The Corner

La Raza in the Hou$ing Bill?

First take power, then hand out other people’s cash to your friends. That’s how it works.

You might be interested to see who’s getting a $5 million earmark this year and $10 million in each of the next two years in Financial Services Chairman Barney Frank’s (D-Mass.) housing bill:

(c) ASSISTANCE FOR RAZA DEVELOPMENT FUND.—

(1) USE.—The Secretary of Housing and

Urban Development may make a grant to the Raza

Development Fund for the purpose of providing

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. Assistance

provided by the Secretary under this subsection may be used by the

Raza Development Fund to—

(A) provide technical and financial assistance

for site acquisition and development, construction financing,

and short- and long-term financing for housing, including housing for

disabled veterans, community facilities, and economic development;

(B) leverage capital from private entities,

including private financial institutions, insurance companies,

and private philanthropic organizations;

C) 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; and

(D) conduct such other activities as may

be determined by the Secretary and the Raza

Development Fund.

(2) AUTHORIZATION OF APPROPRIATIONS.—

There is authorized to be appropriated for grants

under this subsection—

(A) $5,000,000 for fiscal year 2008; and

(B) $10,000,000 for each of fiscal years

2009 and 2010.

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