Impact of Obama Administration Housing Policy on Chicago
Thursday, November 13, 2008 at 12:30PM 
Ronald Reagan once said, “America is a Shiny City on a Hill.” Cities are the reflection of America, and today, our cities are strained. It has been predicted that by 2050, an estimated two-thirds of the world’s population will live in urban areas, imposing even more pressure on the space, infrastructure, and resources of cities, leading to social disintegration and horrific urban poverty.
I recently attended the National Association of REALTORS® (NAR) Convention in Orlando, FL. Much discussion was lent to President-elect’s Barack Obama view on housing policy. NAR held a panel to discuss Obama’s views and their impact on OUR Industry. The panel consisted of NAR’s Chief Lobbyist Jerry Giovaniello and Gary Clayton, Association Executive for the Illinois Association of REALTORS® (IAR).
So is the President-elect in line with REALTORS® position on housing policy? The answer is: YES! What does that mean for Chicago beyond this simple answer?
Gladly there is a policy, a complex plan, that supports urban America in a serious way. The President-elect is creating a White House Office on Urban Policy that reports directly to the President and coordinates all federal urban programs, including Housing and Urban Development, Transportation, Labor and Commerce.
The twelve-page document outlines policy positions that are thoughtful, strategic, and innovative, addressing issues of Poverty, Economic Prosperity, Housing, Crime and Law Enforcement and Education to name a few. The fabrics of the policy positions are intertwined. Without addressing (or rather, correcting) one issue, there cannot be success in another. On Housing specifically, one key item is the creation of a New Mortgage Interest Tax Credit for those who do not itemize. Many middle class Americans do not receive this benefit for lack of itemizing. There would be a 10 percent universal mortgage credit that gives tax relief to homeowners. This, along with three other key points, would help stabilize the housing market that our economy and American families depend on.
I believe American cities are where the exchange of ideas adds to American prosperity. It is more than being a “ Shiny City on a Hill;” it is becoming an Innovative City , a Diverse City , and a Livable City. Read the plan here and get excited for a new era of dynamism in a place I call home; my center of the universe— Chicago .
Reader Comments (5)
I love the energy and optimism in Mabel's recent post!
I TRULY BELIEVE THAT ALL OF US WHETHER WE ARE LIVING WITHIN A CITY LIKE CHICAGO OR WITHIN A LARGER METROPOLITAN AREA or outlying areas for that matter, we all need a smile on our faces, some new assistance for home buyers,a few positive changes ---- but most of all we all need the
OPTIMISM Mabel presented in her post.... I am convinced that only if the consumers and that includes our clients (buyers, sellers, investors and builders) will look forward to the way UP THE HILL - THE AMERICAN WAY that all things will turn around in this economy ....
Thank you Mabel for your "smiles" and your "optimism"......
I am looking forward to more encouraging posts of yours.
Edith Your Chicago Connection
Thank you Edith for your compliment and great comments. Optimism is needed which in turn creates Consumer Confidence. We have labeled everything that does not work as Crisis. If this is the way things are, What are going to do about it? To dwell on it will not change it. To react to it can make it worse. To respond to it will bring results and the CHANGE needed.
"When you respond to life, that's positive; when you react to life, that's negative"
- Zig Ziglar
One of Obama’s main priorities is to provide high standard education for all American kids; this is the reason why he doesn’t allow parents to use public school money for private school. One of the key ingredients to the success of a modern nation is education. America has recently had a presidential election, and education is a key issue. President-elect Barack Obama already has some ideas. According to this article, he wants to take a good look at the No Child Left Behind act. He doesn’t want to get rid of it altogether, but he does want reform, especially when it comes to the subject of standardized testing, and he is against having students “fill in bubbles” every year, and preparing them to only do so. Both he and Vice president-elect Joe Biden are both supporters of charter schools, provided they perform adequately. Teachers at private and charter schools will be in line for incentives such as the Teacher Service Scholarships, and pay bonuses and increases to perform to standards. He also wants to boost Early Head Start programs and give tax credits (or as he calls it the “American Opportunity” credit) for college education and these things are all at the forefront of his education plan. Repairing faith in America’s schools, and therefore the credit repair of the American workforce, is something that is definitely desirable.
Click to read more on Credit Repair
In reponse to Credit Repair. I agree whole heartedly about education. The investment in Human Capital is essential and the Urban Plan lays out clearly the investment is not only on teachers/ educators but also, all students from Kindergarten through High School. Early Childhood development which statiscally has shown success for those children who have had it. Given that every 27 seconds a child drops out of High School it is urgent to have a plan and this plan; it is key to our Nation's success. The Career ladder for educators so they can continue to learn as they teach; will bring continued renewal in our schools. Growth and Progress are at it's core. To quote Benjamin Franklin "Without continual growth and progress, words such as improvement, achievement and success have no meaning."
I really appreciate your article. The President has lots of projects regarding of the economy. The economy of the country is in the crucial state that needs a wise supervision coming from the the President elect. People are hoping for the change he promised. I don’t know whether my predictions about payday loans will turn out to be accurate, but if I’m wrong, at least I’ll be in good company. I found an article that looks back on some predictions for 2008. Authors, businessmen and even the president were way off in predictions they made for the year that is coming to a close. That just goes to show that no one can tell the future. Based on predictions about oil prices, “the market” and Barack Obama, it seems 2008 was full of surprises. To read about predictions gone wrong and some thoughts on payday loans, check out this article.