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Affordable Housing News for July 2016

 

Increasing Access to Sustainable Mortgages for Low-Income Borrowers

Source: U.S. Department of Housing and Urban Development (HUD)

Homeownership continues to be an important avenue for building wealth in the United States, particularly among low-income and minority households. With safe and sustainable mortgages, homeowners can stabilize their monthly housing costs, build equity, and accumulate wealth over the long term through automatic savings associated with self-amortizing loans.1 Following the foreclosure crisis, access to affordable home loans has been extremely limited for lower-income borrowers with less-than-pristine credit (see “Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Debt”). Although traditional lenders have tightened lending standards and restricted credit access, mission-driven entities such as community development financial institutions (CDFIs) and state housing finance agencies have long helped nontraditional borrowers and others underserved by the mainstream mortgage market.  More...


 

Report: State of the Cities 2016

The National League of Cities released its 2016 State of the Cities report, a summary of talking points from US city mayors' speeches throughout the past year. Forty percent of mayors' speeches focused on housing; they discussed housing affordability, workforce housing, homelessness and effects of blight related to the housing market crash. More...


 

Diverted Homeowners Fueled Rental Affordability Crisis

Source: How Housing Matters

Millions of would-be homebuyers were “diverted” into the rental market as a result of the Great Recession, adding huge unexpected new rental demand to what was already forecast to come from the millennial generation’s transition to adulthood, according to new research by Dowell Myers, Gary Painter, Hyojung Lee, and JungHo Park of the Sol Price School of Public Policy at the University of Southern California. The research, published by the Mortgage Bankers Association’s Research Institute for Housing America, finds that more than 5 million otherwise expected renters left or never entered the housing market, “their growth displaced by the diverted homeowners and diminishing overall household growth far below expectations.”  More...



South Florida Community Land Trust Open House and Workshop

Source: South Florida Community Land Trust 

Pre-Purchase Workshop South Florida Community Land Trust (CLT) is selling a recently renovated, 2 bedroom / 1 bathroom home under the Community Land Trust model. This beautiful home has recently updated appliances, is hurricane resistant, and has energy efficient features. Priced below $100,000. If interested in purchasing you must attend the pre-purchase workshop.  Learn more and RSVP


 

Study Finds Little Evidence of LIHTC Impact on Neighborhood Mobility

Source: National Low Income Housing Coalition

A new working paper released by the U.S. Census Bureau’s Center for Administrative Records Research and Applications titled The Effect of Low-Income Housing on Neighborhood Mobility: Evidence from Linked Micro-Data assesses the impact of Low Income Housing Tax Credit (LIHTC) developments on neighborhood mobility patterns. The authors find little evidence that LIHTC construction impacts neighborhood mobility patterns, or that it significantly changes the composition of neighborhoods. The study is the first to examine the causal relationship between subsidized housing and neighborhood choice on a national scale. More...



South Florida Still Facing Severe Housing Cost Burden, Study Finds

Source: Sun Sentinel/Paul Owers

South Florida's housing-cost burden has improved marginally but remains one of the worst in the country, according to an annual report from Harvard University researchers. In Palm Beach, Broward and Miami-Dade counties, 25 percent of households spend more than half of their incomes on monthly housing costs, data from Harvard's Joint Center for Housing Studies show. Among the 100 largest metro areas nationwide, the tri-county region is second behind Los Angeles, which has 25.4 percent of households facing severe cost burdens. The national average is 17 percent. More...


 


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