Search Results
Speech
The national and regional economic outlook
Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.
Discussion Paper
The quality of FHA lending in Pennsylvania, New Jersey, and Delaware
The Federal Housing Administration (FHA), an agency within the Department of Housing and Urban Development (HUD), insures mortgage loans made by private lenders. All FHA-insured borrowers pay mortgage insurance as one of the terms of their mortgage loan, and this insurance protects the lender against losses if the borrower defaults. In addition to providing a mortgage guarantee, the FHA single-family loan program has features such as a low down payment and a low minimum credit score that benefit borrowers who may not be able to obtain financing in the conventional market. Because of the FHA?s ...
Journal Article
Conference explores interaction between housing and economy
Economists and housing experts came together recently at the Atlanta Fed to examine how housing finance and policy affect the larger economy and how the larger economy affects housing.
Journal Article
The impacts of new neighborhoods on poor families: evaluating the policy implications of the moving to opportunity demonstration
This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 3: The Impact of Housing on People and Places.
Working Paper
Assessing the evidence on neighborhood effects from Moving to Opportunity
This paper investigates the assumptions under which various parameters can be identified by the Moving to Opportunity (MTO) housing mobility experiment. Joint models of potential outcomes and selection into treatment are used to clarify the current interpretation of empirical evidence, distinguishing program effects from neighborhood effects. It is shown that MTO only identifi es a restricted subset of the neighborhood effects of interest, with empirical evidence presented that MTO does not identify effects from moving to high quality neighborhoods. One implication is that programs designed ...
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 ...
Working Paper
The effect of local housing ordinances
The housing and economic crises have exerted a strong and lingering impact on housing markets across the nation. In this paper, we assess the degree to which local anti-blight policies have infl uenced housing market outcomes following the crises. The analysis is performed for cities in Cuyahoga County, Ohio. We measure outcomes that characterize market distress and that may be influenced by local housing ordinances including foreclosure, bulk sales, flipping, vacancy, and tax delinquency. Using matching procedures on linked data containing property, loan, and transaction characteristics, we ...
Working Paper
Assessing the evidence on neighborhood effects from moving to opportunity
The interpretation of estimates from Moving to Opportunity (MTO) as neighborhood effects has created significant controversy among social scientists. This paper presents a framework that clarifies the interpretation of results from the MTO housing mobility experiment. The paper defines several neighborhood treatments and estimates their Local Average Treatment Effects (LATEs) using assigned treatment in MTO as an instrumental variable. This framework clarifies that while parameters estimated in the literature do not suffer from selection bias, selection into treatment is an inescapable issue ...
Working Paper
Do Low-Income Rental Housing Programs Complement Each Other? Evidence from Ohio
We characterize rental subsidy use in units developed with construction subsidies and explore whether the subsidy overlap responds to needs unmet by a tenant-based program alone. We present a subsidy allocation model allowing for program complementarity to guide our analysis of multiple subsidy use in Low Income Housing Tax Credit (LIHTC) units. Findings for Ohio in 2011 suggest that rental assistance in LIHTC exhibits some degree of subsidy complementarity, particularly, when serving very poor households with special housing needs. We also find that very low income voucher holders who face a ...