rural, and tribal communities the opportunity to help shape the third round application guide and efforts to support other communities more effectively in future years.