by Danielle Finley, Associate Director of Political Engagement
Welcome to FIVE FOR FRIDAY: A weekly roundup of Public Policy Issues and Headlines. In this Issue: 1. Amazon launches big expansion of program to provide affordable housing in Northern Virginia 2. Nearly 90% of Metro Areas Registered Home Price Gains in Second Quarter of 2024 3. Cooler inflation reports all but assure rate cut at next Fed meeting 4. Arlington affordable housing, workforce development prioritized in draft federal spending bills 5. Virginia launching statewide push to help inmates return to communities.
Amazon launches big expansion of program to provide affordable housing in Northern Virginia
By WTOP News
Amazon has deepened its commitment to affordable housing in Northern Virginia, where new projects are providing homes for workers in the region who often find costs are out of reach. The company’s Housing Equity Fund recently announced it is adding $1.4 billion on top of an original investment of $2 billion. The money is directed to three of Amazon’s hometown communities, including Arlington and the home of its HQ2, as well as Seattle and Nashville. The latest goal is to create and preserve 14,000 affordable homes in those communities. The original investment was for 21,000 affordable homes, a goal that was exceeded two years before Amazon’s target. “We have found that we have partners really ready to go in this region,” said Senthil Sank
Nearly 90% of Metro Areas Registered Home Price Gains in Second Quarter of 2024
By TROY GREEN, NAR
Almost 90% of metro markets (199 out of 223, or 89%) recorded home price gains in the second quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.82% to 7.22%, according to the National Association of REALTORS®' latest quarterly report. Thirteen percent of the 223 tracked metro areas experienced double-digit price gains over the same period, down from 30% in the first quarter. The median single-family existing-home price for the San Jose, California metro area was $2,008,000 – it's the first time since NAR began tracking metro area single-family home prices in 1979 that a metro area's median price exceeded $2 million.
Cooler inflation reports all but assure rate cut at next Fed meeting
By ZACH HALASCHAK, Washington Examiner
Two back-to-back inflation reports showing annual price growth slowing have made it very likely that the Federal Reserve will finally cut interest rates at its next meeting in September. Inflation, as tracked by the consumer price index, fell below 3% for the first time since right after President Joe Biden and Vice President Kamala Harris were sworn into office. Annual inflation increased by just 2.9% in July, and while it remains above the Fed’s 2% target, the drop is still good evidence that the higher interest rates have worked to slow inflation.
Arlington affordable housing, workforce development prioritized in draft federal spending bills
By DAN EGITTO, Arl Now
Roughly $4.8 million for community-based projects involving Arlington is included in draft U.S. Senate appropriations bills for Fiscal Year 2025. The bills, which have now passed out of the Senate Appropriations Committee, would secure additional funding for affordable housing, workforce development programs and health care for low-income families in Arlington.
Virginia launching statewide push to help inmates return to communities
By DAVE RESS, Richmond-Times Dispatch
Virginia will ramp up a series of current pilot programs in a statewide effort to help prison and jail inmates and people in the probation system get support to find a new life in the community and break cycles, Gov. Glenn Youngkin said Thursday. The new effort, called “Stand Tall Stand Proud Succeed Together,” will expand on efforts the pilot programs show can work, officials said. By bringing together state agencies, local governments, nonprofits and private sector firms, Youngkin expects to find still more and effective ways to help.