Analyzing the HUD Budget

first_img About Author: Seth Welborn in Daily Dose, Featured, Government, News Analyzing the HUD Budget Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Tuesday, the Trump administration announced its proposed 2018 budget. Included in the budget are several cuts to Department of Housing and Urban Development programs, including cutting the funding to the Community Development Block Grant (CDBG) Program, as well as the Choice Neighborhoods Initiative, HOME Investment Partnerships Program, and the Self-Help Homeownership Opportunity Program (SHOP).According to HUD, the CDBG Program has not been effectively targeting the poorest communities and has not demonstrated a measurable impact on communities. Other programs are to be cut due as HUD states that State and local governments are better-positioned to serve their communities’ needs in place of these programs.“This Budget reflects this Administration’s commitment to fiscal responsibility while continuing HUD’s core support of our most vulnerable households,” said HUD Secretary Ben Carson. “We will work very closely with Congress to support the critical work of our agency as we vigorously pursue new approaches to help work-eligible households achieve self-sufficiency.”HUD’s request includes $40.68 billion in gross discretionary funding for the Department. In addition, the budget seeks up to $400 billion in new loan guarantee authority and making changes to strengthen Federal Housing Finance Agency’s (FHA) Home Equity Conversion Mortgage (HECM) or ‘reverse mortgage’ program. The Budget includes a $30 million administrative fee to support the modernization of FHA’s systems, which HUD calls “outdated.”Additional cuts proposed include a $45 million cut to the Consumer Financial Protection Bureau. The current plan would steadily increase cuts to the Bureau over several years, with over $700 million in cuts expected by 2021.Treasury Secretary Steven Mnuchin voiced his support of the proposed budget in a statement on Tuesday.“President Trump’s budget focuses Treasury on our core missions of collecting revenue and managing the nation’s debt, while modernizing, streamlining and increasing efficiencies to reduce operating expenditures,” said Mnuchin. “President’s budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers. These initiatives, coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of three percent or higher.”Read the full budget here. Home / Daily Dose / Analyzing the HUD Budget The Best Markets For Residential Property Investors 2 days ago  Print This Post Tagged with: Funding HUD Trump Data Provider Black Knight to Acquire Top of Mind 2 days ago May 23, 2017 1,580 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img Previous: Hudson & Marshall Acquired by Fidelity National Financial Next: Homebuilders Report Loosening Credit Standards Funding HUD Trump 2017-05-23 Seth Welborn Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Chasing the caffeine high

first_imgThis is one in a series of profiles showcasing some of Harvard’s stellar graduates.Jesse Kaplan may be the only entrepreneur on campus who’s more likely to be hunched over a sink doing dishes than over a laptop writing code. But then, the founder of Harvard’s first student-run coffee shop was never too concerned with adhering to someone else’s concept of success.“I like doing things my own way,” the graduating senior said one recent afternoon as he set up chairs in Cabot Café, the cozy study spot and performance space that he launched two years ago in the Cabot House basement. It was a statement — or an understatement — not just of his preference for furniture arrangements, but for plotting an unusual path at Harvard.After growing up in nearby Newton, Kaplan was intent on leaving the Boston area after high school. But the ambition and energy of Harvard students attracted him to the College, and as a freshman he threw himself into campus life with a polymath’s vigor. By sophomore year, he was involved in everything from hip-hop and Indian dance to a cappella to SAT tutoring for disadvantaged youth. He led admissions tours, tutored in the economics department, joined a fraternity, organized events for Hillel House, and performed in two musicals on campus, all while maintaining a perfect GPA.And then, somehow, he got bored.“I pretty quickly exhausted all the things I saw myself getting out of Harvard,” the economics concentrator said. “I made a conscious decision to invest the next year or two of my life in something I would have complete ownership over, something that would last beyond my time here.”The café, which he conceived as a sophomore with his Cabot roommate (and coffee enthusiast) Dan Lynch, gave him the purposeful project he sought. It also gave undergraduates living in the Radcliffe Quad — a location both beloved and bemoaned for its remove from the bustle of the Square — a place to grab a snack or a latte after dining hall hours, as well as a place to socialize, host events, and, of course, cram.“As soon as we created this comfortable space with caffeinated drinks, we attracted all the studiers, which in retrospect seems obvious,” Kaplan said with a laugh.With a $3,000 loan and the support of Cabot House Masters Rakesh and Stephanie Khurana, they transformed a dilapidated basement space — once a Quad convenience store — into a performance venue, student art gallery, and coffee shop for a four-day trial run in the spring of 2011.“We had events every night, and it was packed,” Kaplan said.To prepare for the café’s formal opening that fall, Kaplan put in 10- to 15-hour days. He became a certified food protection manager, obtained permits from the city of Cambridge, wrote a “barista bible” training manual with Lynch, and hired a staff. The café is now open five nights a week; additional grant money and profits have been put back into the café for improvements.“It’s not hugely profitable, but it’s completely sustainable,” he said.Profit margin aside, the café is possibly the best-known student enterprise at Harvard — a precedent-setting success, Kaplan hopes, for future partnerships between the University and budding entrepreneurs.“I think if I had known how much work it would have taken, I wouldn’t have done it,” he said, reflecting on a weeknight schedule that kept him on call until 2 a.m. “But I’m glad I didn’t know.”After two years of running a brick-and-mortar operation, Kaplan spent his last semester interviewing at early-stage digital startups in New York — many of which have been eager to hire him after his success with the café. He has also trained three new student managers, ensuring that the Quad’s new social hub will live on.“I was always wondering what my first startup would be,” Kaplan said. “Cabot Café will always be the first business I launched.”last_img read more