Economy
State Housing Finance Agencies Assist Homebuyers, Renters
WASHINGTON INFORMER — Every state in the U.S., as well as in Puerto Rico and the U.S. Virgin Islands, has a Housing Finance Agency (HFA) that provides low- and moderate-income individuals and families with the opportunity to find a home or apartment that meets their budget and quality-of-life needs.
By Christopher G. Cox
Every state in the U.S., as well as in Puerto Rico and the U.S. Virgin Islands, has a Housing Finance Agency (HFA) that provides low- and moderate-income individuals and families with the opportunity to find a home or apartment that meets their budget and quality-of-life needs.
According to Stockton Williams, executive director of the National Council of State Housing Agencies (NCSHA), in 2017 alone, state HFAs provided $28 billion to finance affordable homeownership for more than 152,000 households, 26 percent of which were minority-headed households.
The NCSHA was created by the state agencies more than 40 years ago, Williams said, to help share best practices.
“HFAs are constantly learning from each other,” Williams adds, “not only sharing best practices, but solving emerging challenges on a collaborative basis. NCSHA facilitates these exchanges and augments them with additional analysis and support.”
Some of the state HFA practices that NCSHA helps to promote are careful underwriting of borrowers, close oversight of lenders, proactive loan servicing and counseling assistance to borrowers who need it, Williams noted.
“A 2018 study found that state HFA loans were much less likely to experience defaults or foreclosures than loans from other sources to similar borrowers,” he said. “According to the study, not only are HFAs more likely to require full documentation and careful underwriting, they also serve as a third-party monitor on lenders originating loans through a state program, creating an additional incentive for careful screening by the lender.”
Like other state housing finance agencies, the North Carolina HFA (NCFHA), which began operating in 1973, serves the broad mandate of providing affordable housing opportunities for state residents whose needs are not being met by the market, explains Connie Helmlinger, manager of public relations and marketing for the NCHFA.
The work of her agency, Helmlinger notes, is divided into two main areas: providing assistance with home ownership and with rental housing.
“We have helped more than 115,000 individuals and families purchase homes,” she said. “We do that by offering mortgages with competitive rates and down payment assistance for buyers.”
The NCHFA offers a variety of assistance programs that seek to help low- and moderate-income homebuyers in such categories as first-time buyers, military veterans, senior citizens and people with disabilities. Detailed information about such programs as NC Home Advantage Mortgage, NC Home Advantage Tax Credit and NC IST Home Advantage, and how potential buyers can qualify for them, can be found at www.ncfha.com
Most of NCFHA’s work is done in association with partners, including local governments, nonprofit organizations and private developers. “One of our self-help programs,” Helmlinger says, “is working with Habitat for Humanity. They take the money we provide and roll that into their own money to provide better mortgages for people who buy their homes.”
Helmlinger notes that the NCHFA does not work directly with buyers — except for being involved in final approvals and underwriting — but works directly with lenders after buyers have contacted a loan officer about applying for one of their assistance programs.
“The money is coming from us, but it’s the lender that is managing the whole process,” Helmlinger said.
This article originally appeared in the Washington Informer.
Business
Black Business Summit Focuses on Equity, Access and Data
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
By Solomon O. Smith, California Black Media
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.
Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.
“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.
Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.
Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.
The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.
Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.
“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.
The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.
Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.
“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”
Bay Area
Port of Oakland Commission Votes to Change Oakland Airport to ‘San Francisco Bay Oakland International Airport’
The Port of Oakland Commission voted unanimously to change the name of Metropolitan Oakland International Airport to San Francisco Bay Oakland International Airport at a commission meeting Thursday afternoon. The Port initially announced the name change on March 29, claiming that the change will attract more passengers and enhance the airport’s visibility. They contend that the airport often gets neglected by the public’s lack of knowledge of Oakland’s proximity to San Francisco.
By Magaly Muñoz
The Port of Oakland Commission voted unanimously to change the name of Metropolitan Oakland International Airport to San Francisco Bay Oakland International Airport at a commission meeting Thursday afternoon.
The Port initially announced the name change on March 29, claiming that the change will attract more passengers and enhance the airport’s visibility. They contend that the airport often gets neglected by the public’s lack of knowledge of Oakland’s proximity to San Francisco.
“We want people to know where Oakland is and how beautiful our city is. We want them to visit, we want them to spend their money, and we want to keep our money into our local economy,” Port Commission President Barbara Leslie said at the meeting.
