FROM JEROME CORSI'S RED ALERT
By Dr. Jerome Corsi
(c) 2010 RedAlert.WND.com

9 million Americans predicted to lose homes by 2012

Bank of America, JPMorgan Chase and Ally Bank (formerly GMAC) have halted home foreclosures in 23 states after it came to light that bank employees were rubber-stamping thousands of court documents without checking them for accuracy or getting them notarized as required by law in foreclosure proceedings, the Financial Times reported.

The disruption in foreclosures is expected to be temporary, delaying foreclosures but not giving homeowners facing disclosure any permanent relief.

Still, the problem shows the disarray in the U.S. home market as a record one million Americans are expected to lose their homes this year.

By 2012, the Center for Responsible Lending predicts 9 million more home foreclosures will occur nationwide, with 92 million families losing $1.9 trillion in their home values.

One in every 78 households in America got at least one foreclosure filing in the first six months of this year.

Although little noticed, more than 25 percent of first-quarter 2010 home sales were foreclosures, as statistics show foreclosure home sales have increased by 320 percent since 2007.

These statistics again indicate that a rebound in the market for new home sales is not imminent, a conclusion that reveals more bad news for constructors and building suppliers working in the new home market.

Obama mortgage modification program fails

In January 2009, the Obama administration announced its Making Home Affordable Program, or HAMP, to commit $75 billion to help 3 to 4 million homeowners refinance their homes.

The HAMP effort from the beginning was hampered by the program design.

HAMP does not allow judges in bankruptcy cases to modify home loans, and HAMP government employees do not have the authority to insist that banks reduce outstanding home loan principal amounts to a level where the borrower might be able to stay in the home.

Instead, HAMP is limited to bringing down interest rates in an effort to reduce home borrowers' monthly mortgage payments to no more than 31 percent of their income.

As of May 2010, HAMP had reworked only 340,000 mortgages, a number experts consider to be only about one-fifth of the homes eligible for a loan modification under the program.

Treasury Department officials report only 4 percent of troubled homeowners have received long-term help under the Obama administration's foreclosure prevention program.

Red Alert has consistently warned that the Obama administration mortgage modification plans are doomed from the start, largely because market forces must be allowed to operate.

The inevitable economic reality is that the bursting of the mortgage bubble demands home prices must devalue, to come back in line with true market values, with the unavoidable result that losses in inflated home values must be taken by someone - the homeowner, the bank or the government.

There is no solution to mounting home foreclosures, despite Obama administration efforts.

Red Alert continues to predict that housing prices will have to fall to 50 percent their peak 2006 values before the housing crisis reaches bottom. So far, home mortgages nationwide are only approximately 30 percent below top 2006 values.

Housing prices to drop even more

Yale economist Robert Shiller created an index of U.S. home prices going back to 1890, estimating the price of a standard home over that period of time.

The goal was to track the value of housing as an investment over time, presenting housing values in consistent terms over more than 100 years and factoring out the effects of inflation.

Shiller's analysis demonstrated home prices peaked in 2006, at prices that began rising dramatically as Federal Reserve Chairman Greenspan and the Federal Reserve held interest rates at or near 1 percent, in 2003 and 2004.

If a standard home sold in 1890 for $100,000, with inflation adjusted to reflect today's dollars, the house dropped to $66,000 in 1920, a level that more or less persisted until end of World War II and the housing expansion that accompanied the post-war baby boom. In 2006, the standard house was priced at $199,000, up to 199 on the index scale, or 99 percent higher than the standard house in 1890.

What this means is that the housing bubble had approximately doubled the value of the standard home in the United States by 2006.

The hard news here is that homeowners may have to take the estimated price of their home in 2006 at the maximum point of the bubble and divide that value in half to get a true estimate of the home's value in a normal market valuation.

As housing markets have adjusted downward since 2006, most homeowners have felt the pain with even a 10 percent drop in values.

