National Perspective, Local Impact.....

HUD Reports on Root Causes of Foreclosure Crisis

Among the key findings in its final report to Congress on the root causes of the foreclosure crisis, the United States Department of Housing and Urban Development (HUD) states that "the rapid increase in housing prices in large swaths of the country through 2006 was possibly the most important ingredient that fostered a surge in risky lending." This statement echoes the findings in HousingWorks RI's (HWRI) recently released Special Report: Foreclosures in Rhode Island.  In that report, HWRI states that the home price appreciation experienced in Rhode Island from the first quarter of 2000 to the first quarter of 2006 has been "the steepest in the state's history" and that from 2001 to 2003 "Rhode Island registered the fastest appreciation in home prices in the United States."  The research and data included in these dual reports clearly illustrate that a lack of affordable homes rendered not only Rhode Island, but also the nation, vulnerable to today's foreclosure crisis.
Read more of the HUD report
View HWRI's Special Report

Announcements.....

If you develop or own affordable housing,  today is the deadline to complete a survey for a chance to be included in the April/May issue of Affordable Housing Finance magazine. The issue will feature the Top 50 affordable housing developers and owners. Click here to download the survey.

Upcoming Events.....

On Thursday, February 25 from 5:00-8:00pm, Community Works Rhode Island will celebrate the completion of its newest apartments at 14 Parkis Avenue in Providence.  For further information on this development, see story above.

SAVE THE DATE:  On Friday, March 12 from 9:30-11:30am, the National Housing Conference will host their Annual Budget Forum, providing an extensive look at the federal housing budget.  Confirmed panelists include representatives from the U.S. Department of Housing and Urban Development, the National Alliance to End Homelessness, the National Low Income Housing Coalition and the Center for American Progress.  Additional speakers, location and event registration details will be announced in the coming weeks. For more information, contact NHC Policy Associate, Clare Duncan, at (202) 466-2121, ext. 228 or cduncan@nhc.org.

SAVE THE DATE: On Monday, March 22, the Rhode Island Coalition for the Homeless will host their Annual Awards Luncheon from12:00-2:00pm at the Crowne Plaza in Warwick, RI.  Entitled "Believe in a Foundation", the event will focus on the issue of family homelessness.  For further information, call 401-721-5685 or register at http://believeinafoundation.eventbrite.com.