Around The District

Illinois

Illinois announces Fallen Heroes Scholarship Fund
($2,500 Bright Start accounts to children of fallen heroes)

The following information was excerpted from a press release on the Treasurer of the State of Illinois Website.

Illinois State Treasurer Alexi Giannoulias and Illinois Department of Veterans' Affairs Director Tammy Duckworth have established the Fallen Heroes Scholarship Fund to benefit the children of fallen Illinois service members.

Children who have lost a parent in Operation Enduring Freedom in Afghanistan, Operation Iraqi Freedom or future conflicts are eligible for a $2,500 scholarship deposited into a Bright Start College Savings account.

The accounts are managed by the Treasurer's Office. Beneficiaries between the ages 18 and 30 can use the money for college tuition, fees and room and board at accredited colleges, universities and vocational schools in the U.S. and at some abroad.

"The loss of a parent can have a devastating effect on children, making it more likely that they will drop out of school or struggle to pay for college," Giannoulias said. "We hope this program will honor Illinois' fallen heroes by making their children's futures a little stronger."

"The Fallen Heroes Scholarship Fund will help provide education for the children of our fallen heroes," Duckworth said. "These military families have endured a loss that can never be replaced. The least we can do is ensure that these children have the opportunity to pursue an education and the American dream, the very dream their father or mother fought to protect for the rest of us."

The Fallen Heroes scholarships are funded by contributions from Bright Start program manager Oppenheimer Funds. No tax dollars are being used.

For each eligible child, the state will deposit $2,500 into a tax–free Bright Start College Savings account and invest the funds in an age–based portfolio that grows more conservative as the child reaches college age. The scholarship accounts must be initiated by the beneficiary or a surviving family member, though the state retains control of the monetary distribution. The scholarship can supplement federal education or death benefits.

Giannoulias mailed scholarship information to the families of each fallen Illinois service member in November, but many letters were returned. He asks that anyone who knows a family who may qualify to contact the Treasurer's Office immediately so their scholarship can start earning interest.

"We believe there are dozens of children in Illinois and in other states that are eligible for these scholarships that we cannot find or who have not enrolled," Giannoulias said. "If you know a child who has lost a parent during the War on Terror, please help us reach out to their families so these college scholarships do not go to waste."

Also, the Treasurer's Office now partners with lenders statewide to offer low–interest loans up to $250,000 to National Guard and Reservists who are away from their businesses for at least 90 days and anticipate economic hardship as a result.

To learn more about the Fallen Heroes Scholarship program, check out its webpage , contact the Treasurer's Office at (217) 558–4983.

Indiana

Purdue launches online planning tool
According to an InsideIndianaBusiness.com report, an online resource has been launched by Purdue University which is designed to help cities and counties plan their land-use and economic development. The Local Decision Maker (LDM) provides almost instant data for producing a socioeconomic and environmental community snapshot. It contains government and geographic information about population, environment and natural resources, education, economy and labor markets. There is no charge to use the LDM. Visit the site at http://ldm.argiculture.purdue.edu.

Iowa

Iowa Governor Culver announces three targeted small business awards
(Start-up Loans to Help Entrepreneurs with Disabilities, Women and Minorities in Des Moines and Iowa City to Expand Small Businesses)

The Following information was excerpted from a news release on the Iowa Life Changing website.

Governor Chet Culver recently announced three new Targeted Small Business (TSB) loans for business owners in Des Moines and Iowa City to open and expand operations.

"To move our state forward, we must make Iowa a state where everyone, regardless of race, gender or ability has the opportunity to turn their ideas into reality and reach their full potential," said Governor Culver. "This important program makes it easier for entrepreneurs with disabilities, women and minorities to start businesses and create new financial opportunities for themselves and others. These businesses will create new jobs, promote diversity across our state and make our economy stronger."

Faythe and Sarah Dornink, owners of Faythe Dornink Custom Dress Designs in Des Moines, were awarded a $15,000 loan with an interest rate of four percent over a five year period to purchase equipment, furniture and supplies. Because of increasing sales, the mother-daughter custom-made garment business is relocating from their home to a larger commercial space in the East Village District, allowing them to showcase their original designs for custom gowns and accessories for bridal, evening and everyday wear.

