In 2007, CEDAM and several partners including Michigan's CRA Association, Detroit HOPE, Southwest Housing Solutions, and the Michigan Community Action Agency Association (MCAAA) formed the Michigan Foreclosure Task Force to respond to the state's foreclosure crisis in a coordinated fashion.

In December, the task force outlined three key goals for 2008:

1. Augment the quality of and access to housing counseling efforts in local communities;
2. Advocate for passage of strong anti-predatory lending and foreclosure avoidance/rescue legislation at the state and federal level; and
3. Identify resources and solutions for local communities to address the neighborhood impacts of concentrated foreclosures.
4. The task force meets bi-monthly, and committees are being organized to lead work around these three goals. Future e-updates and the task force website will inform members and partners of our progress.
   
   
   • If you would like to participate in the task force or on one of the three committees, please contact Angie Gaabo.
     
     
   • The next meeting of the full task force in on March 20th from 2-4pm at the Primary Care Association in Lansing.

In November,  Governor Granholm announced the Save the Dream program to help homeowners refinance adjustable rate and high-cost home loans to fixed rate, low-interest 30-year mortgages. 

1. The bill authorizing MSHDA to operate the program passed the House in December and passed the Senate Banking and Financial Institutions Committee on 2/7/08.  
   
2. The bill now moves to the Senate floor for approval, and the program will be made available shortly thereafter. 
   
3. MSHDA has established a hotline for consumers (866-946-7432) as well as a website which refers callers to MSHDA approved housing counselors in their community.

And more on hotlines:

888-995-HOPE: Homeownership Preservation Foundation toll free line.  Over the phone counseling and/or referral to a NeighborWorks organization.

United Way 211: Phone counseling and/or referral to local counseling agency in 211 network.

866-946-7432: MSHDA Save the Dream - Referral to MSHDA approved housing counseling agency.

• The National Low Income Housing Coalition's National Housing Trust Fund campaign has made several tools available to facilitate this process.

2008 Federal Budget - Funding for Asset Building Programs

As part of the 2008 Omnibus Appropriations bill, several key asset building programs will be funded.

1. Assets for Independence (AFI): Provides grants to nonprofits to match the savings of low-income families to purchase their first home, start a business, or pay for college. It received $24 million, which is a slight reduction from 2007.
   
   
2. Family Self-Sufficiency: Through the Department of Housing and Urban Development (HUD), this helps residents in subsidized housing with case management and savings opportunties to help them achieve financial self-reliance. It received $49 million for vouchers and $40 million for Resident Opportunities and Self-Sufficiency, which is $2 million higher than 2007.
   
   
   • This program is implemented through Public Housing Agencies.
   
   
3. Volunteer Income Tax Assistance (VITA): Encourages and helps low-income families to receive the Earned Income Tax Credit (EITC), which is the nation's largest work support program and lifts millions of working poor families above the poverty line. It received $8 million.
   
   
4. Community Development Financial Institutions (CDFI) Fund and Microenterprise: These programs received increased funding for the first time in seven years! The CDFI Fund received $94 million, SBA Microloan Lending received $20 million, SBA Microloan Technical Assistance received $15 million, and Program for Investment in Microentrepreneurs (PRIME) received $3 million.

The Savings for Working Families Act (S. 871 and H.R. 1514)

SWFA will provide matched Individual Development Accounts (IDAs) to 900,000 low-income families and gained 108 bipartisan cosponsors. In Michigan, Senator Stabenow and Representatives Ehlers, Hoekstra, Kildee, McCotter, and Walberg are already cosponsors.

CFED has made several tools available to help contact Congressional Members in Michigan who are not yet cosponsors. Please join CEDAM in writing to our U.S. Representatives and Senators - thank you!