Data/Research - Community Development Resources
This white paper produced by the St. Louis Fed focuses on the benefits of nonprofit co-location, the unique position of CDFIs to partner with these facilities, and how co-location is happening in the U.S. The research was presented at the Bank’s Social Purpose Real Estate Regional Conference; materials and videos from the event are available here.
The 12 Federal Reserve Banks issued the 2016 Small Business Credit Survey: Report on Employer Firms, which examines the results of an annual survey of business conditions and the credit environment faced by small business owners who have full- or part-time employees. The survey gathered experiences from firms across all 50 states and the District of Columbia through the joint efforts of the Federal Reserve Banks of New York, Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, Philadelphia, Richmond, San Francisco and St. Louis.
An analysis shows that since the housing crash, mortgage denial rates in the Ninth Federal Reserve District are higher in rural areas than in urban areas. From Community Dividend, a publication of the Minneapolis Fed.
In this fourth issue of the Quarterly Debt Monitor, covering the fourth quarter of 2016, the St. Louis Fed explores decreasing auto debt growth alongside a rise in subprime delinquencies on car loans. Over the past few years, strong lending of auto and student debt has buoyed total debt, accounting for the majority of credit expansion. This report offers a closer look at auto lending, including the factors that contributed to the expansion in this sector.
In the March 2017 edition of Housing Market Perspectives, St. Louis Fed economist Bill Emmons examines whether the U.S. housing market could be facing conditions like those of 2013, when rising mortgage rates associated with the so-called “taper tantrum” started to pressure the housing markets.
Place-based funders can play an important role for connecting economic growth to economic opportunity. Looking for Progress in America's Smaller Legacy Cities: A Report for Place-Based Funders describes a study tour undertaken by representatives from four Federal Reserve Banks and more than two dozen place-based funders, under the auspices of the Funders' Network-Federal Reserve Philanthropy Initiative.
In 2016, the Federal Reserve Bank of San Francisco held a series of roundtable discussions across the Western states to examine drivers of the recent rise in involuntary part-time employment and the impact it has on lower-income households. This paper summarizes existing research on the topic of underemployment, discusses themes that surfaced during the locally focused meetings, and proposes ways to address the underlying causes through solutions that build on the interrelated nature of housing, jobs, transportation, and child care.
The third issue of Community Scope 2016 will offer a broad overview of the challenges faced by today’s watermen that may be precipitating their declining numbers and will discuss alternative and supplemental employment options that may be available to them.
The second issue of Community Scope 2016 examines the patterns in geographic service provision by respondent CDFIs in urban, rural, low- and moderate-income (LMI), underserved and distressed markets and areas.
Community Development Financial Institutions in the Southeast: Surveying the Social Investment Landscape
Volume 4, Issue 1 2016 of Community Scope uses the results of the 2015 survey to present timely key findings on CDFI activity in the Southeast, including capitalization, demand, capacity, non-lending programs and services, and impact investing.
This issue of the Community Pulse presents findings from our 2016 survey. Access to affordable housing, availability of local job options, and improving the quality of K-12 education ranked among the top three issues in the Fifth District.
Unequal growth at the ends of the income distribution has received much attention in recent years, but what income trend has the middle quintile experienced since the Great Recession? The March 2017 issue of 5th District Footprint examines this change in real mean income.
How often does the character of a neighborhood change, and what are the most common types of neighborhood change? A Cleveland Fed researcher has attempted to shed light on those two questions by looking at four cities (Cincinnati, Cleveland, Columbus, and Pittsburgh) over a 40-year period (1970-2010).
How accessible is high-speed internet across the Fourth District states of Kentucky, Ohio, Pennsylvania, and West Virginia? Two Cleveland Fed researchers examine through analysis and maps what's being considered a new form of infrastructure.
The nation continues to add jobs as the economic recovery continues, but employment growth is slowing, and even reversing, in some states, including those in the Fourth Federal Reserve District. How will this impact the District’s unemployment rate? In this January 2017 feature, a Cleveland Fed researcher examines five employment growth scenarios to find out.
In this third issue of the Quarterly Debt Monitor, which focuses on the third quarter of 2016, the St. Louis Fed finds consumer debt growth stalling in the four largest metropolitan statistical areas (MSAs) in the St. Louis Fed's District (St. Louis, Little Rock, Ark., Louisville, Ky, and Memphis, Tenn.) and across the United States. Additionally, a special section is included in the issue that focuses on consumer debt trends in some of the smaller MSAs in the District, including Evansville, Ind.-Ky.; Fayettevillle-Springdale-Rogers, Ark.-Mo.; Jackson, Tenn.; and Springfield, Mo.
In this second issue of the Quarterly Debt Monitor, covering the second quarter of 2016, the St. Louis Fed gives a detailed report on consumer debt nationally compared with the four largest metropolitan statistical areas (MSAs) in the St. Louis Fed's District (St. Louis, Little Rock, Ark., Louisville, Ky., and Memphis, Tenn.) and finds consumer debt grew across the United States, as well as all of the MSAs in the Eighth Federal Reserve District.
In this inaugural edition covering the first quarter of 2016, the St. Louis Fed reports on consumer debt nationally compared with the four largest metropolitan statistical areas (MSAs) in the Eighth Federal Reserve District. These quarterly reports will examine changes in total consumer debt and in specific types of liabilities: mortgages, home equity lines of credit (HELOC), automobile and student loans, and credit card balances.
Corporate Landlords, Institutional Investors, and Displacement: Eviction Rates in Single-Family Rentals
Institutional investors purchased thousands of homes across the country to rent them after the real estate and financial crisis. In this December 2016 Community and Economic Development Discussion Paper from the Atlanta Fed, authors examine how the rise of the large corporate landlord in the single-family rental market affected housing stability in Atlanta.
While the preventive effect of loan modifications on mortgage default has been well-documented, evidence on the broad consequences of modifications has been fairly limited. Based on two unique loan-level data sets with borrower credit profiles, the study Borrower Credit Access and Credit Performance After Loan Modifications reports novel empirical evidence on how homeowners manage their credit before and after receiving modifications.
Philadelphia has experienced increased rental housing affordability challenges in recent years, especially in neighborhoods that have undergone gentrification. This report explores one aspect of gentrification’s impact on housing costs by examining its association with changes in Philadelphia’s stock of units that rent for less than $750 per month.
The Rental Housing Affordability data tool enables users to examine trends in rental housing affordability in Third District states from 2005 to 2014. Additionally, the tool includes demographic and economic profiles of cost-burdened, lower-income renters to enable users to better identify vulnerable groups and inform the development of programs and services.
