On June 26th, Harvard University's Joint Center for Housing Studies (JCHS) released the 2014 State of the Nation's Housing report, during a live webcast. The report, released annually by JCHS since 1988, includes a current assessment of the state of the rental and homeownership markets; the economic and demographic trends driving housing demands; the current state of mortgage financing; and issues with ongoing housing affordability. 

According to the report, the housing market is still on track to recover, but faces significant challenges, and millenials will be the key to a stronger recovery. Overall, the housing market's growth and improvement mirrors the broader economy: slow and steady. Among the key points highlighted in the report:

• Tight credit, higher mortgage interest rates, stagnant incomes and rising student loan debt are tempering the growth of the housing market and keeping many young Americans from purchasing a home.
• As millenials age, the demand for housing should grow, and the next generation of homebuyers will be the most diverse in the nation's history, as miniorities represent a growing share of the homebuyer market. 
• Demand for rental housing remains strong, with an increase in the development of rental properties, but the cost burdens of housing are particularly high for renters. More than 35% of Americans are cost burdened when it comes to housing, meaning they spend more than 30% of their income on housing costs. Approximately 50% of renters, however, are cost burdened, with nearly a quarter of renters severely burdened (paying more than 50% of income on housing).
• Supplying housing for low-income and extremely low-income families continues to be a challenge. The primary barrier for these families is availability - there is a significant gap between the number of low-income and extremely low-income families needing a home and the number of affordable homes available to them. 

The full report, with all the data and conclusions, along with an executive summary and interactive maps, are available on JCHS's website. The State of the Nation's Housing report has earned national recognition as an authoritative source of information on the housing market, routinely referenced by researchers, analysts, policy makers, and the larger community. 

On Friday, June 27, the Merrimack Valley Small Business Center (MVSBC), a program of Community Teamwork, announced that it had been designated as an intermediary for the SBA (Small Business Administration) Microloan Program, with approval for $200,000 in loan funds to support small businesses throughout the Merrimack Valley. 

“Local small businesses now have an additional access point for SBA microloans and the technical assistance this program offers,” said SBA District Director Bob Nelson. “This is excellent news for small businesses and for the local economy and we are confident that the Merrimack Valley Small Business Center is going to be a phenomenal resource.”

The MVSBC approved its first SBA-funded microloan to the Food Train, a Haverhill-based startup business and the first food truck operation to be established in Haverhill. Slated to open this month, Food Train owners Thomas and Tiffany Bell have been working with the MVSBC staff since early 2014 to complete a thorough business plan and loan application, which was approved in May in the amount of $14,000.   

“When Thomas and I were turned down by multiple banks for conventional loans to start our business, we turned to the MVSBC. From our very first meeting, we knew that finally we were working with people who believed in us and our dream,” said Tiffany.

MVSBC Director Liliana Kualapai and Haverhill Mayor James Fiorentini both expressed their thanks to the SBA Microloan Program for supporting the Bell family’s dream and helping sustain local small businesses. In addition to Director Kualapai and Mayor Fiorentini, other officials on hand to publicize and celebrate this program included Congresswoman Niki Tsongas, Deputy District Director Anne Hunt of the Small Business Administration, Community Teamwork Executive Director Karen Frederick, and State Representative Linda Dean Campbell.

“In order to boost job growth and continue growing our economy, we need to invest in creative ways to help America’s small businesses,” said Congresswoman Tsongas. “I have long supported federal programs like the SBA’s microloans because they can accomplish this goal through effective public/private partnerships. With this federal support, the Merrimack Valley Small Business Center and Community Teamwork will further their important mission to support the local small business community. By pinpointing and addressing the differing needs of the many small businesses across our region, we can keep our local economy on an upwards path.”

“Thomas and Tiffany Bell of Haverhill’s Food Train are just the type of determined entrepreneurs this support is meant for, to help them make their dream a reality. There are so many inventive companies clustered throughout the Third District developing imaginative and state-of-the-art products and services in myriad industries. With federal, public and private support, we can ensure they don’t just remain competitive, but remain business and innovations leaders.”

For more information about Community Teamwork's programs, please visit their website. 

The College of Public of Community Service at UMass Boston was approved, by the Board of Higher Education, to launch a new undergraduate major in Community Development.  Employees of Community Development Corporations, desiring to complete a baccalaureate degree may select the major immediately and may begin studies in the fall 2014 semester.  First-time college attendees and individuals transferring credits from an accredited institution of higher education are encouraged to apply.

Students in the major will take core community development courses and choose a concentration in either community health or economic development.  The College of Public and Community Services anticipates adding more concentrations as the program develops.  The Bachelor of Arts degree combines theory and history of community development; technical skills in research and community analysis, Geographic Information Systems (GIS); skills in leadership and organizing; and community development principles and practices.

Graduates of the program will find employment in various fields, in the public and private sector, and in such jobs as a Community Organizer, Health Education or Economic Development Specialist.

“It was important to create a major to meet the community development demands of the 21st century that prepares students to promote and facilitate comprehensive development and community empowerment,” said Anna Madison, Dean of the College of Public and Community Service.

To see the required courses or download a fact sheet about the program, visit the CPCS website: www.cpcs.umb.edu

To apply, visit www.umb.edu/admissions. For further questions, email communitydevelopment@umb.edu or call 617.287.7175.

The College of Public and Community Service is located in the Wheatley Building on the campus of the University of Massachusetts, Boston, 100 Morrissey Boulevard, Boston, MA.  The college forges partnerships with public agencies, community organizations, and labor organizations to build healthy, safe, sustainable communities.