The commissioners shared anecdotal experiences and research to explain how this new name change will elevate and add to the growth of Oakland, not take away from their Bay Area neighbors.
The Port claimed that local residents had been asking for more options in domestic and international flights, but in order to do that, outside travelers need to be aware of Oakland’s presence first.
Since the announcement of the new name, San Francisco leaders strongly opposed the suggestion for a change, the City Attorney going as far as threatening legal action.
SF City Attorney David Chiu announced Monday that his team sent a letter to the Port of Oakland, writing that if Oakland goes forward with the name change, the city will go forward with a lawsuit to prevent the use of their trademarked name.
San Francisco owns U.S. federal trademark registrations for the marks “San Francisco International Airport”, the letter says.
Chiu further claimed that the name change will only cause confusion and chaos for travelers who are used to seeing the San Francisco name in the SFO trademark.
“We want to see the entire Bay Area thrive as a tourist destination and expand our offerings to visitors, but this proposal is not a legal or practical way to go about it. If Oakland moves forward with this proposal, San Francisco will pursue legal action to prevent misuse of our trademark,” Chiu said.
SF Mayor London Breed joined Chiu’s letter, stating that Oakland does not need to add the internationally popular city to its brand in order to grow its services.
“[Oakland] is rich in culture and wonderful people and has its own unique identity. It does not need the name San Francisco as part of its airport to stand out,” Breed wrote.
The Port defended its proposed actions, saying that if the vote did go forward, they would “take all appropriate measures to defend its right to use this accurate geographic identifier.”
“The proposed name modification will clarify, not confuse. The new name identifies where OAK is actually located, which is on the San Francisco Bay,” a spokesperson said on behalf of the Port.
Support for the name change extends beyond the Port. Several regional leaders, airlines and community members have come out in support of the name change, including Oakland Mayor Sheng Thao.
“This adjustment isn’t just about signage—it’s about inviting travelers to discover all that Oakland and the region have to offer. From our local dining scene to unique shopping spots and cozy hotels, there’s something here for everyone. Let’s work together to ensure that Oakland Airport continues to serve as a welcoming gateway for visitors and a source of pride for our community,” Thao said.
Because of public outcry amongst residents and leaders in Oakland and San Francisco before and during the Commission meeting, the Board decided to extend the second reading for the proposed name change from the end of April to the first meeting in May. This decision will allow commissioners to connect with community groups and leaders over their concerns for the change.
The Port Commission is scheduled to hold a second reading of the proposed name change on May 9.
Business
V.P. Kamala Harris: Americans With Criminal Records Will Soon Be Eligible for SBA Loans
Speaking in Las Vegas on Jan. 27, Vice President Kamala Harris announced a forthcoming federal rule that will extend access to Small Business Administration (SBA) loans to Americans who have been convicted of felonies but have served their time. Small business owners typically apply for the SBA loans to start or sustain their businesses.
By California Black Media
Speaking in Las Vegas on Jan. 27, Vice President Kamala Harris announced a forthcoming federal rule that will extend access to Small Business Administration (SBA) loans to Americans who have been convicted of felonies but have served their time.
Small business owners typically apply for the SBA loans to start or sustain their businesses.
Harris thanked U.S. Rep. Steven Horsford (D-NV-04), the chair of the Congressional Black Caucus, for the work he has done in Washington to support small businesses and to invest in people.
“He and I spent some time this afternoon with business leaders and small business leaders here in Nevada. The work you have been doing to invest in community and to invest in the ambition and natural capacity of communities has been exceptional,” Harris said, speaking to a crowd of a few hundred people at the Brotherhood of Electrical Workers Hall in East Las Vegas.
On her daylong trip, Harris was joined by Horford, SBA Administrator Isabella Guzman, Interim Under Secretary of Commerce for Minority Business Development Agency (MBDA) Eric Morrissette, and Sen. Catherine Cortez Masto (D-Nev).
“Formerly incarcerated individuals face significant barriers to economic opportunity once they leave prison and return to the community, with an unemployment rate among the population of more than 27%,” the White House press release continued. “Today’s announcement builds on the Vice President’s work to increase access to capital. Research finds that entrepreneurship can reduce recidivism for unemployed formerly incarcerated individuals by as much as 30%.”
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