Hud minority business report

If the portal includes information on Federal financing programs and incentives beyond those offered by HUD, what types of information would be most useful to include? For example, it can often cost more to acquire and rehabilitate a home than the property can be sold for, though such work at sufficient scale can also stabilize a neighborhood and restore a hobbled local housing market.

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The information portal should also include information about local hiring and participation of small, minority-owned, women-owned and local businesses. Both HUD and the WHORC must achieve some balance in targeting, preferences and providing additional support to OZs since there are non-OZ-designated distressed communities around the country that also have pressing community needs and must have the opportunity to compete and be awarded grants and other federal benefits.

Hud minority business enterprise

Performance toward those goals should be tracked and reported in the information portal among other key benchmarks. HUD, both as an agency and as the lead agency for the WHORC, will play a key role in helping businesses, but also local residents and community-based organizations, participate in the economic activity generated by QOF investments. On the same day, the Department also released the White House Opportunity and Revitalization Council WHORC Implementation Plan and announced over 50 targeting actions out of federal programs where targeting, preferences or additional support for OZs are considered. Question 6: How can HUD properly evaluate the impact on communities? Department of Treasury, these private investments will be largely market- and profit-driven, disperse and may not respond to community needs or deliver benefits that are broad-based and equitable. HUD should develop OZ policies that assist mission-driven developers that preserve or create affordable homeownership opportunities. Highlights of these answers Set SBE, MBE, WBE and LBE participation goals and diversity targets Facilitate small business capacity building and technical assistance; ensure it is well-funded Facilitate community capacity building The WHORC should align workforce training and encourage local hiring Data collection and outcome-based reporting and compliance is critical Technical assistance and goals will be critical to bridge the divide separating small, minority-owned, women-owned and local business enterprises SBEs, MBEs, WBEs, LBEs from QOF managers and investors willing and able to make equity investments, enter partnerships or procure goods and services. Empirically, evaluations of geographically targeted economic development policies have been mixed; and, evaluations of geographically targeted tax incentives for business owners and owners of capital have demonstrated a positive, but limited, effect on increasing the economic well-being of other individuals living within the target area. Both HUD and the WHORC must achieve some balance in targeting, preferences and providing additional support to OZs since there are non-OZ-designated distressed communities around the country that also have pressing community needs and must have the opportunity to compete and be awarded grants and other federal benefits.

Impact Investing Alliance and the Beeck Center at Georgetown University have collaborated to identify ways that QOF managers can thoughtfully deploy capital raised from investors, including collecting basic market and impact data that enable independent evaluators and researchers to analyze the outcomes of the overall policy, such as: guiding principles for opportunity zones stakeholders; and an opportunity zones reporting framework.

What types of information should HUD include in such a tool?

hud minority business enterprise

Preserving affordable housing must be a priority HUD should take steps to assist mission-driven developers working to preserve, rehabilitate and build affordable housing, and particularly homeownership. There should also be separate regional and local benchmarks linked from the national portal.

Quite frankly, it is good governance, wise stewardship and consistent with minimal due diligence. NCRC members include community reinvestment organizations, community development corporations, local and state government agencies, faith-based institutions, fair housing and civil rights groups, minority and women-owned business associations, housing counselors and social service providers from across the nation.

hud form 60002

Department of Treasury, these private investments will be largely market- and profit-driven, disperse and may not respond to community needs or deliver benefits that are broad-based and equitable. It took a few years for the market to mature, investors to become comfortable with the risks and rewards and the tools and structures to standardize.

Hud 2516

NCRC also supports prohibiting QOF investments that eliminate affordable housing units in a designated OZ without associated development of an equal number of replacement affordable units, unless a review of historic occupancy rates and a current market study support the elimination of such units. Notwithstanding the information portal and other online resources, the WHORC agencies should designate staff within each region and each agency with responsibility for coordinating work around OZs and conducting outreach to community stakeholders. Baltimore City region employed the most community zone workers at 32 percent, likely because it is significantly larger than the other four zones and comprises a significant portion of the commercial and industrial areas of the city. There should also be separate regional and local benchmarks linked from the national portal. According to the Federal Reserve Bank of St. Question 5: What role can HUD play in helping to ensure that existing residents, businesses and community organizations benefit? When well-qualified minority homeseekers contact housing providers to inquire about recently advertised housing units, they generally are just as likely as equally qualified white homeseekers to get an appointment and learn about at least one available housing unit. The sheer scale and transformative power of the Opportunity Zones can be both a blessing and a curse, with the potential to attract and spur economic activity with broad social benefits equitably-shared in some places, but just as likely to accelerate the type of neighborhood change that results in displacement, dislocation and poor social outcomes for local residents in others. NCRC members include community reinvestment organizations, community development corporations, local and state government agencies, faith-based institutions, fair housing and civil rights groups, minority and women-owned business associations, housing counselors and social service providers from across the nation. Question 4: What types of technical assistance should be offered through HUD? This summary report presents findings from the fourth such study, which applied paired-testing methodology in 28 metropolitan areas to measure the incidence and forms of discrimination experienced by black, Hispanic, and Asian renters and homebuyers. There is a lot at stake for OZ communities and the U. Discrimination, informational asymetries and other externalities, preexisting networks and longstanding business relationships are among the barriers that entrepreneurs and local enterprises often face in a number of financing, investing and procuring context. Most important, minority homeseekers are told about and shown fewer homes and apartments than whites. Given the scale of this program, both in investment potential and forgone tax revenue to the U.

Treasury, it would be far more beneficial to have information about the QOFs, their guiding principles and the types of investments they targeting, making and location. The revenue losses would not be expected until Beginning in the late s, the Department of Housing and Urban Development HUD has rigorously monitored trends in racial and ethnic discrimination in both rental and sales markets approximately once each decade through a series of nationwide paired-testing studies.

Hud form 60002

NCRC appreciates the opportunity to share our views. Mission-driven developers compete directly with private equity, hedge funds and cash investors to acquire distressed housing inventory. Most important, minority homeseekers are told about and shown fewer homes and apartments than whites. Notwithstanding the information portal and other online resources, the WHORC agencies should designate staff within each region and each agency with responsibility for coordinating work around OZs and conducting outreach to community stakeholders. Baltimore City region employed the most community zone workers at 32 percent, likely because it is significantly larger than the other four zones and comprises a significant portion of the commercial and industrial areas of the city. If the portal includes information on Federal financing programs and incentives beyond those offered by HUD, what types of information would be most useful to include? At its inception, the Opportunity Zones approach does not embody any of the requisite discipline or the comprehensive approach of many successful place-based economic development initiatives.
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Comment on HUD’s Opportunity Zone policy » NCRC