AHF Condemns ‘LA’s Housing Standstill’ in Latest L.A. Times Ad

LOS ANGELES–(BUSINESS WIRE)–AHF and its housing advocacy division, Housing Is A Human Right (HHR), will run the latest in a series of housing advocacy ads, this time targeting both the City of Los Angeles and the entrenched bureaucracy at the Los Angeles Department of Water and Power (DWP) in a full-page, full-color ad set to run this Sunday, October 30th in the Los Angeles Times. The ad headlined “LA’s Housing Standstill,” condemns all the players holding up creation of affordable housing, stating that “It is virtually impossible to get anything built in Los Angeles in less than five years.”

After launching its Healthy Housing Foundation (HHF) in 2017 to help alleviate the twin homelessness and housing affordability crises in Los Angeles, AHF quickly learned that working within the city’s existing framework and bureaucracies—like the DWP—to produce low-income housing in Los Angeles is disastrous for people seeking to create affordable housing—even more so for those individuals who need it.

AHF’s ad continues:

“The city claims homelessness is an emergency, but it sure doesn’t act like it.

Whether it’s DWP bringing in power or getting plans approved-nobody’s in a hurry.

But if we are to tackle homelessness, we need urgency.”

AHF summed up its cri de couer for far greater urgency by all city departments, including DWP, noting:

“1,500 people die on the streets every year.”

AIDS Healthcare Foundation (AHF), the largest global AIDS organization, currently provides medical care and/or services to over 1.6 million clients in 45 countries worldwide in the US, Africa, Latin America/Caribbean, the Asia/Pacific Region and Europe. To learn more about AHF, please visit our website: www.aidshealth.org, find us on Facebook: www.facebook.com/aidshealth and follow us on Twitter: @aidshealthcare and Instagram: @aidshealthcare

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Are You a First-Time Home Buyer Who Can’t Find a Home?

In cities across the country, first-time buyers have been shopping at one of the most difficult times in modern history, facing a one-two punch of skyrocketing home prices followed by enormous spikes in interest rates.

I am a reporter at The New York Times who covers real estate. I am interested in speaking with first-time home buyers who are house hunting and are worried they may never be able to own a home. If you’ve been searching for your first home and have not been able to find one, we want to hear from you. Tell us your biggest obstacles: Are the prices too high? Are rising interest rates pushing you out of the market? How has the market impacted your plans for owning a home?

We will not publish any part of your submission without contacting you first. We may use your contact information to follow up with you.

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Federal Home Loan Bank of Dallas Awards Nearly $17.2 Million for Affordable Housing

DALLAS–(BUSINESS WIRE)–The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that, in partnership with its member financial institutions, it has awarded nearly $17.2 million in Affordable Housing Program (AHP) subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,022 housing units.

“Everyone should have access to affordable housing and the AHP is one way we support our members in financing projects in communities with the most critical needs,” said FHLB Dallas President and CEO Sanjay Bhasin.

FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

Between 1990 and 2021, FHLB Dallas awarded more than $344.6 million through AHP and Homeownership Set-Aside Programs, such as a down payment assistance program, a home repair and modification program geared toward seniors and others with disabilities and a disaster recovery program to help nearly 60,000 households.

Home Bank is among 14 FHLB Dallas members through which AHP funds will be awarded. FHLB Dallas awarded nearly $1.25 million through Home Bank to a project that will result in 94 new affordable housing rental units in New Orleans, and Opelousas, Louisiana. Kelvin Luster, senior vice president and community development director at Home Bank, said Home Bank has supported the AHP for more than 30 years.

“The AHP subsidies allow Home Bank to assist our communities in ways we could not have done on our own. We are pleased to be included in this latest round of funding to further our investment across the communities we serve,” he said.

Below is a state-by-state listing of the 2022 AHP subsidies. For more information about the 2022 AHP subsidies and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Arkansas $1,185,000 for 228 units

Magnolia

Member: Cadence Bank

Sponsor: Magnolia Housing Authority

Subsidy: $750,000 for 180 rental units

Paragould

Member: First National Bank

Sponsor: Paragould Housing Development Corp.

Subsidy: $435,000 for 48 rental units

Louisiana $5,829,788 for 562 units

Alexandria

Member: Red River Bank

Sponsor: The Salvation Army Territorial Headquarters

Subsidy: $750,000 for 45 rental units

Baker

Member: Red River Bank

Sponsor: Gulf Coast Housing Partnership

Subsidy: $750,000 for 49 rental units

Houma

Member: b1 Bank

Sponsor: START Corporation

Subsidy: $399,787.51 for 33 rental units

Kenner

Member: Home Federal Bank

Sponsor: Kenner Housing Authority

Subsidy: $750,000 for 121 Rental units

Merryville

Member: Home Federal Bank

Sponsor: Merryville Housing Authority

Subsidy: $750,000 for 90 rental units

New Orleans

Member: Home Bank, N.A.

Sponsor: Providence Community Housing

Subsidy: $750,000 for 62 Rental units

Member: Fifth District Savings Bank

Sponsor: Gulf Coast Housing Partnership

Subsidy: $450,000 for 30 rental units

Opelousas

Member: Home Bank, N.A.