Kye Sun Steward, new owner of Aoeshe Restaurant in Iowa City, was awarded a $50,000 loan with an interest rate of four percent over a five year period to purchase inventory, supplies and plants.

William Kinney, owner of a restaurant d/b/a Pop's Place and d/b/a Bibbs So Food, was awarded a $26,000 loan with an interest rate of four percent over a five year period to purchase a food trailer. Kinney's existing restaurant on the east-side of Des Moines has been in operation for about 18 months.

Last year, Governor Culver signed into law HF 890, which provided an additional $4 million to Iowa's TSB, a program operated by the Iowa Department of Economic Development to make it easier for women, minorities and entrepreneurs with disabilities to start or expand a small business in Iowa.

To qualify for assistance, the businesses must:

Operate for a profit

Have annual gross sales of less than $4 million

Be at least 51 percent owned, operated and managed by a woman, minority or person with a disability

Be certified as a "Targeted Small Business" by the Iowa Department of Inspections and Appeals

Michigan

Governor Granholm signs legislation to help citizens threatened with mortgage foreclosure
The following information was excerpted from a press release on the Michigan State Housing Development Authority website.

Governor Jennifer M. Granholm signed legislation aimed at preserving the American dream of homeownership for Michigan families in jeopardy of losing their homes to foreclosure.

"These new tools will help protect families from losing their homes and work to stabilize Michigan's housing market," Granholm said. "I applaud the leadership of our legislators and our many partners in the lending community, including bankers, credit union lenders, and mortgage lenders, for making these tools a reality."

The bills create two new refinancing options to protect home ownership – an adjustable rate mortgage (ARM) refinancing option that will help citizens get into fixed-rate mortgages and a "rescue" program that helps those who have been behind in their payments in the past, but are current now. The new tools are part of the "Save the Dream" initiative that makes housing counselors available to homeowners and raises awareness about avoiding foreclosure. The Save the Dream products and programs are operated and funded entirely by the Michigan State Housing Development Authority (MSHDA).

The new Save the Dream tools are:

The Adjustable Rate Mortgage (ARM) Refinance Program that will assist homeowners who have an ARM in refinancing to a 30-year, lower-interest, fixed-rate conventional loan;

The Rescue Refinance Program that will assist individuals who have a delinquency on their mortgage and who are at risk of losing their home will have a chance to get into a more affordable 30-year, fixed rate, conventional loan.

Both initiatives are targeted at existing homeowners. To qualify for one of the new loan programs, homeowners must meet the same income and sales price limits that other MSHDA loan products require. Household income must be under $108,000, and the purchase price of the home cannot exceed $224,500. The initiatives will be funded by taxable bonds, and homeowners will be responsible for the full value of their refinanced mortgages. The original mortgage does not have to be a MSHDA loan; however, the homeowner must meet MSHDA requirements for the refinance product. This qualifying information is available from approved lenders and directly from MSHDA.

For more details about Save the Dream refinance programs, go to www.michigan.gov/mshda.

Funds supporting foreclosure prevention counseling
The following information was excerpted from a press release on the Michigan State Housing Development Authority website.

Michigan State Housing Development Authority (MSHDA) is slated to receive a $661,916 federal grant to support Michigan's foreclosure prevention counseling efforts. The funds will enable MSHDA counseling networks across the state to provide more foreclosure counseling than ever before to area homeowners in danger of foreclosure.

"We want to help citizens facing foreclosure, and this program will help provide relief and other workable options to citizens throughout the state who are facing the possibility of losing their homes," Governor Granholm said. "This grant will allow us to advance our 'Save the Dream' campaign, and this is great news for the people of Michigan."

The grant to support MSHDA's foreclosure counseling intervention efforts is part of the National Foreclosure Mitigation Counseling Program. Approved by Congress in 2008, the program is administered through a competitive application process by NeighborWorks® America, an independent, congressionally-chartered, nonprofit organization that provides access to sustainable homeownership and safe, affordable rental housing.

