By Allison Charette, Research Analyst
Interested in receiving Community Developments as a daily e-mail? Sign up here.
- Raising the minimum wage could be a positive step in helping lower-income families escape poverty, writes Fred Dews in a Brookings Institute blog post. If combined with policies to lower unemployment, increase the Earned Income Tax Credit and improve education, raising wages could have a significant impact. Under current policy, an individual working full-time on the minimum wage ($7.25/hour) earns $15,080 annually – placing the individual under the national poverty line. (Brookings Now blog, December 2)
- The Departments of Energy and Housing and Urban Development have announced the expansion of the President’s Better Buildings Challenge to include multifamily housing. The $2 billion initiative encourages the private sector to make energy efficiency improvements to commercial buildings – and now to apartments and condominiums. In addition, the Administration is challenging federal agencies to upgrade energy efficiency in their buildings through performance-based contracts. (US Department of Energy, December 3)
- In an effort to better regulate the ever-growing level of student debt in this country, the Consumer Financial Protection Bureau (CFPB) announced its intention to closely monitor any nonbank servicer of student loans with more than $1 million in borrower accounts. The CFPB is concerned that rising student debt puts the larger economy at-risk. This regulation includes the examination of servicers of federal student loans which makes up 85 percent of the $1.2 trillion industry. (American Banker, December 3)
- Upcoming Event
- On Wednesday December 11, the Bipartisan Policy Center is hosting A Forum on the Role of Private Capital in a Reformed Housing Finance System, featuring Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) of the Senate Committee on Banking, Housing and Urban Affairs. The event will take place at the Dirksen Senate Office Building in Washington, DC and registration is now open.