The Federal Reserve Board has released a new resource, Experiences and Perspectives of Young Workers. The December 2016 report provides a snapshot of the educational attainment, employment experience, labor market outlook, and financial self-sufficiency of 18- to 30-year-olds across the United States.
Student Debt, Wealth Inequality, and the Return on a College Degree: The Role of Children’s Savings Accounts
Research shows that in time, an investment in higher education eventually pays off. However, the payoff of investing in higher education varies greatly depending on whether one graduates with or without student debt. This Chicago Fed blog, from November 2016, summarizes the disparity of investment returns in education between those with and without student debt, and ways to make such returns more equitable.
Presentations and videos, as well as the 2016 National Survey of Community Banks, are now available from the 2016 Community Banking in the 21st Century Research and Policy Conference, hosted by the Federal Reserve System and the Conference of State Bank Supervisors (CSBS). Held Sept. 28-29, 2016, at the St. Louis Fed, research explored the continuing relevance and importance of the community bank business model; the relationship between community bank size and performance; and community bank regulatory issues. Speakers included Fed Governor Jerome Powell, Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and CSBS Chairman/Texas Department of Banking Commissioner Charles Cooper. H.E. “Gene” Rainbolt, chairman, BancFirst Corporation, provided the evening keynote.
A Cleveland Fed analyst examines the demographic challenges eastern Kentucky faces as it tries to attract and retain a more diverse mix of jobs.
One way a household might handle financial distress is to relocate to another area that offers greater income opportunities. A trio of Cleveland Fed researchers examines the impact of geographic mobility on consumer finances by focusing on the residents of “boom towns”—areas that saw a surge of growth in oil-drilling activity around 2010 and a bust thereafter. They find that residents who move after the bust experience stronger consumer financial health than residents who stay put.
Two Cleveland Fed analysts examine how organizations such as Kentucky Homeplace have been working in eastern Kentucky to reduce health disparities and build a healthier and more productive population and a stronger regional economy.
Recent revisions to regulatory guidance do not strip the bank branch of its importance for achieving compliance with the Community Reinvestment Act. A Cleveland Fed writer examines the interaction between regulators and bankers as financial institutions are serving communities in increasingly digital ways.
How do small businesses that apply to online alternative lenders compare to those that apply to traditional financial institutions only? And in what ways do their experiences with lenders differ? This analysis from Cleveland Fed and Board of Governor analysts draws from data in the Federal Reserve’s 2015 Small Business Credit Survey to examine these questions.
This Dallas Fed article provides an overview of the latest in Texas' payday lending field, highlighting impact on low-income communities, recent changes to local ordinances, the CFPB's proposed federal regulations and low-cost alternatives in the state and across the U.S.
In this first issue of its new Community Outlook Series, the Dallas Fed analyzes results from a poll of 52 affordable housing developers in over 24 Texas counties, and includes qualitative interviews that address housing challenges for providers and low- and moderate-income families across the state. Key findings include: A third of all Texans are housing cost-burdened and developers face issues from rising costs, insufficient funding, strict regulations and community opposition. Learn more.
Interested in exploring how grant capital to support community and economic development is distributed across metropolitan areas in the United States? Check out this new data tool: Following the Money. Based on data provided by the Foundation Center that captures all grants of at least $10,000 made by the 1,000 largest foundations between 2008 and 2013, the Following the Money data tool and infographic report provide a comprehensive look at the data from more than 366 U.S. metropolitan areas. Interactive data and results from the analysis are provided by the Federal Reserve Banks of Atlanta and Philadelphia.
In this issue of 5th District Spotlight, the Richmond Fed looks at social and economic conditions that may directly or indirectly affect health outcomes. Research shows that factors such as a quality education, stable employment, safe surroundings, access to healthy food, transportation options, internet connectivity, and preventative and support services may contribute to individual physical health, as well as to overall health-related quality of life for a community.
Taking Stock of New Supermarkets in Food Deserts: Patterns in Development, Financing, and Health Promotion
Across the U.S., neighborhoods face disparate healthy food access, which has motivated federal, state, and local initiatives to develop supermarkets in “food deserts.” Differences in the implementation of these initiatives are evident, including the presence of health programming, yet no comprehensive inventory of projects exists to assess their impact. Using a variety of data sources, this Working Paper from the San Francisco Fed provides details on all supermarket developments under “fresh food financing” regimes in the U.S. from 2004-2015.
Access to broadband has become an essential component of economic opportunity and financial well-being, yet there is a significant digital divide in many underserved communities.This Dallas Fed publication is a practical guide for financial institutions that shows how digital inclusion can improve the lives of low- and moderate-income individuals who have limited access to broadband infrastructure. It presents best practices and information on lending, services and investments that can help close the digital divide and contribute to an inclusive and vibrant entrepreneurial economy.
In this issue of 5th District Footprint, the Richmond Fed explores changes in the net migration rates of individuals within Fifth District counties from 2011 to 2015. The U.S. Census Bureau estimates net migration rates annually by expressing the net number of individuals that moved into a county from the U.S. (domestic migration rate) and abroad (international migration rate) as a percentage of the county’s total estimated population.
Interested in learning consumer credit trends in your region? The Consumer Credit Explorer (CCE) is a new interactive tool for examining trends in consumer credit use at the regional, state, and national levels. The CCE enables users to look at quarterly changes in credit use indicators from 2005 to 2015 and to compare indicators across different areas. Check out the CCE and examine key credit use indicators related to mortgage debt, auto debt, student loan debt, debt collections, and others. Users can view these indicators by borrowers’ neighborhood income, credit score, and age.
In this issue of 5th District Footprint, the Richmond Fed examines the share of people living in a county’s low- and moderate-income (LMI) areas. In the Fifth Federal Reserve District, the average county’s percentage of population living in LMI areas was 23 percent with a median of 18 percent. Financial institutions and regulators use the income level indicator to determine whether banking activity is taking place in targeted areas.
The rapid growth of asset poverty in the United States is a troublesome sign that millions of families nationwide lack the resources necessary to secure a more stable financial future. The findings in this report, published by the San Francisco Fed, from the National Asset Scorecard for Communities of Color (NASCC) survey reveal major disparities in wealth accumulation across various racial and ethnic groups in Los Angeles.