Underwater mortgages increase when homeowners make small down payments, 10 percent or less, to purchase the home, and the home decreases in value by 10 percent or more.

The housing market in the U.S. will not stabilize until home values reduce to 50 percent of their 2006 peak market value, making unfortunately realistic the prediction that that one million homes will be foreclosed this year, plus an additional 9 million homes foreclosed by 2012.

ABOUT THE AUTHOR: Jerome R. Corsi received a Ph.D. from Harvard University in political science in 1972. He is the author of the #1 New York Times bestselling books THE OBAMA NATION: LEFTIST POLITICS AND THE CULT OF PERSONALITY and the co-author of UNFIT FOR COMMAND: SWIFT BOAT VETERANS SPEAK OUT AGAINST JOHN KERRY. He is also the author of AMERICA FOR SALE, THE LATE GREAT U.S.A., and WHY ISRAEL CAN'T WAIT. Currently, Dr. Corsi is a Senior Managing Director in the Financial Services Group at Gilford Securities as well as a senior staff writer for WorldNetDaily.com.

Library of Congress Receives Lost American Silent Films from Russia

WHAT: Librarian of Congress James H. Billington will be presented with digitally preserved copies of 10 American silent movies considered lost for decades? from the Russian Federation, represented by Vladimir I. Kozhin, Head, Management and Administration of the President of the Russian Federation.

WHEN: 11:30 a.m., Thursday, Oct. 21, 2010

WHERE: Members Room, first floor of the Thomas Jefferson Building, 10 First Street S.E., Washington, D.C. Media should enter through the ground-floor carriage entrance under the marble stairs.

WHO: James H. Billington, Librarian of Congress

Vladimir I. Kozhin, Head, Management and Administration of the President of the Russian Federation

Nikolai M. Borodachev, Director General, Gosfilmofond, the Russian State Film Archive

Alexander Vershinin, Director General, Boris Yeltsin Presidential Library

Patrick Loughney, Chief, Library of Congress Packard Campus for Audio Visual Conservation

BACKGROUND:

Due to neglect and deterioration over time, America has lost more than half of the films produced before 1950. In addition, more than 80 percent of movies from the silent era (1893-1930) do not exist in the U.S. In the past 20 years, the Library of Congress and others have made great efforts to locate and repatriate missing U.S.-produced movies from foreign archives.

As part of its partnership with the Boris Yeltsin Presidential Library, the Library of Congress will receive a gift of 10 movies that constitute the first installment of an ongoing series of "lost" films produced by U.S. movie studios that will be digitally preserved by Gosfilmofond and presented, via the Boris Yeltsin Presidential Library, to the Library of Congress. Preliminary research conducted by the staff of the Library's Packard Campus for Audio Visual Conservation indicates that up to 200 movies produced by U.S. movie studios of the silent and sound eras may survive only in the Gosfilmofond archive. Digital copies of these films will eventually be sent to the Library of Congress.

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Keeping Government on a Short Leash

by U.S. Senator Chuck Grassley

The health of the U.S. economy typically serves as a good yardstick to gauge the public's approval or disapproval towards Washington. This year, the public's distaste for Washington's appetite to tax, spend and borrow our way back to prosperity exposes a major disconnect between the political leadership and the grassroots.

Inch by inch, Washington's cure for fixing health care, the economy, the environment, higher education, housing, Wall Street and Detroit has involved unprecedented taxpayer bailouts and unrealistic promises.

Many Iowans share how fed up they are with this Washington-knows-best approach to governance. From mandating individuals to buy health insurance to phasing out conventional light bulbs and shutting local lenders out of the school loan market, Washington is taking American consumers out of the decision-making process.

A Washington-knows-best philosophy undermines personal responsibility and weakens genuine accountability and effective transparency that are fundamental to upholding our government "of, by and for the people."

