Page 1
Standard

Check out Nate Coffman on The State of Ohio

Check out today’s episode of The State of Ohio with Karen Kasler as they discuss payday lending reform in Ohio. Our own Nate Coffman talks about the statewide citizens initiative alongside Rep. Kyle Koehler (R – Springfield), who was the primary sponsor on the bipartisan HB123 which also seeks to address the unchecked power of predatory lending in Ohio.

Payday loans in Ohio are the most expensive in the nation, with an astounding typical annual percentage rate (APR) of 591%. That is why we need real reform now.

Standard

What’s happening? Federal updates & new staff

A brief sample of our January 2018 newsletter: What’s Happening in Ohio Community Development?

Welcome, Alana!
OCDCA is pleased to welcome Alana Perez to the staff! Alana joined our office on January 16th and is our new AmeriCorps VISTA Program Manager, making her the new face and day-to-day overseer of the OCDCA AmeriCorps VISTA Project.

She comes to us after serving as an AmeriCorps State Member with the American Red Cross in her hometown of Los Angeles. Prior to that, she graduated from Denison University with a Bachelor’s in Political Science. We’re excited to have her here, and members shouldn’t be afraid to reach out on all things VISTA.

Administration Takes Aim at CRA – Sign on Letter
According to Forbes, the Trump Administration is taking aim at changing the Community Reinvestment Act (CRA). The rumored changes are at best a mixed bag. The Wall Street Journal expects the most dramatic overhaul to CRA in the last 20 years. Read the letter that NCRC will send to the Treasury detailing our recommendations for enhancing the ability of CRA to direct banks to address the credit and capital needs of underserved communities. You can also read a 2-page summary of the letter. You can sign on and be a part of this letter by using this link to complete the sign on form.

Read the whole newsletter or subscribe!

Standard

NEO: Payday lending reform needs your help – January 17th at 10 am

Payday loans in Ohio have the highest APR (591%) in the nation! House Bill 123 would reform those loans, with interest rates at 28% plus a monthly fee of no more than $20. There is a major hearing on this bill tomorrow, Jan. 17, in Columbus. The campaign needs to fill the bus with people who support payday loan reform.

The bus will leave at 10 a.m. Wed., Jan. 17, from the parking lot of Rockside Corners Shopping Center, 6901 Rockside Rd, Independence, OH 44131. This is just east of I-77 and pretty easy to get to. There’s plenty of parking available.

Those on the bus will get lunch at the statehouse prior to the hearing and will meet with Rep. Kyle Koehler of Springfield, one of the co-sponsors of the bi-partisan bill. They will have some T-shirts for supporters, who will attend the hearing. They also may be asked to stand next to or behind any of our supporters who testify if they are being interviewed by media before or after the hearing. The bus will leave Columbus at about 4pm.

Please help to fill the bus by urging staff or residents that are concerned about this important issue.

Any questions can be directed to Betsy O’Connell at boconnell@lesiccamper.com or 216.702.4331. She would like to know who is coming on the bus, so she can give that information to Danielle Sydnor, a supporter and official with the Cleveland NAACP who will be on the bus and will be briefing attendees.

Image

Action needed on tax reform legislation

Dear advocate:

Please take a moment to read and act on the message below from Hal Keller and our friends at the Ohio Capital Corporation for Housing. It’s critically important to preserve private activity bonds; exempt housing tax credits from BEAT to encourage affected institutions to invest in America; keep LIHTC basis boost at 30%; and keep the New Markets Tax Credit and Historic Tax Credit.

Thank you for your advocacy!

Sincerely,
Nate Coffman
Executive Director
Ohio CDC Association

Friends,

As you know, with the passage of the Senate tax reform bill, the next step is for Senate and House Republicans to reconcile differences between their bills. As the Senate and House convene the conference committee to craft a single tax reform bill, it is important that our industry weigh in on these issues. The future of affordable housing and community economic development is at serious risk of devastating cutbacks. Given there might very well be a need to find revenue to pay for measures that will lead to an agreement, we cannot assume the Senate provisions related to private activity bonds and other credits will automatically be retained.

The document linked below explains and addresses our concerns. We need to weigh in with Republican Senators and Representatives and ask them to relay to the conferees the impact these provisions will have on affordable housing production. Names and contact information for the legislators and their tax staff are also linked below for your convenience.

The tax reform framework laid out by Republican leadership in September specifically called out the LIHTC as economically important to the American economy. Yet the pending bills repudiate that commitment. The conferees need to understand that these provisions will negatively affect the economy, job creation and affordable housing production.

Please let me know if you have any questions and thank you. Time is of the essence.

