Official Summary

4/23/2007--Introduced.Hope Fund Act of 2007 - Directs the Secretary of Housing and Urban Development to make a grant to the National Council of La Raza to provide technical and financial assistance to local non-profit organizations to undertake community development and affordable housing

Close

Official Summary

4/23/2007--Introduced.
Hope Fund Act of 2007 - Directs the Secretary of Housing and Urban Development to make a grant to the National Council of La Raza to provide technical and financial assistance to local non-profit organizations to undertake community development and affordable housing projects and programs serving low- and moderate-income households, particularly through organizations located in neighborhoods with substantial populations of income-disadvantaged households of Hispanic origin. Authorizes the National Council of La Raza, or the Raza Development Fund, to use such funds to:
(1) provide technical and financial assistance for site acquisition and development, construction financing, and short- and long-term financing for housing, community facilities, and economic development;
(2) leverage capital from private entities, including private financial institutions, insurance companies, and private philanthropic organizations; and
(3) provide technical assistance, training, support, and advice to develop the management, financial, and administrative capabilities of housing development organizations serving low-income households, including Hispanic households.


...Read the Rest