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Minnesota Rep. Keith Ellison recently introduced a bill to reform the Mortgage Interest Deduction to make it more equitable for middle and lower income homeowners and to use the billions saved from this reform to fund affordable housing programs.
Read more: Mortgage Interest Reform: One Step Closer to Reality
With a slow downward trend in foreclosures overall, we've been curious to know how renters are being impacted by foreclosures, and what's changing over time. Based on local data, MHP has found that foreclosures on rental properties have decreased over the past few years. Yet foreclosures of rental properties still make up nearly one-fourth of all residential foreclosures in Ramsey and Hennepin counties. Extending protections to renters in foreclosure remains an urgent issue.
Read more: Foreclosure of renters down, but still all-too-common
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n the third quarter of 2012, conditions were very clearly on the up-and-up for homeowners and the housing industry. Renters, however, are still awaiting brighter days, with rental housing scarce, especially for cash-strapped lower-income renters. The number of homeless families turning to Hennepin County for shelter reached a 12-year high this quarter, according to the latest "2 x 4" Report.
Read more: 2x4 Released: Housing Industry Perks Up but Renters Yet to Find Relief in Q3 2012
At the November Minnesota Housing board meeting, the highlights included an announcement of a new State Director to Prevent and End Homelessness, and the Agency committed the remaining bonding authority allocated to it by the 2012 Legislature. The board and staff discussed where the Agency faced the greatest risks, as well as the challenge of using pay for performance, or social impact bonds.
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