The problem is compounded by the federal governments diminishing role in housing and community development programs. Local entities rely on federal assistance programs to buy down the cost of housing for low- and moderate-income residents. According to Mini Trading Course the Center on Budget and Policy Priorities (CBPP), because of budget deficits, the current administration and Congress have reduced funding for a number of domestic programs, including most low-income housing programs. Community development block grants, the Home Investment Partnerships Program and public housing have been hit the hardest; their funding declined by 20 percent, 16 percent and 11 percent, respectively, from 2004 to 2006. In 2007, the administration proposed further cutbacks of $1.3 billion. These decreases in large federal block assistance programs have affected nearly every low-income housing grant program important to state and local plans to increase affordable housing. And as federal funding declines, construction costs continue to rise.

Some local communities, however, are discovering that affordable housing and community development programs can flourish even with reduced federal backing. This issue of Banking and Community Perspectives presents Forex Trading Explained case studies that show resourceful ways local entities are promoting affordable housing and expanding community development opportunities. Even though many of these programs are not new, they are undersubscribed or have fresh potential to impact more residents.

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Home Improvement Incentive Program in Richardson

As a strategy to attract business and in response to neighborhood advocacy for a policy that would revitalize deteriorating housing stock, the city of Richardson recently Forex Trading Made E-z initiated the Home Improvement Incentive Program. The neighborhood services department of this inner-ring suburb of Dallas manages the program, which offers a onetime tenfold rebate on the increase in city taxes based on a homes postimprovement appraised value. For example, if a homeowner makes improvements and sees a $300 increase in the city portion of his property tax bill, the homeowner would receive a onetime $3,000 rebate check from the city.

To qualify, an improvement project must have begun after Feb. 12, 2007, cost at least $20,000 and be completed within 24 months of project approval. Property owners are required to sign a contract with the city, provide officials with a project cost estimate, consent to periodic inspections and authenticate construction costs. The county appraisal district determines the homes certified value.

Although the tax rebate program Forex Trading Explained is open to any owner of a single-family home, the hope is that the program will benefit the older sections of Richardson and curtail a trend toward declining property values as residents move to newer suburbs or into Dallas. Don Magner, who oversees the incentive program, says Richardson was compelled to implement the plan because it promotes a dual objective of both infill and economic development.

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