I work to keep Washington on a short leash.  It's not always popular, but I relish my job as a watchdog in Washington. It demands long haul oversight work that I have pursued as a representative for Iowa in the U.S. Senate. Holding the federal bureaucracy accountable, protecting the integrity of hard-earned tax dollars and keeping the people's business open to the public are non-negotiable principles.

Recently, I've focused my oversight work on several federal agencies to give voice to the concerns of Iowa farmers, retirees, taxpayers and investors, including:

·         The EPA's proposed federal rule that would dictate how much dust could reach beyond the ditch to the roadside when farmers harvest their crops;

·         Inadequate scrutiny of health care contractors by the Centers for Medicare and Medicaid Services (CMS). Fraudulent claims and improper payments paid by Medicare siphons scarce tax dollars and further weakens the long-term solvency of this important health insurance program for retirees and disabled individuals. Consider one example in which a durable medical equipment supplier in Florida was ordered by a federal court in February to repay $445 million to the U.S. government. I want to know why CMS failed to detect suspicious billing activity (the investigation was launched by the FBI) and have serious concerns regarding how many cases of fraud go undetected.

·         The internal auditors at the Department of Defense are failing to follow the "money trail" and conduct full-scale contract audits. Unless the Inspector General commits to returning to the core mission of connecting the dots between a contract and a payment, the taxpaying public and military readiness risk losing even more to waste, fraud and abuse.

I also use legislative tools to establish accountability and transparency in government.

·         More than a decade ago, I secured passage of the landmark "Congressional Accountability Act" which holds the legislative branch of the federal government to the same civil rights, workplace safety and employment laws as the rest of the country.

·         My bipartisan effort to end the practice of so-called "secret holds" would end the ability of a single lawmaker to anonymously hold the people's business hostage by preventing a nomination or bill from coming to a vote on the floor of the U.S. Senate.

·         My Witness Sunshine Resolution would require individuals who testify before Senate committees to disclose outside affiliations and financial interests in organizations which have ties to the issue under consideration. The public deserves to know about special interests witnesses might have that could influence the outcome of public policy.

·         The president signed into law my bipartisan legislation to repeal blanket exemptions of the Freedom of Information Act (FOIA) for the Securities and Exchange Commission. Considering the SEC's failure to investigate the ponzi scheme cooked up by Bernard Madoff, it's obvious the American public deserves more disclosure, not less.

It's pretty clear that Washington sticks to the adage "if you give an inch, it'll take a mile."  Considering the $13 trillion national debt and fragile economic recovery, it's more important than ever to make sure the federal government measures up to the highest standards of service, integrity and accountability.

 

Friday, October 15, 2010

WASHINGTON - Senator Chuck Grassley today asked the Secretary of Homeland Security and the Inspector General who oversees the U.S. Department of Homeland Security to address evidence from statements made by immigration officers that senior U.S. Citizenship and Immigration Services leaders are putting pressure on employees to approve more visa applications, even if the applications might be fraudulent or the applicant is ineligible.  U.S. Citizenship and Immigration Services is an agency within the Department of Homeland Security.

Grassley first brought attention to this issue in a letter to U.S. Citizenship and Immigration Services Director Alejandro Mayorkas in September.  Since then, additional agency insiders have provided new information suggesting that the director is responsible for fostering an environment in the California Service Center that encourages the approval of as many applications as possible, regardless of eligibility or potential fraud.  According to U.S. Citizenship and Immigration Services employees, a "visibly agitated" Mayorkas asked employees, "Why would you be focusing on [fraud] instead of approvals?" and, on a separate occasion, at a conference in Landsdowne, Virginia, said that there are some "managers with black spots on their hearts" in U.S. Citizenship and Immigration Services because they would not approve more visa applications.

"The American people need to know that the rule of law isn't being undermined by political leaders," Grassley said.  "The safety of America's citizens is the Department of Homeland Security's primary duty, and I expect Secretary Napolitano and Inspector General Skinner to address this situation quickly and thoroughly."