The San Francisco Fed, in partnership with Housing California, surveyed California’s affordable housing developers in October 2015 to learn how they are faring three years after the dissolution of redevelopment agencies (RDAs); how their development pipelines have been affected by the loss of RDA funds; and how new legislation, local regulation, or funding strategies have impacted affordable housing development over the past three years. This report is an analysis of current conditions and challenges expressed in the survey responses of 71 affordable housing development organizations across California.
Boosting the Power of Youth Paychecks: Integrating Financial Capability into Youth Employment Programs
This working paper from the San Francisco Fed summarizes the results of the first-ever quasi-experimental design study of a youth financial capability initiative seamlessly integrated into a youth workforce development program.
This San Francisco Fed working paper utilizes data culled from presale reports from the first wave of rental-backed securities to analyze and describe the emerging trend of single-family home rental (SFR) securitization. Authors provide a basic overview of the market, showing the number and market value of single-family homes involved in these new financial products.
Understanding the Crowd, Following the Community: The Need for Better Data in Community Development Crowdfunding
In the past half-decade crowdfunding has emerged as a popular way to raise money online for a wide range of projects. As the reach of crowdfunding has expanded, the field of community development has the potential to benefit from the practice, both as a straight fundraising mechanism and as a way to give greater voice to community members. This San Francisco Fed working paper makes the case that in order for community development crowdfunding to reach its potential scale, and to involve the full range of potential stakeholders, better standards of data reporting and collection need to be established.
This blog summarizes responses from the latest survey from the Federal Reserve Bank of Chicago’s Community Development and Policy Studies (CDPS) Division survey focused on two topics: (1) community bank closures/acquisitions and (2) student debt.
The Low- and Moderate-income Conditions Survey:A Summary of Seventh Fed District Community Development Practitioner Responses
Increased employment hasn’t translated into greater financial well-being, according to findings from the LMI ((low- and moderate-income) survey published by the Chicago Fed’s Community Development and Policy Studies (CDPS) Division. While surprising on its face, Seventh District respondents offer three broad reasons for this seeming contradiction.
Given changing regulatory and market factors in mortgage finance, the time is ripe for innovation, and it behooves policymakers, business leaders, and communities to consider potential alternatives to traditional mortgages. In this 2016 ProfitWise New and Views article, the Chicago Fed’s Community Development and Policy Studies (CDPS) Division explores five innovative products in the residential mortgage marketplace – some already in place, others in progress.
Maintaining a supply of affordable rental housing is an increasingly important goal for cities. The nature of affordable housing loss varies from city to city, and successful mitigation strategies will have to take the unique dynamics of individual markets into account.This paper demonstrates that eight major cities in the Southeast have lost significant numbers of affordable housing units while simultaneously gaining large numbers of luxury-priced rentals. Read about research that highlights how southeastern renters, from Nashville to Miami, are feeling the pinch of an increasingly unaffordable market.
Federal funding for the traditional workforce development system has declined dramatically over the past few decades. In this April 2016 discussion paper, Stuart Andreason from the Atlanta Fed examines several promising alternative financing models for workforce development programs, such as social impact bonds and income-share agreements.
This Dallas Fed report, "Talent and Capital Concerns Temper Positive Outlook for Texas Small Businesses," provides results from the third annual Texas Small Business Needs Assessment Poll, conducted in partnership with the Texas Small Business Development Center Network. Over 1,500 micro- and small businesses reported on firm size, performance, financing and employee skills gaps.
Although seven years have passed since the end of the Great Recession, recovery in the housing sector has been inconsistent across the country. This discussion paper explores how these dynamics are playing out in the Southeastern United States and the neighborhood characteristics that accompany persistent concentrations of negative equity in the region.
In this Forefront article, two Cleveland Fed researchers look at whether the increase in student loan debt could be responsible for the decline in mortgage borrowing among those between the ages of 18 and 30.
Small businesses’ access to credit is critical to their ability to establish, run and grow their operations. In late 2015 the Federal Reserve Banks of Atlanta, Boston, Cleveland, New York, Philadelphia, Richmond and St. Louis conducted a joint survey of small businesses; 5,420 responses from 3,459 employer firms in 26 states provide insight into the primary source of financing for small businesses and shed light on their business conditions, credit needs and borrowing experiences.
In February 2016, The Federal Reserve Bank of Atlanta released an interactive tool and data set index that enables policymakers and practitioners to examine local trends and compare cities across four measures of economic dynamism: demographics, economics, human capital, and infrastructure.
Some local communities are developing and deploying effective strategies and tactics to address common challenges in local workforce development. Critical to this effort is the fostering and facilitation of partnerships with traditional and nontraditional organizations. These partnerships are the topic of the Federal Reserve Bank of Atlanta’s recently released electronic book--a collaboration with national experts in workforce development, and companion to the 2015 publication, Transforming U.S. Workforce Development Policies for the 21st Century.
Close collaboration in the workforce development field is the current trend, creating a more accessible system for businesses and job seekers alike. In this Economic Development podcast, the Atlanta Fed's Stuart Andreason and Dee Baird of the Cedar Rapids Metro Economic Alliance discuss research findings on how the various players collaborate.
The Atlanta Fed cohosted a symposium at the 2015 Rail~Volution conference to examine strategies that would promote equitable transit-oriented development without gentrifying a neighborhood and displacing residents. This January/February 2016 Partners Update article provides a peek inside the discussions from the October 2015 sessions.
How have some small cities forged a path to economic resurgence while others still languish? Representatives from several Federal Reserve Banks and place-based funders are on tour to find out. In this first article in a Partners Update series, they study a revitalized Chattanooga.
In this Community Development Issue Brief from the Boston Fed, researchers offer insights from interviews with both African American and Caribbean-ancestry blacks that disturb any presumption that those who have made it to the middle class have achieved economic stability.
A website that accompanies the Dallas Fed study, "Las Colonias in the 21st Century: Progress Along the Texas-Mexico Border," which examines successes and challenges in infrastructure, housing, economic opportunity, education and health in Texas colonias. The site features a report, video, photos, success stories, data, legislation information and related resources.
The St. Louis Fed’s annual Community Development Outlook Survey gathers input from a variety of stakeholders regarding the economic conditions of low- and moderate-income (LMI) households and communities in the seven states that make up the Fed’s Eighth District. Data from the survey is used to inform strategic planning, community and economic development, and public policy dialogue around issues and challenges for the District’s LMI areas.
Community Pulse presents the findings from a 2015 survey that identified the most pressing current and emerging issues in the Fifth Federal Reserve District. More than 300 community development experts from Maryland, North Carolina, South Carolina, Virginia, West Virginia and the District of Columbia shared their perspectives on the issues that their communities are facing.