"Citizens who are facing foreclosure now or are worried about that possibility should call our toll-free hotline or visit the Save the Dream Web site," Granholm said. "There are foreclosure prevention counselors available to help you."

For more information about MSHDA's foreclosure prevention efforts, please visit the Web site at www.michigan.gov/mshda and click on "Save the Dream," or call toll-free 1-866-946-7432.

Comerica fund set up to avoid foreclosures
The following information was excerpted from an article in the Detroit Free Press.

Comerica Inc. said Monday that it has created a $500,000 fund to help Detroit homeowners avoid foreclosures caused by unpaid property taxes, an effort it hopes other companies will follow.

Comerica Tax Assistance Loan Fund will award zero- or low-interest loans to eligible low- and moderate-income homeowners living in parts of the city targeted for redevelopment under Mayor Kwame Kilpatrick's NEXT Detroit Neighborhood Initiative.

Those areas are: East English Village, Osborn, North End, Brightmoor, 7 Mile-Livernois and Grand River-Greenfield.

Eligible homeowners can get 12-to 36-month loans ranging from $500 to $5,000. The revolving fund will be managed by the Michigan Interfaith Trust Fund.

To find out more about the loans, Detroit residents can contact the following counseling agencies:

U-SNAP-BAC Community Development Corporation (313) 640-1100

Mission of Peace Community Development Corporation (313) 872-2900

United Community Housing Coalition, (313) 963-3310

Southwest Housing Solutions, (313) 841-9641

City's plan to put foreclosed homes to use
The following information was excerpted from an article in the Detroit Free Press.

Hit by a deluge of foreclosures in the past three years, the City of Detroit has found a tool to get some of the houses back into use. A pilot program that city officials expect to launch soon would take advantage of a federal rule that allows cities to buy homes for $1 after owners default on loans from the Federal Housing Administration and if the federal government cannot sell the houses with in six months.

There are 400 to 500 such houses available in Detroit at anytime. City officials project the first houses in this program could be on the market in eight months.

Douglass Diggs, Detroit's director of planning and development, said the city would serve as a middleman between the U.S. Department of Housing and Urban Development and nonprofit groups that could buy the houses for $2,000 each. The $2,000 would cover the city's cost to administer the program, he said.

The city put out its request for proposals from nonprofit groups in mid–December, and 27 responded.

The finalists would have to prove nonprofit status, have homeownership counseling services, experience with construction or property rehabilitation and financing.

Once the finalists are chosen, the city will aim to process 100 properties Diggs said. The non-profit would have six to 12 months for renovations and then 90 days to find a buyer. If no buyer can be found, the nonprofit could offer a rent-to-buy option. For more information call the Detroit Planning and Development Department, (313) 224-6380 or The Local Initiatives Support Corporation, (313) 596-8222.

Wisconsin

Milwaukee named pilot city for "Emerging 200" Initiative
Milwaukee was named one of eleven cities nationally as pilot cities for the U.S. Small Business Administration's "Emerging 200" Initiative. The initiative is designed to help local partners develop intensive assistance and attract capital to fuel the growth of inner-city companies "poised for growth."

"Clearly, in inner-city communities throughout our country, it is the small businesses that are creating employment opportunities," said Steve Preston, Administrator of the U.S. Small Business Administration, announcing the program.

Chicago and Des Moines are also selected as pilot cities from the 7th Federal Reserve District. For more information on the "Emerging 200" Initiative, visit www.sba.gov/idc/groups/public/documents/sba_homepage/news_release_08_23.pdf.

Metropolitan Milwaukee Fair Housing Council's CEO receives national honor
William Tisdale, President and CEO of the Metropolitan Milwaukee Fair Housing Council, was awarded the National Community Reinvestment award at the National Community Reinvestment Coalition's annual conference in March.

The award was presented to Tisdale in recognition of his more than 30 years of service, in which, "In each of the roles he plays, whether as a community activist, teacher, fundraiser, technical advisor, leader or administrator, Mr. Tisdale uses his considerable talents to promote inclusive communities and equal housing opportunities."

For more information about Mr. Tisdale's recognition and the work of the Metropolitan Milwaukee Fair Housing Council, please contact the council at (414)278-1240.