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Series:Community Development Research Brief  Bank:Federal Reserve Bank of San Francisco 

Journal Article
On the Sidelines of the Hot Economy
While the current economy is often characterized as ?hot,? marked by low unemployment, stable prices, and sustained economic growth, many residents are not enjoying the prosperity reflected in the aggregate measures of economic well-being. This report focuses on those who have not reaped the benefits of recent sustained growth in the economy. The report highlights groups who have faced barriers to economic participation and documents interrelated rising costs?particularly for housing, transportation, and childcare?that contribute to keeping people on the sidelines of the economy.
AUTHORS: Shrimali, Bina
DATE: 2019

Journal Article
Funds for Kickstarting Affordable Housing Preservation and Production: Lessons for New Investors
A shortage of affordable homes for workers and families at all income levels across the country calls for innovative solutions. Over the past decade, a variety of public-private loan funds have developed to kick-start construction and preservation of affordable housing. This report breaks down how these funds fit into the process of developing and preserving affordable housing and shares lessons for those who are considering starting or investing in a fund.
AUTHORS: Mattiuzzi, Elizabeth
DATE: 2019

Journal Article
Household net worth and asset ownership among the economically vulnerable
Households whose balance sheets were dominated by housing, particularly those in depressed markets and those exposed to high-cost predatory mortgages, were deeply exposed to the downside risk that became reality during the Great Recession. These households tended to be lower-income, minority, and have lower educational attainment, meaning they were already struggling with low net worth prior to the recession. This Research Brief examines household net worth and asset ownership in 2005 and 2011 across different demographic groups, using data from the U.S. Census Bureau?s Survey of Income and Program Participation. This Brief also provides an overview of some of the issues around household financial stability, why balance sheets mattered so much going into the recession, and how they are impacting the subsequent recovery.
AUTHORS: Choi, Laura
DATE: 2013

Journal Article
Testing Our Hypotheses on Equitable Development: Midcourse Learning and Adapting Through SPARCC
The Strong, Prosperous, And Resilient Communities Challenge (SPARCC) supports collaborative leadership to advance changes in policy, practice, and investment that promote equitable regional development. SPARCC does this by investing in six regions across the country: Atlanta, Chicago, Denver, Los Angeles, Memphis, and the San Francisco Bay Area. Within each site, leaders from across sectors come together at the same metaphorical table to align their vision and implement strategies for effecting regional change. SPARCC provides each site with combined grant and technical assistance funds over three years, access to an estimated pool of $70 million in financing capital, and a forum for peer learning and sharing new models at the national level. {{p}} This report summarizes reflections from interviews conducted with 15 individuals representing the six SPARCC regions. It describes the sites? experiences in testing four key hypotheses that drove the development of SPARCC and how these insights have shaped the evolution of SPARCC over the first half of the three-year initiative.
AUTHORS: Choi, Laura
DATE: 2019

Journal Article
At What Cost? Student Loan Debt in the Bay Area
For most Americans, an investment in higher education is a key driver of economic security and mobility. However, rapidly rising costs of attendance, combined with stagnant wages and inadequate support systems for vulnerable borrowers have resulted in outcomes that are at odds with our collective vision of higher education as a crucial foundation for achieving the American Dream. This report highlights the local contours of this issue in the nine-county San Francisco Bay Area region, particularly for low-income communities and communities of color, using Federal Reserve Bank of New York Consumer Credit Panel/Equifax Data.
AUTHORS: Abbi, Sarika; Shrimali, Bina; DuMez, Jacob
DATE: 2019

Journal Article
Housing market recovery in the 12th district: implications for low- and moderate-income communities
Following the aftermath of the Great Recession, national indicators are starting to show signs of improvement in the housing market. However, such indicators mask the realities of what?s happening on the ground in low- and moderate-income (LMI) communities that were disproportionately affected by the housing crisis. Complicating matters is the unprecedented role of investors in the housing recovery and the changing nature of local housing markets. There are pressing concerns around the potential impact of investor ownership on communities, tightening rental markets, and the ongoing challenges of preserving affordability for LMI households. This Research Brief provides an overview of these issues and examines housing market recovery and investor activity in the Federal Reserve?s 12th District.
AUTHORS: Choi, Laura
DATE: 2013

Journal Article
The rise of single family rentals in Arizona, California, and Nevada
The worst of the housing crisis may be behind us, but the recent housing market recovery opens up a number of new community development questions. Of particular concern is the potential impact of investor purchases of single-family residences, especially in hard-hit neighborhoods that experienced severe price depreciation and offered an abundant supply of distressed property. This Research Brief examines trends in rental housing composition in Arizona, California and Nevada and takes a closer look at local areas that have seen the fastest growth in single-family rentals. These three states were hit particularly hard by the foreclosure crisis and have major markets that have been impacted by investor purchases.
AUTHORS: Choi, Laura
DATE: 2014

Journal Article
EITC in the 12th District
Within the Federal Reserve's 12th District, over 4 million families and individuals received the Earned Income Tax Credit (EITC) for tax year 2007, totaling over $8 billion in credits. In this Research Brief, we examine trends in EITC usage across the 12th District, and look at how the EITC and tax time provide a unique opportunity to link lower-income households to financial services and other asset building.
AUTHORS: Soursourian, Matthew
DATE: 2011

Journal Article
Housing Stability and Family Health: An Issue Brief
Soaring housing costs are the topic of many recent discussions in the San Francisco Bay Area, but receiving less attention are the implications of high cost housing on the health and well-being of families who are expecting or who have young children. This research brief presents a snapshot of housing instability for families with children in the Bay Area. It synthesizes a growing body of literature to reveal how housing instability during pregnancy and early childhood has particularly negative long-term consequences, while also highlighting promising ways to support housing stability. Efforts to ensure safe, stable housing for Bay Area families can enable children to live longer, healthier lives.
AUTHORS: Shrimali, Bina
DATE: 2018

Journal Article
Student debt and default in the 12th District
Postsecondary educational expenses and student loan balances have been trending steadily upward, but persistent unemployment and weak economic conditions have created an alarming new trend of rising student loan defaults. This Brief examines broad trends in student borrowing in the Federal Reserve's 12th District, with an emphasis on students from low- and moderate-income households. The rise of student borrowing has important community development implications as it directly impacts the present and future financial well-being of LMI individuals.
AUTHORS: Choi, Laura
DATE: 2011

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