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Series:New England Community Developments  Bank:Federal Reserve Bank of Boston 

Journal Article
What do the neighbors think?: assessing the community impact of neighborhood stabilization efforts

In the wake of the mortgage crisis, neighborhood stabilization efforts have been launched to allay some of the "secondary effects of the mortgage crisis?the economic and social impacts on properties, neighborhoods, and communities." One example of this kind of effort is the federally funded Neighborhood Stabilization Program (NSP), which provided several million dollars to the City of Boston in order to acquire, rehabilitate, and resell abandoned, foreclosed homes in high-foreclosure neighborhoods. The author discusses preliminary findings from ongoing research exploring the effect of ...
New England Community Developments

Journal Article
The Elm City resident card: New Haven reaches out to immigrants

Cities with sizable immigrant populations are responding to the issue of illegal immigration in different ways. In 2004, the City of New Haven began to actively collaborate with its immigrant population for the purpose of finding ways to increase public safety and integrate immigrant residents into the civic life of the community. This article describes some of the policy choices made by the city in recent years.
New England Community Developments

Journal Article
The marriage of green and affordable

Developers are beginning to apply green design to affordable housing. The budding practice has the potential to provide significant benefits to lower-income families, who pay proportionately more for energy and are disproportionately affected by poor air quality. This article discusses the case for uniting green and affordable and highlights the first national design and construction criteria for green affordable homes.
New England Community Developments

Journal Article
The myth of the irresponsible investor: analysis of southern New England's small multifamily properties

Comparing the borrowing trends of owner-occupants versus investors in small multifamily properties reveals that investors may not engage in as much risky behavior as public sentiment leads one to expect. The authors investigate data from Southern New England and debunk several myths about the ?irresponsible investor.?
New England Community Developments

Journal Article
Foreclosure prevention and intervention efforts in New England

As foreclosure rates have risen across New England, many have been asking for clarification about the full range of resources available to borrowers. This article describes the foreclosure prevention and intervention efforts currently underway in New England. We highlight the region?s largest initiatives as well as discuss the challenges these programs are facing as they work to provide assistance to consumers.
New England Community Developments

Journal Article
Venture capital in New England secondary cities

Over the past two decades, venture capital has been one of the major drivers of the U.S. economy. This article examines venture capital investment in secondary cities, cities outside of the 40 largest U.S. metropolitan statistical areas (MSAs), including New England secondary cities, and identifies factors that may explain how certain smaller cities attract venture capital.
New England Community Developments

Journal Article
Maintaining diversity in America's transit-rich neighborhoods: tools for equitable neighborhood change

In some newly transit-rich neighborhoods (TRNs), a new station can set in motion a cycle of unintended consequences in which core transit users?such as renters and low-income households?are priced out of the neighborhood in favor of higher-income, car-owning residents who are less likely to use public transit. The authors describe these patterns and present policy tools for shaping equitable neighborhood change.
New England Community Developments

Journal Article
Variations on an American dream: alternative homeownership models

With homeownership central to the national economy and U.S. housing policy, the drop in homeownership rates could have long-term negative consequences. A growing body of research argues that alternative homeownership products, such as limited equity cooperatives and lease-to-own models, can offer participants many of the benefits of ownership while reducing some risks. However, these models are not widely implemented or understood. This article asks experts in the housing field about the prospects of greater adoption of these models.
New England Community Developments

Journal Article
Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies

The Home Affordable Mortgage Program (HAMP) attempts to help homeowners avoid foreclosure by compensating servicers that allow borrowers to modify the terms of their mortgages. To understand the seemingly troubled HAMP process, the Community Development unit of the Boston Federal Reserve Bank of Boston administered surveys to loan-modification counselors. The results indicate that the process takes much longer than the guidelines indicate and that servicers frequently claim the applications are incomplete. The surveys were run twice to assess any improvements.
New England Community Developments

Journal Article
Innovation in technical assistance and lending for very small businesses

Everyday entrepreneurs, everyday people who run their own businesses, are often at a disadvantage in terms of their level of business expertise and access to resources. This article identifies innovative partnerships between lenders with technical assistance providers in the state of Massachusetts that are helping everyday entrepreneurs receive the guidance and financial assistance that they need to start or grow their businesses.
New England Community Developments

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