Source: National Housing Conference
Financing affordable housing isn't easy. Our new interactive tool shows that without subsidies, which can be hard to come by, it's virtually impossible for developers to build homes that are affordable to low- or extremely low income families. That’s because lenders loan money for housing development based on the property’s expected income, and when rents are set to affordable levels, there’s a huge gap between the money needed to build and the money lenders and investors provide. Yet, new affordable apartment buildings—albeit not enough of them—are built. So how do those developers do it? More...
Source: U.S. Department of Housing and Urban
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...
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...
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...
Source: South Florida Community Land Trust
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
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...
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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