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The Trump administration has stalled at least $60 million in funding intended largely for affordable housing developments nationwide, throwing hundreds of projects into a precarious limbo, according to information and documents obtained by The Associated Press The move is part of a flurry of funding freezes, staffing cuts and contract cancellations by the Trump administration at the U.S. Department of Housing and Urban Development, changes that have instilled widespread uncertainty in the affordable housing industry. The some $60 million is intended to go to small community development nonprofits in small grants. The money is often used as seed funding for affordable housing projects, turning a concept into a viable development and consequently drawing in more public and private investment. Congress chose three nonprofits to distribute the grants, but HUD said in letters that it was cancelling contracts with two of the organizations which together were to distribute the $60 million. That’s pushed millions in funding already promised to small nonprofits, or yet to be awarded, into the twilight zone. Many of those organizations have already committed funds to pay workers, such as HVAC technicians, local contractors, homeownership counselors, said Shaun Donovan, CEO of Enterprise Community Partners, one of the two groups whose contract was cancelled. They will have to stop that work immediately. That will cost local jobs, hobble the creation of affordable homes, and stall opportunity in hundreds of communities. A spokesperson for HUD said the program, called Section 4, will continue and is not being cut, but that the department is consolidating some grants, while others remain.” It remains unclear how or when the funding will arrive to the small nonprofits, which has thrown their work into disarray. Not knowing for me means we assume that the money is not coming, and that means that I have to pivot,” said Jonathan Green, executive director of a nonprofit in Mississippi that’s building a 36-unit affordable housing development in Biloxi. Green said about $20,000 in grant dollars are now in limbo, money that was meant to pay for an environmental review that could cost upwards of $10,000, and licenses and permits. That threatens discussions Green is having with potential partners and investors who want to see all the up-front work done first. My fear is that, if the project stops altogether, we may never get it started again, he said. The development is supposed to be in East Biloxi, where lots still remain empty after Hurricane Katrina in 2005. Before an ounce of dirt has been moved on the project, Green’s organization has received enough calls from people eager to become tenants that theyve started a waiting list. That’s the position hundreds of other small nonprofits have found themselves in, with not just their grant funds in question but investments on the line. For every dollar in grants disbursed by Enterprise Community Partners, the local nonprofits leverage another $95 in other capital, CEO Donovan said. Congress gave the national nonprofits the job of administering the grants, fielding and assessing hundreds of applications, so that the government doesnt have to, Donovan said. In one of the contract termination letters obtained by the AP, HUD said the contracts were cancelled at the direction of the Department of Government Efficiency. It said the group’s operations were not in compliance” with Trump’s executive order targeting diversity, equity and inclusion initiatives. The letter also allows the organizations to appeal the termination. The Local Initiatives Support Corporation is the other group whose contract was cancelled. Without access to this seed capital, housing projects for hardworking, families will stall, worsening shortages and pushing distressed neighbors into overcrowded conditions or homelessness,” it said in a statement. Habitat for Humanity International is the third nonprofit disbursing the grants, but the organization has not responded to repeated requests for comment or said if their contract was cancelled. Jesse Bedayn, Associated Press/Report for America
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E-Commerce
By now, most people know not to trust everything they see on TikTok. But scams on the platform are becoming increasingly sophisticated, thanks to deepfake technology. A new report from Media Matters for America, published this week, identified multiple TikTok accounts using deepfake influencers and fake storytimes to promote wellness products to unsuspecting users. These accounts appear to be part of an affiliated network, using the same content format and often promoting exactly the same products with little to no scientific backing. One now-deleted TikTok account, which had over 245,000 followers, amassed more than 4.1 million likes promoting its secret to perfect hair. Hawking a batana oil to increase hair growth (link in bio), the account featured a number of videos of an influencer claiming to be the wife of Koreas highest paid plastic surgeon, a former Victorias Secret model, and a gynecologist. She claimed this batana oil was the secret to her long luscious hair, despite there being no research to back this up. The secret, in fact, is deepfake technology. A reverse image search by Media Matters strongly suggests that the women in these videos were AI-generated. The same influencerposed identically, in the same outfitappeared in multiple videos promoting different brands and products. Fake influencers are not the only trick scammers are adopting. Wellness trends travel fast on TikTok, often gaining momentum through word of mouth and personal anecdotes. Scammers have caught on to this and are now exploiting popular formats like the #storytime trend, which has 36.9 million posts on TikTok, to market their products. My wife and I have spent three years trying to conceive after getting married without success, reads a slide from one account that was spotlighted in the Media Matters report. I felt guilty, helpless and ashamed for not giving her the family we dreamed of. The slides that follow detail the couples struggle and eventual polycystic ovary syndrome diagnosis. These videos likely resonated with many viewers. Polycystic ovary syndrome (PCOS) is one of the leading causes of infertility, affecting approximately one in 10 women of childbearing age, according to the U.S. Department of Health and Human Services. Determined to help her I found this supplement on Amazon that thousands swear by, the final slide reads. She started taking it, and for the first time in years, her cycle became regularwere finally hopeful again. Of course, the supplement in question is conveniently linked in bio. Women with PCOS are often the prey of scams promising miracle cures via dubious supplements. But they are not the only ones. “Whoever or whatever created these accounts is trying to capitalize on the internets obsession with wellness,” writes Media Matterss senior investigative researcher Olivia Little. “Nearly every username contains some combination of wellness buzzwords, and the accounts exclusively hawk health and beauty products. As deepfake technology becomes ever more sophisticated, consumers must remain ever more skeptical of what is being sold to them online.
