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Jel Classification:K25 

Working Paper
Foreclosure Externalities and Vacant Property Registration Ordinances

This paper tests the effectiveness of vacant property registration ordinances (VPROs) in reducing negative externalities from foreclosures. VPROs were widely adopted by local governments across the United States during the foreclosure crisis and facilitated the monitoring and enforcement of existing property maintenance laws. We implement a border discontinuity design combined with a triple-difference specification to overcome policy endogeneity concerns, and we find that the enactment of VPROs in Florida more than halved the negative externality from foreclosure. This finding is robust to a ...
FRB Atlanta Working Paper , Paper 2019-20

Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing

Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. {{p}} To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-1

Discussion Paper
Informal Homeownership Issues: Tracking Contract for Deed Sales in the Southeast

Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. {{p}} A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-2

Discussion Paper
Deconstructing Mechanic’s Liens

In this paper, we examine a new data set composed of mechanic’s lien complaints filed in the First Judicial District of Pennsylvania (Philadelphia County). Over a 10-year period, 426 mechanic’s liens were filed against 398 single-family properties, which is less than 0.1 percent of single-family properties in Philadelphia. The lien properties in our data set tend to be more expensive, newer, and larger than non-lien properties. About 80 percent of mechanic’s liens are filed by general contractors, with the remainder pursued by a subcontractor. Notably, a 2014 change in Pennsylvania law ...
Consumer Finance Institute discussion papers , Paper DP 20-04

Discussion Paper
How Prevalent Were Racially Restrictive Covenants in 20th Century Philadelphia? A New Spatial Data Set Provides Answers

One of the tools used by early 20th century developers, builders, and white homeowners to prevent African Americans from accessing parts of the residential real estate market was the racially restrictive covenant. In this paper, we present a newly constructed spatial data set of properties in the city of Philadelphia with deeds that contained a racially restrictive covenant at any time from 1920 to 1932. To date, we have reviewed hundreds of thousands of property deeds and identified nearly 4,000 instances in which a racial covenant had been included in the deed. The covenanted properties ...
Consumer Finance Institute discussion papers , Paper 19-5

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