How might communities deal with vacant, abandoned, and "problem" properties? This discussion paper examines successful blight remediation strategies in two southeastern cities--New Orleans, Louisiana, and Macon, Georgia.
Community prosecution is one method to mitigate crime in a community through a proactive and decentralized approach to problem solving. This first article in a series, from in the Nov/Dec edition of Partners Update, looks at how the city of Dallas is using community prosecution to reduce blight in target neighborhoods.
Poor access to credit has long been theorized to contribute to poverty and economic inequality. However, costly fringe credit products like payday loans may be even more harmful. Critics call for strict regulation of such products, while the empirical evidence on the effects of fringe borrowing is mixed. In this Community Development Discussion Paper from the Boston Fed, researchers examine how regulation on fringe lending at the federal level and payday lending bans at the state level affected credit standing, search, and access of likely fringe borrowers.
The opportunities and challenges in a given community are complex, and to understand them requires a thorough assessment of data intertwined with the voices of local businesses, non-profits, and residents. Using Los Angeles as an example, this analysis from the SF Fed incorporates quantitative and qualitative data to holistically assess a county’s needs.
The Tenth District Consumer Credit Report summarizes consumer credit trends in the Tenth District and compares conditions to the nation and across states. The reports provide data on consumer debt, loan delinquency rates, personal bankruptcy filings and mortgage delinquencies. As a special topic, this issue explores the composition of consumer debt.
Lacking transit access, many lower-skilled workers in Northeast Ohio miss out on job opportunities, say Cleveland Fed researchers. This study looks at what Northeast Ohio business and civic leaders can do to increase job access.
What happens in metropolitan labor markets that are successful at attracting and retaining residents with a bachelor or higher degree? This discussion paper by the Atlanta Fed's Stuart Andreason investigates labor market outcomes in "leader metros."
Community development practitioners want to know how much banks are investing in a particular geography, as that information could help them "right-size" their strategy for bank partnerships. This second Partners Update article on the CRA, released in September/October 2015 by the Atlanta Fed's Will Lambe, provides an approximate figure for the Southeast.
Some municipalities are using community development initiatives that capitalize on the strengths of the community and its residents to improve living conditions. But what motivates residents to engage with their local government in the first place? This November/December 2015 Partners Update article investigates findings from an Atlanta example.
This summary of the report Gentrification and Residential Mobility in Philadelphia provides applied findings appropriate for a community development practitioner audience on gentrification and neighborhood change in Philadelphia.
New research from the Philadelphia Fed, Gentrification and Residential Mobility in Philadelphia, explores the topic of gentrification and the effects of neighborhood change on vulnerable residents. This discussion paper provides an in-depth analysis on which neighborhoods in Philadelphia are gentrifying, who is moving into and out of gentrifying neighborhoods, and the experiences of vulnerable residents in those neighborhoods.
Published by the Philadelphia Fed, the Community Development Data Inventory describes timely and publicly available data sources to help inform the work of those involved in community development research or practice. This November 2015 release contains updated information and an expanded number in the inventory, from 16 resources to 24. The resources are described in easy-to-read, two-page summaries organized by topic, including Economy/Employment, Household Financial Stability, Housing/Homelessness, and Data/Mapping Platforms.
Missed the live webcast? Presentation slides and videos are now available from “Community Banking in the 21st Century,” the third annual community banking research and policy conference, hosted by the Federal Reserve System and the Conference of State Bank Supervisors (CSBS). Also available from the conference is a report that details conditions facing today's community bankers. Speakers and moderators of the event, held in St. Louis Sept. 30 - Oct. 1, 2015, included: Fed Chair Janet Yellen; Fed Governor Lael Brainard; St. Louis Fed President James Bullard; CSBS Chairman/Massachusetts Commissioner of Banks David Cotney; CSBS President and CEO John Ryan; and Houston Astros President of Business Operations Reid Ryan, founding investor and board member, R Bank and R Corp Financial, Round Rock, Texas.
This working paper from the San Francisco Fed looks at the lending performance of one CDFI, the Low Income Investment Fund (LIIF), through the Great Recession. Its authors argue that LIIF’s success weathering the downturn—relative to similarly-sized banks—is the direct result of a “patient capital” approach to portfolio management unique to the CDFI industry.
Scholarly interest in the relationship between investment and displacement dates back to the 1970s, in the aftermath of displacement related to urban renewal. More recently, a new wave of scholarship examines gentrification, primarily in strong market cities, and its relationship to public investment, particularly in transit. The results of these studies are mixed, due in part to methodological shortcomings. A primary finding looking across the literature is that there is a need for a new methodology to analyze displacement risk.
Transforming U.S. Workforce Development Policies for the 21st Century is a dynamic new book that explores how innovative policies and practices can meet the changing needs of workers, businesses, and their communities. Produced in partnership by the Federal Reserve Banks of Atlanta and Kansas City, and the John J. Heldrich Center for Workforce Development at Rutgers University, this edited volume presents contributions from more than 65 leading scholars and practitioners engaged in workforce development. They examine the state of the labor market, and potentially transformative workforce development and education strategies and policies to improve opportunities for job seekers, students, and workers, especially those encountering the greatest difficulties in the labor market.
Are there well-paying jobs for people without a four-year college degree? Identifying Opportunity Occupations in the Nation's Largest Metropolitan Economies summarizes research conducted by the Federal Reserve Banks of Philadelphia, Cleveland, and Atlanta on employment opportunities for workers without a formal education. This research examines what employment opportunities can be considered opportunity occupations, where these opportunity occupations are located, and how employer preferences differ from the education requirements for these jobs.
The US has used the Community Reinvestment Act (CRA) to encourage banks to keep their branches open in low- and moderate-income areas. Does access to physical branches matter? Findings in a Cleveland Fed Economic Commentary suggest that a physical presence gives banks the opportunity to get to know distressed areas better and channel resources to people who have demonstrated an ability to manage them. While the research shows the benefits that come from creditworthy borrowers in declining low-income areas being in close physical proximity to a bank branch, the public policy challenge is to identify how to get those benefits when private markets alone do not provide them.
Following the housing bust, the Community Reinvestment Act (CRA) came under scrutiny as one of the suspected contributors to the current financial crisis. However, a Cleveland Fed researcher found that CRA-regulated institutions provided a relatively small share of all loans within the Fourth Federal Reserve District—comprising Ohio, western Pennsylvania, eastern Kentucky, and the panhandle of West Virginia—and and an even smaller percentage of the riskier high-cost loans.