Thank you,
Hal Keller
President
Oho Capital Corporation for Housing

H.R. 1 Impact on Community Economic Development

Ohio Congressional Delegation

Standard

What’s happening? Tax cuts

A brief sample of our November 2017 newsletter: What’s Happening in Ohio Community Development?

TAKE ACTION: Tax Bills Batter Opportunity and Affordable Housing

The so-called “Tax Cuts and Jobs Act” will decrease affordable housing, decrease jobs, decrease economic opportunity in a multitude of ways (healthcare, education), increase taxes on tens of millions of low-to-moderate income households, widen already deep income/wealth inequality, increase our national debt that will squeeze future domestic spending, and will redistribute wealth (upward) from average Americans to corporations and the affluent.

Although the Senate budget version (expected to be voted on in the coming hours) is not as harmful for housing as the House proposal, both would irreparably impact low-to-moderate-income communities across Ohio by decreasing thousands of affordable units and costing thousands of jobs through impacts to private activity bonds (Housing Bonds), Low-Income Housing, Historic, and New Markets Tax Credits.

By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut, according to the non-partisan Joint Committee on Taxation and the Congressional Budget Office. Out of 42 top economists, only 1 believes the GOP tax bills would help the economy. “Aside from the redistribution of wealth (upward), hard to see this changing much,” wrote Richard Thaler, who just won the Nobel Prize in economics.

It’s important to make your voice heard and continue to call your Congresspeople.

Please tell them to oppose tax bills under consideration because the proposals will broadly burden low-to-moderate-income families and that specifically it’s important to protect and expand tax provisions that support affordable housing and community development namely private activity bonds (Housing Bonds), Low-Income Housing, Historic, and New Markets Tax Credits.

Contact Senator Rob Portman
Contact Senator Sherrod Brown
Contact your U.S. House Representative

Regardless of the final result, it’s critically important to continue to not only educate members of Congress but to educate family, friends, and co-workers on the factual real-world impacts of these measures. Thank you for your advocacy!

Read the whole newsletter or subscribe!

Image

Take Action – Tax Cuts Hurt Communities & Diminish Affordable Housing

It’s been a dizzying few weeks watching the House and Senate proposals to overhaul our country’s multi-trillion dollar tax system. It’s difficult for any citizen, no matter how informed, to follow the differing House and Senate proposals that are moving at such a rapid pace.

Two things are absolutely certain – both proposals will further shift our country’s tax burden away from corporations and the affluent to working families and greatly diminish affordable housing.

In the 1960s, the ratio of federal collections between individual and corporate income taxes was about 2 to 1. Since the Great Recession, this ratio has approximated 5 to 1. This is all being pushed in an era of ever-widening income inequality that will also lead to a significant increase in budget deficits that will set the stage for additional budget cuts and austerity.

Although the Senate budget version is not as harmful for housing as the House proposal, both would irreparably impact low-to-moderate-income communities across Ohio by decreasing thousands of affordable units and costing thousands of jobs through impacts to private activity bonds, Low-Income Housing, Historic, and New Markets Tax Credits.

Last week, COHHIO and our Executive Director, Nate Coffman, were in D.C. advocating against these proposals, and it was clear that Congressional offices are getting oppositional calls but more are needed.

It’s important to make your voice heard and continue to call your Congresspeople.

Please tell them to oppose tax bills under consideration because the proposals will broadly burden low-to-moderate-income households and that specifically it’s important to protect and expand tax provisions that support affordable housing and community development such as private activity bonds, Low-Income Housing, Historic, and New Markets Tax Credits.

Contact Senator Rob Portman.
Contact Senator Sherrod Brown
Contact your U.S. House Representative

Also, join a national Twitterstorm on Tuesday, November 28 from 2:00pm to 3:00pm to urge senators to vote “no” on this irresponsible and unacceptable tax bill. #CutsHurt #AffordableHousing

Thank you for your advocacy and have a happy Thanksgiving!

Standard

Senate tax reform bill would reduce affordable rental housing production by nearly 300,000 homes

Borrowed from Michael Novogradac of Novogradac & Company:

“According to Novogradac & Company analysis, the Tax Cuts and Jobs Act, tax reform legislation introduced by Senate Finance Committee Chairman Orrin Hatch, R-Utah, would reduce the future supply of affordable rental housing by nearly 300,000 homes over 10 years.  The Senate bill is more favorable than the House bill, because it preserves private activity bonds, but the Senate bill would still appreciably reduce affordable rental housing production at a time when the need for affordable rental housing is acute. Specifically, the following changes proposed by the bill would result in fewer rental homes built or renovated by the low-income housing tax credit (LIHTC):

  1. Lower corporate tax rate from 35 percent to 20 percent,
  2. Change the depreciation and interest deductibility of LIHTC propertis, and
  3. Change inflation factor for future LIHTC and private activity bond allocations from CPI-U to “chained CPI”

He went on to state that Ohio would be third highest state poised to lose the most affordable housing and jobs under the Senate bill.