Grassley first raised concerns over U.S. Citizenship and Immigration Services visa policy after whistleblower accusations that supervisors directed staff at the California Service Center to "find a way" to approve visa applications and expressed a desire to "instruct generosity" when processing immigration benefits.  Since then, additional agency staff has come forward with allegations of retaliation and pressure asserted by leadership.

Grassley's September 10, 2010 letter to Director Mayorkas is available here.

Director Mayorkas's September 24, 2010 response is available here.

Grassley's October 14, 2010 letter to Secretary Napolitano is available here.

Grassley's October 14, 2010 letter to Inspector General Skinner is available here.

 

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ROCK ISLAND, IL (10/14/2010)(readMedia)-- Music enthusiasts are invited to join the Augustana Symphony Orchestra for their free fall concert on Saturday, October 16, at 8 p.m. in Centennial Hall (3703 7th Ave.). The concert will feature the debut performance of contemporary composer James Romig's "Percussion Concerto," as well as classical pieces by Felix Mendelssohn Bartholdy and Maurice Ravel.

The orchestra's first piece, "Symphony in 'Italian' Op. 90," was inspired by Felix Mendelssohn Bartholdy's trip to Italy in the early 1830s. Today, it is considered one of Mendelssohn's most famous and fascinating works. Culver says, "This piece is perfect for the orchestra because the complexity requires such musical discipline."

For their second piece, the Symphony Orchestra will debut James Romig's newly composed "Percussion Concerto." The piece features a highly intricate percussion solo, which will be performed by professional percussionist and Augustana music faculty member Tony Oliver. Romig, who is an associate professor at Western Illinois University, will attend the concert to celebrate the official launching of his new piece.

The final piece of the concert will be the colorful "Ma Mère L'Oye," composed by nineteenth century French musician Maurice Ravel. The piece's title, which translates to "Mother Goose," gives a hint at its style and theme; each of the five movements is based on a different children's fairy tale. Ravel originally composed the piece as a piano duet for his children and developed it into a full orchestra piece several years after.

Symphony Orchestra members participating in the fall concert from our area include :

Nicholas Kendell from Davenport, IA. Kendell is a first year majoring in liberal studies.

Abigail Jones from Milan, IL. Jones is a first year majoring in liberal studies.

P.J. Wiese from Davenport, IA. Wiese is a sophomore majoring in psychology and mathematics.

Anne Van Speybroek from Rock Island, IL. Van Speybroek is a sophomore majoring in liberal studies.

Guy Iaccarino from Davenport, IA. Iaccarino is a junior majoring in music general and anthropology.

Martha Ade from Moline, IL. Ade is a junior majoring in music general and English.

The Augustana Symphony Orchestra is a full-size orchestra, which performs several classical concerts throughout the year under the direction of Dr. Daniel Culver. Culver received his doctorate in orchestral conducting from the University of Iowa. In addition to conducting the Symphony Orchestra, he teaches and serves as the co-chair in the Department of Music.

About Augustana: Founded in 1860 and situated on a 115-acre campus near the Mississippi River, Augustana College is a private, liberal arts institution affiliated with the Evangelical Lutheran Church in America (ELCA). The college enrolls 2,500 students from diverse geographic, social, ethnic and religious backgrounds and offers more than 70 majors and related areas of study. Augustana employs 287 faculty members and has a student-faculty ratio of 11:1. Augustana continues to do what it has always done: challenge and prepare students for lives of leadership and service in our complex, ever-changing world.

MEDIA ADVISORY

 

WHAT: News Conference & Presentation

 

WHO: Iowans For Accountability (IFA) - 2010 Scott County Supervisors Candidates: John Riley, John Green, Jesse Anderson

plus IFA Central Committee Members

 

WHERE: Davenport Public Library - Main Downtown Branch - Basement Film Room


WHEN: Tuesday Oct 19, 2010 at  3:00 p.m.