The consequences of providing public funds to financial institutions remain controversial. In this 2012 working paper from the Cleveland Fed, researchers examine the Community Development Financial Institution (CDFI) Fund’s impact on credit union activity using U.S. Treasury data. They find that politics does not seem to play a role in allocating funding.
Using detailed employment data on firm age and size, a Cleveland Fed researcher’s findings suggest that local lenders play an important and necessary role in job creation in the economy. Research economist Kristle Romero Cortes uses natural disasters and regulatory guidance to disentangle the effects of credit supply and demand in this 2014 working paper.
In this August 2014 Economic Commentary from the Cleveland Fed, a trio of researchers examined trends in new business formation, using the Census Bureau’s Business Dynamics Statistics database, and why the rate declined over a three-and-a-half-decade period. They found that while new firms have been forming at a slower pace over the previous 33 years and creating fewer jobs, there has been a simultaneous rise in the number of new establishments opened by existing businesses, which they call 'new outlets.' As the rate of new outlet formation has risen, so has the rate of job creation at new outlets.
A March 2011 Economic Commentary from the Cleveland Fed found that the Great Recession was actually a time of considerable decline in entrepreneurial activity in the US.
In this November 2011 Economic Commentary from the Cleveland Fed, researchers found that uncertainty adversely affected small business owners’ expansion plans post-Great Recession.
The Small Business Lending Fund (SBLF) was created to encourage community banks to make more loans to small businesses. In this Economic Trends report, two Cleveland Fed researchers find that banks have used SBLF funds to increase their small business lending.
Alternative Lending through the Eyes of “Mom and Pop” Small-Business Owners: Findings from Online Focus Groups
The online alternative lending industry holds promise for expanding access to credit for small businesses. But it also poses potential risks, as the small-dollar credit products offered by alternative lenders can be considerably more expensive than traditional credit. To gauge small-business owners’ perceptions and understanding of online alternative lenders and their product offerings, two Federal Reserve researchers conducted online focus groups with 44 “mom and pop” businesses in a wide range of industries and from across the United States. This report details their findings.
The Community Reinvestment Act helps drive significant investments into low- and middle-income communities, but not all communities benefit equally. This July/August 2015 Partners Update article by the Atlanta Fed's Will Lambe and Jessica Farr discusses where banks are motivated to act and provides a mapping tool to illustrate where particular banks engage in community development.
Over the past 35 years, America's fertility has reflected, to some extent, the business cycle, but that trend doesn't appear to be holding up in the current expansion. Two Cleveland Fed researchers take a closer look at this in an August 2015 Economic Trends.
The second student loan article in the Dallas Fed's Texas Consumer Credit Series explores possible factors influencing Texas student loan trends, higher education financing tools and circumstances that contribute to loan delinquencies. It shows that despite growing concerns, student loans are critical in bringing higher education–and a brighter financial future–within reach for many.
This new Kansas City Fed publication is a consolidation of two existing publications: the LMI Survey and Tenth District LMI Labor Force Report, neither of which will be published separately in the future. The impetus for the change was a desire to provide information on economic conditions in the low- and moderate-income (LMI) community in a concise and complete publication. Each issue will continue to report results from the LMI Survey, and a labor market section will offer additional analysis of official labor market data relevant to LMI communities.
Through its Center for Indian Country Development, the Minneapolis Fed works to help self-governing communities of American Indians in the United States attain their economic development goals. The Center promotes partnerships, research, and coordination around four focus areas that are essential for building vibrant economies: governance, infrastructure, finance, and resources.
Over the past few years, there has been significant growth in the number of multi-site, cross-sector initiatives to improve communities and the lives of their residents. This working paper from the San Francisco Fed details “what works” and “pitfalls” in its analysis of both past and current initiatives. The paper also provides insights into the design and implementation of place-based efforts for community development practitioners, financial institutions, healthcare payers and others involved in site-specific initiatives.
The Financing Experiences of Nonemployer Firms: Evidence from the 2014 Joint Small Business Credit Survey
Businesses without employees (nonemployer firms) make up 80 percent of the businesses in the United States. However, we know very little about their financial lives and financing needs. Using data from the 2014 Joint Small Business Credit Survey, a new discussion paper from researchers at the Atlanta and New York Feds explores the financial experiences of nonemployer firms.
This third essay in the Center for Household Financial Stability’s “Demographics of Wealth” series from the St. Louis Fed examines the connections between age and wealth. The essay is the result of an analysis of data collected from more than 40,000 heads of households between 1989 and 2013 through the Federal Reserve’s Survey of Consumer Finances.
Beyond the Numbers: A Qualitative Exploration of Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2015
How available and affordable is rental housing in the Third District states of Pennsylvania, New Jersey, and Delaware? This report from the Philadelphia Fed is the qualitative counterpart to a quantitative report released in early 2015. Beyond the Numbers presents themes that emerged from interviews with experts from various housing related organizations, including nonprofit and for-profit developers, housing authorities, community development corporations, and other professionals on key challenges for low-income renters and the rental market.
This article profiles “BankImpact,” a dynamic online tool that helps identify high-impact banks in Chicago that serve as anchors in underserved communities. Created by National Community Investment Fund (NCIF), BankImpact can help provide the data necessary to inform and attract impact investors and help banks better understand and contextualize their (own) performance.
Organizations that help foster regional coordination among workforce development service providers recently convened to discuss successful strategies. This May/June 2015 Partners Update article summarizes their discussions, which include key challenges and methods for surmounting them.
Economic Dynamism in Small Cities (Part 2): Migration, Commuting, New Firm Creation, and Population Density in Small Cities
The factors that contribute to economic dynamism in a small city can be elusive to define and measure. This May/June 2015 Partners Update article by the Atlanta Fed's Will Lambe looks at some elements of small city economic dynamism that may contribute to growth and development.
Recently updated, the Community Development Data Inventory is a collection of timely and publicly available data sources for those engaged in community development work. This tool highlights resources that can inform key community development issues and research needs, including demographics, the economy and jobs, housing, and education. For each resource, the guide includes an overview of the data, a description of the methodology and accompanying variables, links to training guides and additional information, and a few illustrations of the resources themselves.
This second essay in the Center for Household Financial Stability’s “Demographics of Wealth” series examines the strong correlation between education and money. The essay is the result of an analysis of data collected from more than 40,000 heads of households between 1989 and 2013 through the Federal Reserve’s Survey of Consumer Finances.
