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National Alliance of Community Economic Development Associations December 20, 2023
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Happy Holidays from Our Community to Yours!
Thank you for your commitment to the NACEDA network and our shared goal of advancing community opportunity. Together, we unify the community development field by engaging with every part of our communities, increasing the flow of resources to our mission-oriented work, and supporting each other as a peer network. Please consider NACEDA as part of your year-end giving priorities by making a donation on our website.
Best wishes to you, your loved ones, and the communities you serve!
Federal News
Congress Examines Surging Insurance Rates for Housing Development
Developers nationwide are grappling with a crisis as insurance rates surge, jeopardizing housing construction, particularly affordable units. On September 7, the Senate Banking Committee discussed these challenges in a hearing titled “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.” Advocates entered a statement for the record that emphasized the profound impact of insurance premium inflation on affordable housing.
On December 6, the House Financial Services Committee delved into a hearing titled “Governmental Barriers and Market-Based Solutions to Housing Affordability.” Divergent views emerged, with Senate Republicans citing state and local regulations and House Democrats pointing to structural discrimination, such as increased costs impacting communities with greater needs due to historical building in low-lying areas. The limited role of federal regulation in largely state-based insurance markets complicates a potential response.
The Texas Association of Community Development Corporations, a NACEDA member, held a session on insurance at their policy summit in November. NACEDA closely monitors these issues and invites your input if your members are confronting similar matters.
NACEDA News
Frank Woodruff Raises Up Community Development in Nonprofit Quarterly
The community development sector comprises approximately 6,000 community-based development organizations with $28 billion in annual revenue and $54 billion in assets, according to the results of a national census conducted by the Urban Institute for NACEDA.
On December 6, Nonprofit Quarterly published an article by NACEDA Executive Director Frank Woodruff – What Is a Community Development Corporation? The article examines the history of community development and implores funders and policymakers who care about racial equity and the future of underserved places to understand the field's identity more deeply. “What makes CDCs unique is their identity as community-based institutions improving lives through the power of place,” Frank wrote.
Member News
Seattle Voters Renew Affordable Housing Levy at $970 Million
On November 7, Seattle voters approved the 2023 renewal of its Housing Levy, a foundational tool for affordable housing for nearly 40 years. Past investments from this property tax levy have produced over 12,000 affordable homes. The Housing Levy will generate $970 million over the next seven years, with funds serving housing needs across the entire income continuum. The Housing Development Consortium (HDC), a NACEDA member, played a pivotal leadership role in garnering support and working alongside partners to secure the victory, from shaping the proposal through robust stakeholder outreach to voter mobilization with their membership and allies. Patience Malaba, HDC Executive Director, remarked “While we celebrate this significant achievement, it is important to recognize there is still much work to be done. The passage of the Seattle Housing Levy must serve as a catalyst for further efforts, inspiring innovative strategies, engaging stakeholders, and expanding affordable housing funding at all levels of government.”
Funding & Job Opportunities
National CAPACD Seeks CEO for Its Emerging CDFI
The National Coalition for Asian Pacific American Community Development (National CAPACD) seeks a full-time Chief Executive Officer to lead its emerging community development financial institution (CDFI). The Our Neighborhoods Capital Fund will leverage and deploy capital to meet the community development needs of low-income Asian American and Pacific Islander neighborhoods. View the job posting.
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