 

WHY: Announce Results of IFA Research & Subsequent Recommendations Regarding County Budget, Spending, SECC911, Taxes, Board Activities and More

Green Energy Commitment Part of 10-10-10 Global Work Party

SPRINGFIELD - October 10, 2010.  Governor Quinn today announced plans to install solar panels at the executive mansion in Springfield as part of the 10/10/10 Global Work Party. The Global Work Party, which takes place on Oct. 10, is a day of action to fight climate change. Established by 350.org, the celebration unites more than 7,000 events in 183 different countries to help find solutions to climate change.

"I am pleased to announce plans to bring the Illinois Governor's Mansion into the 21st  century with a new set of solar panels", said Governor Quinn. "We must do everything we can to increase our use of solar energy, which will help us protect natural resources and reduce our reliance on traditional energy sources."

The solar panels to be installed were donated by WindFree Energy Company in Chicago and BYD America in Arlington Heights. The racking and bracketing was provided by B. Weinstein Engineering in Highland Park. The International Brotherhood of Electrical Workers (IBEW) Local 193 is donating the labor to install this project.

It is estimated that the new, one kilowatt solar array will reduce green house gas emissions by 30 tons of CO2 over the next 25 years, which is equivalent to approximately 100,000 car miles or the planting of 1,100 trees.
Much of the equipment for the solar panels will be manufactured in the U.S. with many of the components manufactured in Illinois. Today's news follows the recent announcement that a solar array will be installed on the White House in Washington, DC.

Governor Quinn previously installed energy efficient LED lighting, rain barrels, and most recently a community vegetable garden to make the executive mansion greener and more sustainable.

For more information about Governor Quinn's sustainability initiatives, please visit Green.Illinois.gov. For more information and photos of the Global Work Party, visit www.350.org.

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Joins five senators in letter urging the Administration to protect consumers

WASHINGTON, D.C. - Senator Tom Harkin (D-IA) joined five senators today in sending a letter to the Administration urging agencies to use their authority to address the burgeoning crisis in foreclosure processing.  In recent weeks, there have been widespread news reports of improper and inaccurate review of foreclosure documents and disregard for required procedure, which has led to the suspension of an estimated 200,000 foreclosure proceedings nationwide.  Last Friday, Senator Harkin sent a letter to Iowa's leading mortgage servicers supporting Attorney General Tom Miller's request that they stop processing foreclosures in Iowa until a systemic review of procedure can be conducted.

"The emerging details of the abusive and fraudulent practices of some mortgage servicers hurt not just American consumers trying to make ends meet, but also those buying foreclosed homes and the housing marketplace," Harkin said. "In the interest of American families, I encourage the Administration and regulators to use their authority to isolate the bad actors and stamp out these abuses, not just to restore balance to the marketplace, but to prevent widespread damage to the economy as a whole."

The full text of the letter the senators sent to the Administration follows.  

October 14, 2010

The Honorable Timothy Geithner
Secretary
United States Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C.  20220

The Honorable Shaun Donovan
Secretary
United States Department of Housing and Urban Development
451 7th Street, S.W.
Washington, D.C.  20410

The Honorable Benjamin S. Bernanke
Chairman
Board of Governors of the Federal Reserve
Washington, D.C.  20551

The Honorable Jon Leibowitz
Chairman
Federal Trade Commission
600 Pennsylvania Avenue, N.W.
Washington, D.C.  20580

Mr. John Walsh
Acting Comptroller of the Currency
Administrator of National Banks
Washington, D.C.  20219

Mr. Edward DeMarco
Acting Director
Federal Housing Finance Administration
1700 G Street, N.W., 4th Floor
Washington, D.C.  20552

Dear Secretary Geithner, Secretary Donovan, Chairman Bernanke, Chairman Leibowitz, Mr. Walsh, and Mr. DeMarco:

You are no doubt aware of the recently reported improprieties in the foreclosure processes employed by some of our nation's largest mortgage servicers.  Unfortunately, these reports are consistent with complaints that we have heard from our constituents alleging behavior on the part of servicers and foreclosure law firms, popularly referred to as "foreclosure mills," that would constitute bad faith at best, outright abuse at worst.  All of these practices raise serious questions about the integrity of mortgage servicers' loss mitigation and foreclosure processes, from their modification procedures to their foreclosure pleadings.