Housing market conditions continued to improve during the first quarter of 2015 across the seven states that comprise the Fed’s Eighth Federal Reserve District, according to the St. Louis Fed’s Housing Market Conditions report. The quarterly report provides a snapshot of conditions in the U.S. and in the Eighth District states and MSAs. This webpage features the latest report, and an archive of past reports.
The Tenth District Consumer Credit Report summarizes consumer credit trends in the Tenth District and compares conditions to the nation and across states. The reports provide data on consumer debt, loan delinquency rates, personal bankruptcy filings and mortgage delinquencies.
The St. Louis Fed’s annual Community Development Outlook Survey gathers input from a variety of stakeholders regarding the economic conditions of low- and moderate-income (LMI) households and communities in the seven states that make up the Fed’s Eighth District. Data from the survey is used to inform strategic planning, community and economic development, and public policy dialogue around issues and challenges for the District’s LMI areas.
The widening wealth gap in the US is a worrisome sign that millions of families nationwide do not have enough in assets to offer better opportunities for future generations. Using the National Asset Scorecard for Communities of Color survey data, researchers at the Boston Fed analyzed assets and debts among subpopulations in the Boston MSA according to race, ethnicity, and country of origin—granular detail ordinarily unavailable in public datasets. Their analysis shows large differences between white and nonwhite households, and that the net worth of whites compared with nonwhites is staggeringly divergent.
Interested in knowing what credit conditions are like in your community and elsewhere? The New York Fed's Community Credit interactive maps highlight credit conditions in communities across the United States. The maps provide measures of credit inclusion and credit stress for the US., as well as for states and counties, from 2005 to 2014. Indicators include the percentage of quality borrowers and the percentage of residents who have access to some type of formal credit.
Affordable housing now ranks among the top concerns facing communities in the Fourth District. Jobs and vacant properties round out the top three. The Spring 2015 edition of Issues & Insights features analysis of results from the Cleveland Fed’s annual community issues survey of stakeholders, along with innovative approaches being tried in communities across the District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the panhandle of West Virginia.
The Dallas Fed provides the results of its second annual Texas Small Business Needs Assessment Poll, conducted in partnership with the Texas Small Business Development Center Network. Over 1,400 micro- and small businesses reported on firm size, performance, financing and employee skills gaps, revealing overall optimism about business performance.
This discussion paper by the Atlanta Fed's Stuart Andreason and Ann Carpenter examines the Atlanta metro area’s challenges in coordinating workforce development programs and services. The paper explores four cities that can serve as models of successful collaboration--Boston, Chicago, Cincinnati, and Detroit.
Why might health, employment, and income continue to exhibit major disparities across racial groups in the United States? This Economic Commentary from researchers at the Cleveland Fed examines the cities that participated in the Moving to Opportunity social experiment to understand how different characteristics might be used to distinguish neighborhood environments, and how these characteristics relate to neighborhood poverty.
This Dallas Fed report describes and analyzes opportunities, successes and challenges of colonias located in six Texas border counties using both quantitative and qualitative data. The report focuses on infrastructure, housing, economic opportunity, education and health.
Interested in learning about the Fed’s joint small business credit survey? During this Connecting Communities® webinar, from April 30, 2015, members of the survey team discuss its results and present findings that provide insight into the dynamics behind aggregate lending trends. Experts include Claire Kramer Mills, assistant vice president at the New York Fed, and Theresa Singleton, vice president at the Philadelphia Fed.
The New York Fed's Regional Household Debt and Credit Snapshots provide an overview of trends in borrowing and indebtedness at the state and local level. Snapshots include data about mortgages, student loans, credit cards, auto loans, home equity lines of credit (HELOC) and delinquencies.
This first essay in the Center for Household Financial Stability’s “Demographics of Wealth” series examines the connection between race or ethnicity and wealth accumulation over the past quarter-century. The essay is the result of an analysis of data collected from more than 40,000 heads of households between 1989 and 2013 through the Federal Reserve’s Survey of Consumer Finances.
From Classroom to Career: An Overview of Current Workforce Development Trends, Issues and Initiatives
This Fall 2014 edition of the Federal Reserve Bank of Chicago’s Profitwise News and Views highlights: workforce-focused programs and research around the Federal Reserve System; trends in educational attainment and (resulting) wage disparity; skills gaps among those seeking work; employer efforts to train workers; and examples of current workforce development initiatives in the District.
To what extent does the Small Business Administration (SBA) 7(a) loan guarantee program help facilitate flows of credit to small businesses in the city of Detroit, and to black and low- and moderate-income neighborhoods in Michigan? The Chicago Fed's Community Development and Policy Studies (CDPS) Division offers its analysis in this insightful article.
Research demonstrates that where you live, and the socioeconomic conditions present in that place, determine individual-level health outcomes. Using community level data available through the City of Chicago Data Portal, as well as aggregated census tract level economic data compiled by the Federal Reserve Bank of Chicago, this article explores community-level socioeconomic status conditions and corresponding health outcomes in Chicago’s 77 communities.
An important way for small businesses to access capital is through connections via owners' resource networks. In this 2014 special edition of ProfitWise News and Views, from the Chicago Fed, you'll read findings from a poll of black small business owners in metropolitan Detroit who participated in a survey that gauged resource needs, and the perceived value and degree of access to formal and informal networks designed to assist business owners.
The LMI Labor Force Report provides a snapshot of low- and moderate-income (LMI) labor market conditions in the Federal Reserve's Tenth District. The current report contains individual-level data from the Current Population Survey to compute statistics about LMI labor market conditions. It also provides updated information from the Kansas City Fed's LMI Survey on the availability of jobs in LMI communities and obstacles faced by LMI workers.
What can online word searches reveal? Turns out that data on the volume of internet searches for particular words and phrases can provide insights into housing demand, according to researchers at the Cleveland Fed. In a February 2015 Economic Trends they report that, over a 10-year period, the search volume for “real estate agent” moves closely with the Case-Shiller Home Price Index. While both have been trending upward, the researchers say growth in demand indicated by online search volumes has been lagging behind the index, which may imply that home prices are currently overvalued. Also, searches for the terms “first home” and “mortgage calculator” are currently much lower than they were before the financial crisis, suggesting a possible decline in first-time home buyers.
This new Community Development Report from the Minneapolis Fed suggests that loan funds serving Native communities grew significantly in number and asset size from 2001 through 2012 and have generally posted fairly positive financial ratios.