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E-Commerce
Trading could soon be very different on the Nasdaq stock market if the stock exchange gets its way. Thats because Nasdaq president Tal Cohen has announced the exchanges plans to introduce 24-hour trading to the platform in the near future. The move to 24-hour trading would represent a seismic shift for the Nasdaqand present opportunities and challenges to investors, businesses, and the media who cover them. Heres what you need to know. Nasdaq proposes 24/5 trading In a blog post published today, Nasdaq president Tal Cohen has proposed what is colloquially called 24/5 tradingthe ability to trade stocks and other securities on exchange 24 hours a day for five days a week. In the blog post announcing Nasdaqs intention, Cohen calls the potential move a pivotal moment of modernization for the exchange. We are excited to share that Nasdaq has begun engaging with regulators, market participants and other key stakeholders, with a view of enabling 24-hour trading five days a week on the Nasdaq Stock Market, he wrote, noting that 24-hour trading could expand wealth-building opportunities and broaden investor access. However, the Nasdaq operates in a highly regulated industry, so it cannot unilaterally decide to offer 24-hour trading. Not only does it need to get regulatory approval, but it must also ensure that it and its technology and financial partners that enable millions to trade securities on its platform have it within their means to facilitate a switch to 24-hour trading. The U.S. equities markets process millions of messages per second, and every incremental changewhether in trading rules or the guardrails that protect investorsrequires seamless industry-wide coordination, thoughtful planning, testing, and coordinated implementation, Cohen noted. A harmonized and aligned approach across all markets is key to avoiding operational complexity and ensuring a seamless customer experience.” While Cohen didnt explicitly state the companys new proposed 24-hour trading hours, given that they would be five days a week, the new trading period would likely run from 12:01 a.m. on Monday to 11:59 p.m. on Friday, Eastern Time (ET). Currently, the Nasdaq trades from 9:30 a.m. to 4:00 p.m. ET Monday to Friday, like other major U.S. markets. The Nasdaq also currently offers extended trading hours. Premarket trading runs from 4:00 a.m. to 9:30 a.m. ET, and post-market trading runs from 4:00 p.m. to 4:05 p.m. and 4:05 p.m. to 8:00 p.m. ET, Monday to Friday. If the Nasdaq gets approval for its new 24/5 trading schedule, it will add an additional eight hours to every trading day. Who does 24/5 trading benefit? Well, one of the biggest beneficiaries, of course, is Nasdaq. The exchange makes its money by charging fees for the services it provides with each trade. The more trades being made, the more money Nasdaq stands to make. But Nasdaq would argue that a move to 24/5 trading will benefit investors in general, who would be able to trade any time they want during the five-day workweek. However, another big benefit would be to a specific type of investor: those who live internationally, especially those in Asia. Due to time differences, many investors in Asiaat least retail investorsare typically off work or sleeping for the night when American exchange activity is at its height. For example, there is a 14-hour time difference between Japan and New York. By switching to a 24/5 trading schedule, investors in Asia would have more access to U.S. markets during their normal waking hours. Attracting more investment to our markets presents a compelling opportunity for both the U.S. and global economy, Cohen wrote. It is therefore incumbent on us to enhance access for those operating across different time zones.” Companies and the media may find 24/5 trading challenging Of course, while Nasdaq and international traders might find 24/5 trading beneficial, other entitiesincluding the companies whose shares trade on the Nasdaq and the media who report on themcould find the move challenging. Companies, especially the ones found on the tech-heavy Nasdaq, like Apple, Amazon, Alphabet, Nvidia, and more, like to control when investors receive news about them, as much as they can, anyway. The reason for this is that news, especially when it’s first disseminated, can make a stocks price swing wildly in one direction or another. This is why many companies report their earnings before or after regular market hours. Retail investors typically dont trade in those hours, which helps mitigate any large-scale fear- or greed-based selling or buying when news hits. If stocks are traded 24/5, companies lose this bufferwhich could lead to increased trading volatility. If this change happens, every CEO or CFO will have to be extra careful what they say during earnings calls, as any statementcorrectly interpreted or notcould lead to instant trading volatility. And for the media covering Nasdaq companiesand the markets in generalwell, they will no longer be able to call it a night after 4 p.m. If the Nasdaq is trading 24/5, that means U.S. financial news is now happening 24/5, and investors are going to want real-time analysis and updates. When does Nasdaqs new trading begin? Currently, theres no definitive date for Nasdaqs 24/5 trading sessions to begin because the change needs to be approved by regulatorsand Nasdaq needs to get the buy-in from its partners and the companies that trade on its exchange. However, if everything goes as Nasdaq would like, Cohen says the company anticipates 24/5 trading to begin in the second half of 2026. Nasdaq, Inc. shares (Nasdaq: NDAQ) are currently down less than 1% to around $75.56 in early morning trading after the news was announced.
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