There have been attempts to dismiss the reported violations as minor technical paperwork errors, and to employ the defense that these were harmless errors because the homeowners were in foreclosure and would have lost their houses anyway.  These are not technicalities, they are not isolated cases - it is likely that over 200,000 foreclosures have now been suspended - and these improprieties cast doubt on the foreclosures in question.  

Rather than a few rogue employees disregarding company policy, the policies themselves were flawed, indicating that there is a systemic problem with the manner in which loss mitigation and foreclosure operations are being conducted by most, if not all, mortgage servicers.  This pattern of behavior has undermined the integrity of the housing market, creating uncertainty for home sales and the availability of title insurance.  

The systemic problems that are being uncovered in the current mortgage market are remarkably similar to the predatory practices employed during the subprime mortgage crisis.  These difficulties stem from the fact that servicers lack the proper incentives to follow basic procedures required either by mortgage contracts, pooling and servicing agreements, or state and federal laws.  Homeowners have no leverage in the modification process and federal agencies (including the Treasury Department) have yet to impose meaningful penalties.  It is time for the government to restore some sanity and oversight to the housing market.  Your agencies are in a unique position to address this problem because your agencies have various authorities over practices at bank and non-bank mortgage servicers.

First, you have the authority to require loss mitigation prior to foreclosure to eligible homeowners facing hardship, where consistent with investor interests, subject to penalty.  Such a requirement would focus servicers' efforts to assist homeowners.  It would also establish clear repercussions for servicers who fail to participate in loss mitigation in good faith.

Second, your agencies have the ability to impose your own tailored moratoriums on foreclosures for certain identified lenders, pending assurances that such lender's paperwork complies with state and federal requirements; proper ownership documentation is in order; and all contracts and loss mitigation requirements under those contracts have been followed.  The banks are focusing solely on their affidavit processes, but a more comprehensive review is required.  Failures to comply with all of these requirements should be penalized.

Finally, your agencies have the authority to review and reform the financial incentives for servicers and foreclosure mills.  Mortgage servicers have been accused of imposing unfair fee arrangements in modification contracts and foreclosure pleadings, and foreclosure mills are paid on a per-case fee basis.  These arrangements benefit the mortgage companies to the detriment of homeowners.

Congress has a role to play in addressing this crisis as well.  But your agencies have tools at your disposal to address the substantial challenges facing homeowners in the mortgage market, and you are able to respond more nimbly than Congress to this emerging crisis.  The ample record of homeowner abuse should compel you to act expeditiously in the best interest of homeowners and investors.

Thank you for considering our views.  We await your response to the ongoing developments of the foreclosure crisis.

Sincerely,

Senator Tom Harkin
Senator Sherrod Brown
Senator Barbara Boxer
Senator Mark Begich
Senator Debbie Stabenow
Senator Jeff Merkeley

Cc: Mr. Timothy Massad, Chief Counsel, Office of Financial Stability, United States Department of the Treasury
Mr. David Stevens, Commissioner, Federal Housing Administration

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Nearly $260 Million in Federal Assistance Already Approved for July Floods; Largest Amount of Disaster Assistance in State History

SPRINGFIELD - October 14, 2010. Governor Pat Quinn today urged people affected by the July floods to apply for federal disaster assistance to help them recover from the storms. The deadline for registration was extended this week to Nov. 17 after the Federal Emergency Management Agency (FEMA) approved Governor Quinn's extension request.