The Federal Reserve Bank of Kansas City's biannual Consumer Credit Report provides a snapshot of consumer credit conditions in each of the Tenth District's seven states: Colorado, Kansas, western Missouri, Nebraska, northern New Mexico, Oklahoma and Wyoming. The reports provide data on consumer debt, loan delinquency rates, personal bankruptcy filings and mortgage delinquencies, including maps showing serious mortgage delinquencies county-by-county.
The Kansas City Fed's biannual survey measures the economic conditions of low- and moderate-income (LMI) populations and the organizations that serve them. LMI individuals have incomes below 80 percent of the area median income, which is defined as the metropolitan median income for urban residents and state median income for rural residents.
In the nine years since Hurricane Katrina devastated the Gulf Coast, many affected communities have revamped their municipal plans. This discussion paper by Atlanta Fed research analyst Ann Carpenter examines these plans and compares their content with what is known about resilience from the perspective of fostering connected communities with a strong sense of place.
Small businesses employ half of the nation’s private sector workers, and in recent decades have created two-thirds of net new jobs. Yet, unlike large firms, which rebounded relatively quickly from the Great Recession, the pace of recovery for small firms has been slower and more uneven. In late 2014 the Federal Reserve Banks of New York, Atlanta, Cleveland, and Philadelphia conducted a joint survey of small businesses; responses from a 10-state area provide insight into the dynamics behind aggregate lending trends and shed light on noteworthy segments of the small business credit market, including small-dollar borrowers.
The first student loan article in the Dallas Fed's Texas Consumer Credit Series examines patterns and trends in student loan borrowing and its impacts. Part 1 shows that Texas' average student loan balance is lower than the national average, while delinquency rates are higher.
The Small Business Financial Health Initiative is a joint project of the Community Development divisions of the Federal Reserve Banks of Chicago and San Francisco, Pepperdine University Capital Markets Project and FundWell, Inc. The purpose of the initiative is to raise awareness about small business financial health, in order to highlight policies, investments, financial and technical assistance resources needed to help small businesses achieve their goals. This report presents the results and findings from a Financial Health Business Survey that was administered in 2013 and initiates a discussion around the factors that drive the sustainability and growth of small enterprises.
With 90 percent of the world’s data generated in just the past two years, What Counts: Harnessing Data for America’s Communities challenges policymakers, funders, and practitioners across sectors to seize this new opportunity to revolutionize our approaches to improve lives in low-income communities. This book from the Federal Reserve Bank of San Francisco and the Urban Institute provides a roadmap for the strategic use of data to reduce poverty, improve health, expand access to quality education, increase employment, and build stronger and more resilient communities. Videos from the launch event on December 4, 2014, are available on the San Francisco Fed's Community Development YouTube channel.
Analyzing Home Mortgage Disclosure Act (HMDA) data, researchers at the Boston Fed provide a brief overview of New England's mortgage lending activity in 2012 and evidence of disparities in loan origination outcomes for borrowers of various incomes, races, and ethnicities in this Community Development Issue Brief from November 2014.
Disagreement over the nature of poverty and debate over how to address it are part of a long-running narrative in our nation. In a new essay published in Ledger, the Boston Fed's economic education journal, writer Bob Jabaily looks at three aspects of this narrative: the recurrence of certain themes in America's response to poverty, the ongoing discussion over how to define and measure poverty, and some of the more notable efforts to document the lives of poor people and raise awareness of poverty.
In this Community Development Issue Brief, a researcher at the Boston Fed examines the factors that influence firm location choice in US cities--including availability of local labor, building lease costs, on-site parking for employees, and others--along with which of these might best explain the variance in employment trends across a set of small and mid-sized post-industrial Massachusetts cities. The results provide some indication of the extent to which these cities, and others like them, might influence their own economic futures.
The Community Development Data Guidebook, published by the San Francisco Fed, provides information on a variety of community development data resources, divided by topic area, along with a practical application of how to retrieve the data and suggestions on how to conduct appropriate analysis.
This Dallas Fed 2014 research update presents maps and charts of consumer loan balances and delinquencies in the Eleventh District. The report indicates that aggregate consumer debt increased 7.6% from 2013, yet consumer loan performance in the district was still improved.
This Research Brief from the San Francisco Fed examines trends in rental housing composition in Arizona, California and Nevada and takes a closer look at local areas that have seen the fastest growth in single-family rentals. These three states were hit particularly hard by the foreclosure crisis and have major markets that have been impacted by investor purchases.
Community Credit Profiles, created by the NY Fed, provide local information on credit access and use, to help inform community development policymakers and practitioners. Indicators are updated twice a year at the national, state and county levels to enable peer comparisons and program and activity benchmarks.
The Small Business Credit Survey is a semi-annual survey that asks small businesses in New York, New Jersey, and Connecticut about about their performance, financing decisions, and credit experiences.The poll, which captures perspectives of smaller firms (typically employing fewer than 10 employees and have less than $5 million in annual revenues), and is part of the New York Fed's Regional and Community Outreach Function's efforts to monitor local credit conditions.
Interested in learning about current issues affecting consumer financial well-being? Curious about what trends in household financial behaviors and sentiments have looked like since the recovery? In this August 26, 2014, Connecting Communities® webinar session, participants hear findings from a recently issued report covering results from the Survey of Household Economics and Decisionmaking (SHED) in 2013. Speakers include: Anna Alvarez Boyd, senior associate director; David Buchholz, assistant director; Max Schmeiser, senior economist; and Jeff Larrimore, economist, all from the Federal Reserve Board of Governors.
The Kansas City Fed recently launched the first installment of its newest periodic series. The Tenth District LMI Labor Force Report provides a snapshot of low-and-moderate-income (LMI) labor market conditions in the Tenth Federal Reserve District. The analyses provide trends in unemployment rates, employment projections for workers with training and experience typical of the LMI, wage data, and the LMI Job Availability Index from the Kansas City Fed’s LMI Survey. The goal of the report is to provide community development and social service organizations, policymakers, and others a gauge of District LMI labor market conditions.
This report released by the Philadelphia Fed reflects research conducted by students completing their master’s degrees in city and regional planning at the University of Pennsylvania, who investigated recent revitalization efforts in Bethlehem, Pa., Lancaster, Pa., and Wilmington, Del., with a focus on equity rather than on stated outcomes. This report summarizes their findings, includes proposals designed to produce equitable outcomes in each city, and provides a blueprint for cities interested in considering equity as an objective in future development efforts.