Sponsor: Gulf Coast Housing Partnership

Subsidy: $480,000 for 32 rental units

Rayville

Member: Home Federal Bank

Sponsor: Rayville Housing Authority

Subsidy: $750,000 for 100 rental units

Mississippi $1,110,000 for 74 units

Gulfport

Member: Hope Federal Credit Union

Sponsor: Gulf Coast Housing Partnership

Subsidy: $600,000 for 40 rental units

Jackson

Member: BankPlus

Sponsor: Gulf Coast Housing Partnership

Subsidy: $510,000 for 34 rental units

New Mexico $750,000 for 66 units

Rio Rancho

Member: Wells Fargo Bank South Central

Sponsor: CC Housing Inc.

Subsidy: $750,000 for 66 rental units

Texas $7,560,000 for 1,018 units

Alice

Member: First Community Bank

Sponsor: Rural Economic Assistance League Inc.

Subsidy: $750,000 for 68 rental units

Austin

Member: Texas Capital Bank, N.A.

Sponsor: Guadalupe Neighborhood Development Corp.

Subsidy: $750,000 for 114 rental units

Member: Wells Fargo Bank South Central

Sponsor: Foundation Communities, Inc.

Subsidy: $750,000 for 123 rental units

Member: Wells Fargo Bank South Central

Sponsor: Foundation Communities, Inc.

Subsidy: $750,000 for 110 rental units

Fort Worth

Member: Texas Capital Bank, N.A.

Sponsor: Fort Worth Affordability Inc.

Subsidy: $750,000 for 174 rental units

Houston

Member: Frost Bank

Sponsor: William A Lawson Institute for Peace and Prosperity

Subsidy: $750,000 for 119 rental units

Member: Comerica Bank

Sponsor: New Hope Housing Inc.

Subsidy: $750,000 for 120 rental units

New Braunfels

Member: Frost Bank

Sponsor: Connections Individual and Family Services, Inc.

Subsidy: $300,000 for 20 rental units

San Antonio

Member: Frost Bank

Sponsor: Housing First Community Coalition, Inc.

Subsidy: $750,000 for 76 rental units

Member: Frost Bank

Sponsor: SAMMinistries

Subsidy: $750,000 for 60 rental units

Waco

Member: Texas Capital Bank, N.A.

Sponsor: Solutions for Veterans

Subsidy: $510,000 for 34 rental units

Out of District $750,000 for 74 units

Minnesota

Alexandria

Member: Wells Fargo Bank South Central

Sponsor: Minnesota Adult & Teen Challenge

Subsidy: $750,000 for 74 rental units

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South Harlem: ‘A Busy, Interesting Place to Live’

From her South Harlem condo, Michelle Thompson has an easy walk to her favorite waterfall in Central Park — easy enough that she can visit several times a week.

Ms. Thompson, 54, advises her clients to do the same — get outside and take the “stress out of your body” — in her role as the owner of Resistant Vision Coaching and Consulting, her third career after stints as a lawyer and a teacher of colonial Caribbean history, which is part of her heritage. She has been in her home for more than five years now, since buying the two-bedroom, two-bath apartment on Fifth Avenue, a few blocks north of Central Park, for less than $1 million.

2018-19 School Quality Snapshot (the latest to include testing results, because of Covid-19), 22 percent of students met state standards in English versus 47 percent citywide; in math, 18 percent met state standards versus 46 percent citywide.

Public School 154 Harriet Tubman, on West 127th Street, enrolls about 219 students in prekindergarten through fifth grade; 30 percent of its students met standards in English versus 48 percent citywide; 25 percent met standards in math versus 50 percent citywide.

There are also a number of charter schools in the neighborhood, including Harlem Prep Elementary School and Harlem Village Academies.

Marcus Garvey Park Alliance. In 1967, the original amphitheater and recreation center were completed, and in 1968, the Harlem Cultural Festival was organized. The festival evolved into a series of six Sunday afternoon concerts in 1969 that became known as the Black Woodstock. Performers included Stevie Wonder, Mahalia Jackson, Nina Simone, the 5th Dimension, Gladys Knight and the Pips, Sly and the Family Stone, the Staple Singers and B.B. King. Footage from the concerts and interviews with some of the participants were featured in the Oscar-winning 2021 documentary “Summer of Soul,” directed by Questlove. In the 1970s, advocacy groups suggested renaming the park for Marcus Garvey, the publisher, journalist, entrepreneur and founder of the Universal Negro Improvement Association and African Communities League. The City Council voted to rename the park in 1973.

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Instant Reaction: Mortgage Rates, October 27, 2022

Generally, during inflationary periods, people hold less money and thus spend less. However, that’s not currently the case. Amid elevated inflation and higher interest rates, the U.S. economy grew more than expected, easing inflation fears for the time being. As a result, mortgage rates surpassed the 7% threshold this week. According to Freddie Mac, the 30-year fixed mortgage rate rose to 7.08% from 6.94% the previous week.

Rising mortgage rates have increased the monthly mortgage payment by $1,000, and minority groups may be impacted more heavily. Although mortgage rates reached all-time lows in 2021, not everybody was able to benefit from these low rates. During 2019 and 2021, the White homeownership rate rose by nearly 3 percentage points, while the homeownership rate for Black Americans rose by 2 percentage points. With 7% mortgage rates, only 15% of Black households can currently afford to buy the typical home compared to 30% of White households. Thus, Black families may fall further behind in homeownership compared to their White counterparts.

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