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Discussion Paper
Home ownership education and counseling: issues in research and definition
Many public- and private-sector initiatives support the expansion of home-ownership opportunities for low- and moderate-income households. This discussion paper assesses existing research on the effectiveness of home-ownership education and counseling and opportunities for future research. A limited number of printed copies are available.
Discussion Paper
Preserving multifamily rental housing: improving financing options in New Jersey
This paper summarizes the obstacles to financing small multifamily rental properties in New Jersey and makes recommendations for policies to address this credit need.
Discussion Paper
Subprime lending over time: the role of race
Analyzes the racial gap in subprime mortgages over time. The study estimates a portion of the gap that cannot be attributed to such characteristics as income, credit score, loan amount, degree of documentation, denial rate, residence in a minority tract, and debt-to-income ratio. It concludes that the unexplained portion suggests that bias in mortgage lending cannot be ruled out.
Discussion Paper
Economic and social impact of introducing casino gambling: a review and assessment of the literature
Reviews and assesses the existing literature on the potential economic impact of introducing casino gambling into a community or region, first by discussing the casinos? effect on economic activity and growth within a community or region, and then by exploring their effect on government revenues. Also discusses the literature related to the economic impact of social costs widely associated with gambling, such as increases in crime, bankruptcy, and problem gambling.
Discussion Paper
Alternative financial vehicles: rotating savings and credit associations (ROSCAs)
This paper describes how ROSCAs work and discusses the benefits that accrue to ROSCA participants and some of the costs they incur. Of particular interest is the introduction of a partial data set collected from a local ROSCA, which offers a glimpse of the capital costs ROSCA participants face and which could ultimately be contrasted with the capital costs faced by borrowers at mainstream financial institutions.
Discussion Paper
Effects of the Community Reinvestment Act (CRA) on Small Business Lending
This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status across the country because of an exogenous policy shock in 2013. The results of difference-in-differences analysis provide consistent evidence that the CRA promotes small business lending, especially in terms of number of loan originations, in lower-income neighborhoods. The generally positive effects of the CRA are sensitive to the types of CRA treatment. Losing CRA eligibility status has a ...
Discussion Paper
How to spend $3.92 billion: stabilizing neighborhoods by addressing foreclosed and abandoned properties
The Housing and Economic Recovery Act of 2008 created the Neighborhood Stabilization Program (NSP), under which states, cities, and counties will receive a total of $3.92 billion to acquire, rehabilitate, demolish, and redevelop foreclosed and abandoned residential properties. These funds can stabilize hard-hit neighborhoods, putting them on the path to market recovery. This will only happen, however, if they are used in ways that are strategically targeted and sensitive to market conditions. This paper outlines 11 key principles that states, counties, and cities should follow as they plan ...
Discussion Paper
Preserving multifamily rental housing: noteworthy multifamily assistance programs
This paper describes noteworthy multifamily-assistance programs around the country, including mortgage-insurance, secondary-market, technical-assistance, and tax-abatement programs.
Discussion Paper
FHA lending activity in the past decade: a national overview
The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by the National Housing Act of 1934 to stimulate housing demand and, in turn, demand for those who build housing. In the housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent decades, the FHA, which is now part of the Department of Housing and Urban Development (HUD), has disproportionately served first-time homebuyers as well as low- and moderate-income (LMI) and minority households. The FHA allows low down ...
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 ...