Read the full post here.

Standard

Action alert: tax reform will hurt communities

House Republicans released their tax cut plan and, just like earlier versions, this package of tax cuts would do nothing of substance for the working families who need the most help, but would instead supercharge wealth inequality and the racial wealth divide. House Republicans released their tax cut plan and, just like earlier versions, this package of tax cuts would do nothing of substance for the working families who need the most help, but would instead supercharge wealth inequality and the racial wealth divide.

  • Tax cuts for the wealthy don’t pay for themselves. Lower taxes on corporations and the wealthiest Americans will be paid for by working families in the form of cuts to the programs they rely on.
  • Harms community development such as elimination of New Markets Tax Credits, historic tax credits, and 4% tax credits and bond financing for housing among others.
  • Nearly 13 million Americans earning $100,000 a year or less would see a tax increase, according to an analysis from the Open Source Policy Center.
  • The plan removes the student loan interest deduction, affecting millions with student loan debt and further burdening these young people with lifelong debt.

While they decide whether to support this plan for “tax reform,” members of Congress need to hear from you today…before they hear from the lobbyists and special interests that stand to benefit at the expense of working families.

Call your Representative and tell them to put working families first! 

Thank you for using your voice to stand up for what’s right: the chance for everyone in our country to thrive.

Standard

What’s happening? Budget vote, HUD

A brief sample of our August 2017 newsletter: What’s Happening in Ohio Community Development?

House Plans to Vote on FY18 Housing Appropriations in Early September 

The US House plans to vote on the FY18 Transportation-Housing and Urban Development (THUD) spending bill in the first few days of September after members of Congress return from their month-long recess. The current plan is for the THUD bill to be combined with seven other domestic spending bills to form a larger package. Because of tight federal spending limits, the THUD bill would eliminate more than 140,000 housing vouchers and reduce flexible resources used by states and localities to build and preserve affordable homes and address community needs.

Even if the House passes the spending package, the Senate is unlikely to consider the bill. Because of the low domestic spending levels and conservative policy riders in the House spending bills, Democrats are expected to oppose them. Without some Democratic support, the Senate does not have the 60 votes it needs to approve the spending bills. The Senate continues to work on its spending bills, which exceed the Budget Control Act caps. This sets the stage for bipartisan negotiations. Congress and the administration will need to reach an agreement on final FY18 spending bills – or enact a short-term Continuing Resolution – before the start of the new fiscal year on October 1 or risk a government shutdown.

Given the limited time remaining before the start of the next fiscal year, Congress will likely need to rely on at least one short term stopgap spending bill to keep the government open when FY18 begins on October 1. Click here for an updated budget chart covering a variety of community development and housing programs.

Read the whole newsletter or subscribe!

Image

URGENT: Save the Ohio Housing Trust Fund Expansion!

Your strong support helped convince leaders in the Ohio House of Representatives to add our proposal strengthening the Ohio Housing Trust Fund to the state budget that passed the House last month.

Unfortunately, the Ohio Senate just stripped the proposal from its version of the budget.

Please call your Senator by noon on Thursday and ask him or her to support the Ohio Housing Trust Fund proposal!

Senators need to know that their constituents and community leaders care about this issue and are opposed to removing the Trust Fund proposal.

Find contact information for your Senator.

Talking Points for Calls to Senators:

  • We urge the Senator to restore the Ohio Housing Trust Fund/Recording Fee proposal in the budget.
  • The proposal is a key part of the solution to Ohio’s opiate crisis because it dedicates $6 million/year in non-GRF (general revenue fund) to help house people who are exiting opiate treatment.
  • The proposal stabilizes and expands the Trust Fund, the primary source of state support for homelessness and decent, affordable homes for seniors, veterans, and children.

This Home Matters to Ohio brochure has more information about the Trust Fund.

You will most likely speak to a Senator’s aide or leave a brief voice mail, but please know, these contacts are critically important. After you call, please send a quick email to marcusroth AT cohhio.org to let the coalition know who you contacted.

We still have time to get the Trust Fund proposal restored before the budget is finalized on June 30, but we need your voice!

Despite this setback, we are confident that our efforts will ultimately succeed in increasing state funding for the Ohio Housing Trust Fund.

Thank you for your support!

Nate Coffman
Executive Director
Ohio CDC Association
On behalf of the Home Matters to Ohio coalition