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| National CAPACD E-Newsletter April 2008 |
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Contents:
1) Congress Responds to Foreclosure Crisis
2) National Council of Asian Pacific Americans (NCAPA) Launches 2008 Platform
3) Highlights for National CAPACD's 9th Annual Convention!
[back to the top]
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1) Congress Responds to Foreclosure Crisis
For 2008,
Congress has made responding to the foreclosure crisis a top
priority. Many metropolitan areas with high rates of foreclosure
including Stockton and Modesto, California, and Minneapolis, Minnesota,
have high numbers of low-income AAPIs. Unfortunately there is a
lack of resources for outreach to AAPIs at risk of foreclosure and
culturally appropriate counseling and prevention services. The
legislation in Congress provides an opportunity for National CAPACD and
its allies to increase resources for our community on foreclosure
prevention and mitigation.
In November 2007, the House passed H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007”,
landmark legislation to reform the mortgage lending market. The
bill provides tough new standards by creating a licensing system for
mortgage loan originators, establishing a minimum standard requiring
that borrowers have a reasonable ability to repay a loan, and holding
accountable secondary market “securitizers” who package and
sell loans to investors. The legislation will also expand consumer
protections for “high-cost loans,” provide protections for
renters, and establish an Office of Housing Counseling at the United
States Department of Housing & Urban Development (HUD).
To ensure that affordable rental housing is available to families
losing their homes to foreclosure and to those financially incapable of
buying a home, the House Financial Services Committee (FSC) passed H.R. 2895, the “National Affordable Housing Trust Fund Act”,
which establishes a federal trust fund for the creation and
preservation of affordable housing. The FSC is about to pass
legislation to promote greater and more effective use of the Low Income
Housing Tax Credit Program to increase affordable housing.
The FSC is considering an Economic, Housing and Mortgage Rescue Proposal
that will create a new fund to guarantee refinancing of at least $300
billion in troubled mortgages. The program will exclude second homes,
speculators, and those who can afford to pay their existing
loans. The plan also proposes a bulk facility to speed
refinancing, and $10 billion in loans and grants to states to maintain
foreclosed properties, sell them to new homeowners, or convert them to
affordable rentals.
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2) National Council of Asian Pacific Americans (NCAPA) launches 2008 Platform.
NCAPA, a nonpartisan coalition of 25 national
advocacy organizations that represent Asian Americans, Pacific
Islanders, and Native Hawaiians, released on April 11th their 2008
Platform, a compilation of studies and policy recommendations to
specific problems within the AAPI community. National CAPACD's
Co-Chair, Kerry Doi, spoke during a press conference in Los Angeles,
California on the importance of supporting a national housing trust
fund and affordable housing funds that will generate resources for the
production, rehabilitation and preservation of affordable housing for
low-income AAPIs.
The Platform will be used to enrich the policy and political
discussions leading up to the 2008 elections and introduces specific
problems and recommends policy solutions in key areas including civil
rights, economic justice, education, healthcare reform, and
immigration. With the platform, AAPIs are calling on elected
officials, candidates, and other policy makers and newsmakers to
address America's fastest growing minority.
NCAPA was founded in 1996 as the premier coalition that brings together
AAPI communities on common issues. National CAPACD has been a
member of NCAPA since our inception in 1999.
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3) Highlights for National CAPACD's 9th Annual Convention!
Have you registered for the biggest AAPI Community Development Convention of the year?
Join National CAPACD for our 9th Annual Convention -- Vision, Voices,
Votes: Standing Together for Justice & Equity – in Anaheim,
CA, May 15-17, 2008!
This year, we have an exciting line up of speakers including:
- Doris
Koo, President/CEO of Enterprise Community Partners - Doris recently
testified in front of the United States Senate Committee on Housing,
Banking, and Urban Affairs regarding the national foreclosure crisis
and the Senate’s Stimulus Package. A former board member of
National CAPACD, Doris is a nationally respected leader with nearly 30
years of housing and community development experience.
- Ron
Sims, King County Executive – Ron is charged with overseeing the
13th largest county in the nation, including the city of Seattle and 30
percent of Washington state's population. Ron has built his
career in public service around the progressive principles of social
justice, good government and environmental stewardship.
- Billy
Kenoi – Billy has served the Native Hawaiian community over the
years and was recognized as one of "25 people who will help shape
Hawaii over the next 25 years" by Hawaii Business Magazine. He
has worked as the Executive Assistant to Mayor Harry Kim, County of
Hawaii, and as the Deputy Public Defender, District, Family, and Felony
Trial Division. He is currently running for Mayor for the County
of Hawaii.
During this critical election year, we will be
holding the convention in conjunction with the first ever AAPI
Presidential Town Hall.
Register today to guarantee your seat at the Presidential Town Hall and
meet your fellow passionate community organizers, practitioners, and
service-providers at the National CAPACD 9th Annual
Convention!
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