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Working Paper
Trends in poverty and inequality among Hispanics
Since the 1970s, the poverty rate has remained largely unchanged among Hispanics but has declined among non-Hispanic whites and blacks, particularly before the onset of the recent recession. The influx of large numbers of immigrants partially explains why poverty rates have not fallen over time among Hispanics> ; In 2009, Hispanics were more than twice as likely to be poor than non-Hispanic whites. Lower average English ability, low levels of educational attainment, part-time employment, the youthfulness of Hispanic household heads, and the 2007?09 recession are important factors that have ...
Working Paper
Reentering asset poverty after an exit: evidence from the PSID
In order to be successful at improving household's financial self-sufficiency and stability, asset-building policies must be designed to prevent households from falling back into asset poverty once they exit it. This paper uses the Panel Study of Income Dynamics data from 1994 to 2007 to analyze the influence of life events, demographics and financial behaviors on the duration out of asset poverty. We find evidence that suggests there are structural barriers to asset acquisition. Asset accumulation at levels equal to nine months worth of income at the income poverty level or greater is ...
Journal Article
The Roadmap to Financial Resilience is About the Journey
Twelve months is more than a year particularly in Chicago. Twelve months is winter ? often with a relentlessly capital W, spring, summer, and fall. It's lazy summer days to school days to skyrocketing heating bills. It?s the seasonality of work intertwined with the seasonality of life, not just in terms of changes in temperature, but in terms of expenses that ebb and flow over the course of time. For all these reasons, discussions about capacity ? whether employment or financial ? must be in the context of an entire year, because we believe that timeline to be the best proxy for the practice ...
Journal Article
The Future of Fair Housing: Interview with Philip Tegeler
The Poverty & Race Research Action Council (PRRAC) is leading efforts to advance federal policy on fair housing and is working ?to promote innovative, research-based advocacy strategies to address structural inequality and disrupt the systems that disadvantage low-income people of color.?1 Philip Tegeler, the president and executive director of PRRAC, contributed his insights on the current state of fair housing 50 years after the landmark Fair Housing Act during a recent Philadelphia Fed Research Symposium. Cascade sat down with Tegeler to learn more.
Journal Article
Competitiveness of Ethnic Minority Neighborhoods in Metropolitan Areas in the Seventh District
This article by senior business economist Maude Toussaint-Comeau explores employment change in ethnic minority neighborhoods in the Seventh District in comparison to job growth within their regions before and after the Great Recession. Among the high-level findings is that ethnic neighborhoods in economically growing metro areas tend to have high job growth, underscoring the value of policies that promote economic inclusion
Journal Article
Research Symposium on Fair Housing Explores the Past, Present, and Future of the Fair Housing Act
Even though the Fair Housing Act has resulted in significant strides toward ending discriminatory real estate practices since it was enacted 50 years ago, significant challenges related to fair housing and fair lending still exist, requiring further action by researchers, policymakers, and advocates. This theme underpinned the Federal Reserve Bank of Philadelphia and the Center for Urban Research and Education at Rutgers University?Camden?s recent Research Symposium on Fair Housing, which highlighted the past, present, and future of the Fair Housing Act
Journal Article
Transportation Is a Necessary Component of Housing Equity
Those working in redevelopment have undoubtedly heard about transit-oriented development (TOD). In TOD, transit lines are the backbone of individual projects or entire centers built around a station area. TOD can reduce automobile dependency and make a community more amenable to walking and biking. More recently, equitable TOD (ETOD) has been advocated in response to the gentrification pressures that modern TODs often introduce, displacing the very people most reliant on transit out of the station area. Transportation equity is a relatively new concept to the affordable housing community. The ...
Journal Article
Spotlight on Research: Housing Options for Homeless Families
Homelessness in the U.S. continues to be a pressing issue. It is generally thought to involve only single men and women. However, according to a 2010 report to Congress, about one-third of the homeless are families.1 While the need for housing for homeless families is a foregone conclusion, the type of housing that best fosters residential stability and self-sufficiency remains at issue. A recent report by the National Center on Family Homelessness sheds light on this topic.2 The following is a summary of that report.
Journal Article
Spotlight on Research: Lessons Learned from Pay for Success Programs
Various social problems, such as homelessness and prison recidivism, impose substantial costs on taxpayers. The mounting costs that result from these troubling social concerns at the local, state, and federal levels force officials to seek alternative ways to raise funds to deal with these issues. One such effort is to use a relatively new source of funding called ?pay for success (PFS),? also known as ?social impact bonds,? or ?SIBs.? Currently, there are more than 40 PFS initiatives underway worldwide. A report by Emily Gustafsson-Wright, Sophie Gardiner, and Vidya Putcha discusses what PFS ...
Journal Article
Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families
The recent great recession took its financial toll on many families. Some who lost a portion of their wealth continue to struggle to find a foothold in the economy, while others have managed to regain their lost wealth. Some of the other sources of the financial instability that beset families have been attributed to the challenges associated with being a single-parent family, the volatility and fragility of income shocks, and the shredding of some safety nets. Ray Boshara, director of the Center for Household Financial Stability and assistant vice president at the Federal Reserve Bank of St. ...