"With more than 1,000 applications for assistance still coming in each day, this extension will help ensure that everyone who was affected by the July floods has a chance to apply for aid," said Governor Quinn. "This disaster has impacted more people than any other in our state's history and already a historic level of federal assistance has been approved for people who were affected."

Nearly $260 million in federal assistance has already been approved to help flood victims recover, and that figure continues to increase as more applications are approved. That amount is greater than federal assistance for any other disaster in Illinois history. According to FEMA, this is also the biggest federal disaster in the history of FEMA's Region V, which includes Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.

On Oct. 6, Governor Quinn asked the Federal Emergency Management Agency (FEMA) to extend the registration period to Nov. 17. This 30-day extension of the original Oct. 18 deadline will ensure that everyone needing help has an opportunity to apply for the aid. Since Aug. 19, when FEMA approved Governor Quinn's request for federal assistance for people and businesses affected by the floods, more than 123,000 applications have been received and nearly $260 million in assistance has been approved.

"In most cases, the number of applications dwindles considerably as the deadline nears," said Joe Klinger, Interim Director of the Illinois Emergency Management Agency. "But with so many people applying each day, we know that the need for assistance is still great. This extension will enable more people to get the help they need."

Counties included in the federal declaration for assistance to people and businesses include Cook, Carroll, DuPage, Jo Daviess, Ogle, Stephenson and Winnebago.

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Hope Manor Apartments to Provide Job Training, Support Services

CHICAGO - October 14, 2010. Governor Pat Quinn today announced a $4 million state investment to help build a housing development that will provide quality, affordable apartments and supportive services for 80 Veterans who are homeless. Approximately 75 jobs will be created during the construction of Hope Manor Apartments in Chicago.

"Our Veterans deserve to have a place to call home after sacrificing so much for our nation," said Governor Quinn. "The Hope Manor Apartments will provide safe homes for our Veterans and ensure that they receive the skills and support necessary to find stability."

Hope Manor will provide supportive housing for up to 80 Veterans who are homeless. The four-story building on Chicago's West Side will include 30 studio apartments, and 10 two-bedroom and 10 three-bedroom suites. Employment readiness classes, job training and coaching, computer training, a business resource center, a health and wellness clinic, recovery resources, individual counseling and case management will be available on the first floor of the development. Construction is expected to be completed in November 2011.

The Illinois Housing Development Authority (IHDA), the state's housing agency, invested approximately $4 million in federal Low-Income Housing Tax Credits, federal American Recovery and Reinvestment Act (ARRA) funding and Illinois Affordable Housing Tax Credits to build the development. The federal tax credits will generate an additional $8.8 million in private equity for construction of the building.

"Hope Manor Apartments demonstrates how important supportive housing is to end homelessness," said IHDA Executive Director Gloria L. Materre. "By investing in this development, we are getting our Veterans off the streets and giving them hope."

Developed by the Volunteers of America of Illinois, the Hope Manor Apartments will also be financed with a $1 million U.S. Department of Veterans Affairs grant, and a $174,000 Illinois Department of Commerce and Economic Opportunity grant. The City of Chicago donated the property to build Hope Manor, which will include a "green" roof and other environmentally-friendly features.

"Many Veterans continue to need facilities that provide supportive housing and services that allow them the opportunity to reach their fullest potential," said Illinois Department of Veterans' Affairs Director Dan Grant. "We salute and congratulate Volunteers of America for helping to fill this need with Hope Manor Apartments."

Hope Manor Apartments is the latest Illinois development to break ground as a result of federal housing stimulus dollars created by ARRA. To date, ARRA has provided a jumpstart to construction of 2,646 affordable rental homes, creating more than 3,000 jobs across Illinois.

Veterans represent up to 15 percent of America's homeless population. According to the U.S. Department of Veterans Affairs, more than 100,000 Veterans are homeless any given night.

For additional information on statewide resources available to Veterans, visit Veterans.Illinois.gov.

 

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