Millennial Housing Commission Housing Program Tutorial, May 2001 Additional Baseline Information Housing Program Tutorial May 14, 2001 Millennial Housing Commission

Housing Program Tutorial, May 2001 Owner Occupied 71,906,000 Renter Occupied 34,587,000 For Rent Vacant 2,970,000 Other Vacant* 4,201,000 Off Market 5,292,000 The Nation’s Housing For Sale Vacant 1,188,000 Total Housing Stock: 120,144,000 units Source: See Table I

Millennial Housing Commission Housing Program Tutorial, May 2001 History of Eligible Units Source: See Table II

Millennial Housing Commission Housing Program Tutorial, May 2001 Beneficiary Characteristics—Tenants Tenant Race by Program Source: See Table III

Millennial Housing Commission Housing Program Tutorial, May 2001 Beneficiary Characteristics—Tenants Hispanic Origin by Program Source: See Table IV

Millennial Housing Commission Housing Program Tutorial, May 2001 Beneficiary Characteristics—Tenants Source: See Table V

Millennial Housing Commission Housing Program Tutorial, May 2001 Other Housing Related Programs DOE Weatherization Assistance Program State block grants, started in Has served 5 million households. Returns $2.10 in energy savings for every $1 spent. FY $153 million FY 2002 (proposed)--$273 million, estimated 120,000 households served. HHS Temporary Assistance for Needy Families (TANF) Flexibility of PRWORA allows funds to be used for housing assistance. Federal funds and state MOE monies may both be used. Six states and two California counties have TANF-funded housing programs. Limits on duration and eligibility to control costs. Varies by program.

Millennial Housing Commission Housing Program Tutorial, May 2001 Funds for Special Populations Homeless-McKinney Act Native Americans-NAHASDA Disability/Elderly-Section 202/811 AIDS-HOPWA

Millennial Housing Commission Housing Program Tutorial, May 2001 Fair Housing, Equal Credit, and Consumer Protections Fair Housing Act (1968) Prohibits discrimination in housing based on race, origin, religion sex, family status or disability. Violations—Submit a Housing Discrimination Complaint Form to HUD. Truth in Lending Act (Regulation Z) (1968) Promote the informed use of consumer credit by requiring disclosures of terms and costs. Regulates information required in advertisements as well as disclosure requirements, especially on variable rate credit. Regulated by the Federal Reserve Board Equal Credit Opportunity Act (ECOA) (1974) Equal chance to obtain credit. Creditors may not discourage from applying or make a decision based on sex, race marital status religion or source of income. Violations-- Justice Department or the proper regulatory agency.

Millennial Housing Commission Housing Program Tutorial, May 2001 Fair Housing, Equal Credit, and Consumer Protections Real Estate Settlement Protection Act (RESPA) (1974) Requires the disclosure of costs and obligations in settlement services. Tries to eliminate unnecessary costs in settlement services. Rules apply before during and after settlement process Violations—Report to the Office of Consumer and Regulatory Affairs at HUD. Home Ownership and Equity Protection Act (HOEPA) (1994) Amendment to the Truth in Lending Act. Provides special protections to consumers entering into high-cost mortgages (APR exceeds Treasury rate by more than 10%, or fees more than 8% of loan amount.) Restricts some loan terms associated with abusive lending practices (short-term balloon notes, prepayment penalties, higher interest rates upon default and non-amortizing payment schedules). Regulated by the Federal Reserve Board.

Millennial Housing Commission Housing Program Tutorial, May 2001 Fair Housing, Equal Credit, and Consumer Protections Community Reinvestment Act (CRA)—(1977) Encourage federally insured lending institutions to meet credit needs of low and moderate-income residents. Institutions are evaluated for their performance using the CRA, no set performance standards. Can be fulfilled with direct loans, community investment, etc. Monitored by appropriate oversight agency (FDIC, FRB, OCC or OTS)