New Updates on The Edge - 06/17/2014

New on The Edge

Message from Senior Leadership:
My Brother’s Keeper
In February, President Obama established the My Brother’s Keeper Task Force to examine the public and private efforts that are improving the life chances of minority boys and young men. Deputy Assistant Secretary for Research, Evaluation, and Monitoring Calvin Johnson and Associate Deputy Assistant Secretary for Policy Development Todd Richardson discuss the task force’s 90-day report to the President, which outlines promising strategies that could be used to benefit the youth targeted by the initiative.

In Practice:
Preserving Affordable Housing at Parkway Gardens in Chicago
The preservation of the Parkway Gardens apartments in Chicago ensures that nearly 700 units of housing are not lost from the city’s affordable stock. Each unit received substantial improvements as part of the rehabilitation and no residents were displaced during the process. The project received a 2014 Chicago Neighborhood Development Award from the Local Initiatives Support Corporation.

Policy Update:
County Land Banks Tackle Vacancy and Blight
Communities are increasingly turning to land banks to stem the negative effects of vacant and abandoned properties. While their geographic scope and authority varies across the country, land banks are proving to be a highly adaptable tool for responding to local real estate conditions and guiding strategic investments.

Housing Scorecard:
May 2014 Housing Scorecard
The data in the May 2014 scorecard show progress among key indicators, including growing equity, a rebound in the sale of new and existing homes after a harsh winter, and a continued downward trend in foreclosures. According to the Federal Reserve, homeowners’ equity was up nearly $795 billion in the first quarter of 2014, reaching its highest level since the second quarter of 2007. The numbers of foreclosures that were initiated and completed were at their lowest levels since December 2005 and July 2007, respectively.