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Journal Article
What do the neighbors think?: assessing the community impact of neighborhood stabilization efforts
In the wake of the mortgage crisis, neighborhood stabilization efforts have been launched to allay some of the "secondary effects of the mortgage crisis?the economic and social impacts on properties, neighborhoods, and communities." One example of this kind of effort is the federally funded Neighborhood Stabilization Program (NSP), which provided several million dollars to the City of Boston in order to acquire, rehabilitate, and resell abandoned, foreclosed homes in high-foreclosure neighborhoods. The author discusses preliminary findings from ongoing research exploring the effect of ...
Journal Article
Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies
The Home Affordable Mortgage Program (HAMP) attempts to help homeowners avoid foreclosure by compensating servicers that allow borrowers to modify the terms of their mortgages. To understand the seemingly troubled HAMP process, the Community Development unit of the Boston Federal Reserve Bank of Boston administered surveys to loan-modification counselors. The results indicate that the process takes much longer than the guidelines indicate and that servicers frequently claim the applications are incomplete. The surveys were run twice to assess any improvements.
Journal Article
New arguments for employer-assisted housing
In some parts of the country, innovation and experimentation have helped employer-assisted housing (EAH) programs gain momentum, providing New Englanders additional rationale for implementing these programs. This article describes how EAH works, its potential benefits, how it is being implemented around the country, and how our region can make better use of these programs to promote competitiveness and affordable housing.
Journal Article
The marriage of green and affordable
Developers are beginning to apply green design to affordable housing. The budding practice has the potential to provide significant benefits to lower-income families, who pay proportionately more for energy and are disproportionately affected by poor air quality. This article discusses the case for uniting green and affordable and highlights the first national design and construction criteria for green affordable homes.
Journal Article
The changing faces of America's children and youth
Recent U.S. Census Bureau projections indicate that by the middle of this century, non-Hispanic whites will cease to be a majority of the American population. In this article we document how for America's youngest residents, the future is already here. America's rapidly changing racial and ethnic composition has important implications for intergroup relations, ethnic identities, and electoral politics.
Journal Article
Innovation in technical assistance and lending for very small businesses
Everyday entrepreneurs, everyday people who run their own businesses, are often at a disadvantage in terms of their level of business expertise and access to resources. This article identifies innovative partnerships between lenders with technical assistance providers in the state of Massachusetts that are helping everyday entrepreneurs receive the guidance and financial assistance that they need to start or grow their businesses.
Journal Article
The myth of the irresponsible investor: analysis of southern New England's small multifamily properties
Comparing the borrowing trends of owner-occupants versus investors in small multifamily properties reveals that investors may not engage in as much risky behavior as public sentiment leads one to expect. The authors investigate data from Southern New England and debunk several myths about the ?irresponsible investor.?
Journal Article
Promoting banking services among low-income customers
Many low-income people rely on payday lenders, check cashers, and other alternative financial service providers to get by. But the high costs make it hard for families to save. A 2008 Brookings Institution report highlights the reasons that the so-called unbanked turn to such services. It also suggests solutions-including both expanded bank offerings and increased access to government programs that stabilize incomes and reduce the need for emergency, high-cost credit.
Journal Article
Foreclosure prevention and intervention efforts in New England
As foreclosure rates have risen across New England, many have been asking for clarification about the full range of resources available to borrowers. This article describes the foreclosure prevention and intervention efforts currently underway in New England. We highlight the region?s largest initiatives as well as discuss the challenges these programs are facing as they work to provide assistance to consumers.
Journal Article
Challenges of the small rental property sector
Most rental housing in America is found in small multifamily buildings and this sector provides most of the options for low- and moderate-income (LMI) renters. With a growing wave of investors buying distressed properties in LMI neighborhoods, there are concerns about the ability of investors to properly maintain their investments. The author explores the small multifamily sector and suggests ways that policymakers can move beyond code enforcement and provide a combination of carrots and sticks to incentivize and increase the presence of ?good actors."