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<br />8A <br />Page 13 <br /> <br />Neighborhood Stabilization: Money for Local Governments <br />· H.R. 3221 will appropriate a one-time $3.9 billion in emergency Community Development Block <br />Grant (CDBG) funds to assist states and local government in the redevelopment of abandoned and <br />foreclosed homes and residential properties. <br />· Funding will be calculated and distributed to states and local governments with the greatest need, <br />which will be based on: <br /> <br />o Number and percentage of home foreclosures in each state or local government <br />o Number and percentage of homes financed by a sub-prime mortgage related loan <br />o Number and percentage of homes in default or delinquency <br /> <br />· This formula appears to be favorable to California since it has the highest amount of foreclosures of <br />any state. Using foreclosures as a barometer alone, California may receive as much as $800 million <br />of the funds, or more than 20 percent of the total. <br /> <br />"Hope for Homeowners" Program: More Mortgage Assistance <br />· The "Hope for Homeowners" program authorizes the Federal Housing Administration (FHA) to <br />refinance up $300 billion in mortgages of at-risk borrowers living in their homes who can afford to <br />make a reduced loan payment. <br /> <br />Housing Trust Fund <br />· Over the long term, the creation of a new Housing Trust Fund may be one of the most significant <br />provisions of H.R. 3221; <br />· Full funding will not occur until 2011. However, HCD will begin a process in the upcoming year to <br />develop a state plan for using and distributing this funding source in which cities will want to have a <br />voice; and <br />· Additionally, local agencies can start planning for the use of these funds. Those local agencies that <br />are currently updating their housing elements can include investigating how these funds can be used <br />within their communities as a program to be completed. <br /> <br />Other Programs <br />· H.R. 3221 provides $150 million nation wide for housing counseling services; <br />· Homeless assistance programs will be increased by an additional $30 million; and <br />· H.R. 3221 contains several provisions which make changes to the low income housing tax credit <br />program, which allows California to increase its bond cap limit and receive $1.2 billion of these funds. <br /> <br />'Seoping Plan Meeting' Continued from Page 1... <br /> <br />Background: <br /> <br />ARB's Office of Climate Change (OCC) staff is seeking formal comment on the draft to help inform the final <br />Scoping Plan, scheduled to be released in October. In addition to these more formal settings, ARB wanted to <br />give each sector the opportunity to meet informally with OCC staff to discuss the next steps in the process <br />and to hear from local governments directly. <br /> <br />Specifically, ARB is offering local governments an opportunity to discuss the interface between a cap-and- <br />trade program and other efforts to reduce greenhouse gas emissions. The goal is that this process will lay a <br />solid foundation for future work. OCC Scoping Plan liaisons and other agency staff will attend the meeting. <br /> <br />Meeting Details <br /> <br />California Environmental Protection Agency Building, Room 230 <br />*check in at front desk for room confirmation <br />Sacramento, CA <br />Wednesday, Aug. 20, 1 :30-4:30 p.m. <br /> <br />4 <br />