In the Report on the Economic Well-Being of U.S. Households, the Federal Reserve Board provides a snapshot of the self-perceived financial and economic well-being of U.S. households and the issues they face, based on responses to the Board's 2013 Survey of Household Economics and Decisionmaking. The report provides insight into numerous topics of current relevance to household finances, including: housing and living arrangements; credit access and behavior; education and student loan debt; savings; retirement; and health expenses.
Buying a home is exhausting enough; does it help to add hours of financial counseling to the process? In a longitudinal study by the Philadelphia Fed, researchers evaluate the effectiveness of pre-purchase homeownership and financial management skills counseling. The study improves on previous efforts by employing an experimental design methodology, and it tracks study participants’ creditworthiness over time. Two key findings: pre-purchase homeownership counseling improves financial capability, and more hours of counseling produce greater outcomes for participants.
While appraisers have often been criticized for the inflated home values that were more prevalent during the housing boom, little research has been done to help understand how appraisal valuations respond to rapidly changing local market conditions and regulatory environments. In this discussion paper by the Philadelphia Fed’s Community Development Studies & Education department, researchers examine the pattern of appraisal bias in the Third Federal Reserve District during the housing crisis. Based on a unique transaction-level appraisal data set, this study evaluates how the lack of market activity, the concentration of foreclosures, and the increased use of appraisal management companies, as well as other factors, impact the incidence of low appraisals during the crisis.
The 12th District County Profiles, published by the San Francisco Fed, provide valuable information on the various labor-market, housing, and economic development issues impacting communities throughout the nine western states. More counties will be added in future rounds of profiles, so check back often to see if your community is featured!
Published by the San Francisco Fed, this paper demonstrates that the greatest reduction in health care costs after placement in supportive housing is seen among chronically homeless adults and seniors who are frequent users of the health care system. The findings support the conclusion that permanent supportive housing can be a highly cost-effective placement option for homeless seniors exiting skilled nursing facilities, particularly as they approach the end of life, and points to the importance of this housing option for managed care organizations that are increasingly taking on the financial responsibility for the health care of this population.
In this issue of 5th District Footprint, read about the Fifth District's four-year cohort high school graduation rates for the class of 2013.
Ever wonder about the Federal Reserve’s involvement in the field of community development? Wonder no more. Released in June 2014, Federal Reserve Community Development Perspectives: A summary of activities, insights, and future opportunities answers the "what," "why" and "how" of the Fed's role in community development. The report highlights the Fed’s recent efforts to address barriers to economic growth, and promote fair and informed access to financial markets. Featuring brief summaries of its community development work organized into four focus areas--people, place, the policy and practice of community development, and small business--the report includes background information that helps to provide context for this work, a sampling of key research, outreach programs and other initiatives, as well as some ideas on future challenges, needs and opportunities.
This poster illustrates a research study from the Dallas Fed with partners from the FDIC and New York University. The study used the 2007-09 Survey of Consumer Finances Panel to examine how a household’s economic circumstances, demographic characteristics and certain attitudes or financial behaviors influenced basic savings account ownership during the Great Recession.
With the price of a college degree rising, students and families are taking on more debt. Is it paying off? Two Cleveland Fed researchers look at trends in student loan debt for young households and find that, by going to college, one is likely to end up in a household that earns a considerable wage income premium throughout its working life but which also has a sizeable amount of college debt early on. There is one education group for which this does not hold: those with some college but no degree. These households, which on average make up 32 percent of those 22 to 29 years of age and 25 percent of those 30 to 65 years of age, have some college debt but get little to no labor market benefit.
Has gentrification continued after the recession? During the housing boom, a number of large cities in the United States experienced redevelopment in their lower-income neighborhoods as higher-income residents moved in. Looser lending standards may have contributed to this gentrification trend. With tighter lending standards in place following the housing bust and financial crisis, researchers at the Cleveland Fed examined how the income rankings of neighborhoods in the centers of metropolitan areas have changed relative to those in the suburbs since 2000. In this Economic Trends report, they explain their methodology and findings.
What is the impact of the CDFI Fund on institutions that receive funding, and what is the return on investment? In this Economic Commentary, Cleveland Fed economist Kristle Cortés and Harvard Business School professor Josh Lerner evaluate the Fund’s core program. Examining 10 years of propriety data provided by the US Treasury, they measured the increase in lending at credit unions that received grants, those that applied but did not receive grants, and those that never applied. Their results show that CDFI Fund grants do increase lending, by 3 percent. And for every dollar awarded, 45 cents is loaned out to borrowers in the first year and up to $1.60 is loaned out within three years.
This Dallas Fed research uses a spatial hedonic model to analyze 5,500 downpayment assistance loans made from 1997 to 2006 in the City of Dallas Mortgage Assistance Program (MAP). The study estimates the impact of subsidized mortgages on nearby home values and compares the performance of MAP loans to subprime and FHA loans.
The Dallas Fed summarizes findings from a research study conducted in a South Dallas neighborhood which tests how gateways (basic bank products) and stepping stones (asset building financial products) can put households on a path to financial security.
The Chicago Fed provides findings from its recent Industrial Cities Initiative (ICI), an effort to gain a better understanding of the economic, demographic, and social trends shaping industrial cities in the Midwest. The report profiles ten Midwestern cities and explores the trends and experiences of each city individually, in comparison to peers and in comparison to their home states and the nation.
This Chicago Fed analysis of SBA data from the state of Michigan explains the extent to which the Small Business Administration (SBA) 7(a) loan guarantee program helps facilitate flows of credit to small businesses in the city of Detroit, and to black and low- and moderate-income neighborhoods statewide.
The Low Income Housing Tax Credit (LIHTC): Challenges Presented by the Onset of Year 15 in the St. Louis Region
This paper examines the challenges, along with current and expected future trends in affordable housing preservation and development utilizing LIHTCs.
Older adults face unique situations in the post-financial crisis economy. How are they managing financial transactions with new and emerging technologies? How well are they navigating an increasingly complex financial marketplace? The Federal Reserve Board of Governors convened several events and published a forum briefing paper on this topic.
This repository provides access to research published since 2008 by the Board of Governors and all 12 Federal Reserve Banks on topics related to employment, unemployment and workforce development. The aim is to make this resource a vital tool for researchers, students, and all those interested in the economics of labor markets and workforce development.
As part of the U.S. central bank—which has a dual mandate to promote price stability and maximum employment—the Atlanta Fed has a natural interest in deepening its understanding of labor force dynamics and workforce development issues. The Center for Human Capital Studies supports those efforts through its research, as well as by offering such resources as conferences, seminars, and labor market tracking tools.
Visit the Center’s web page for information on this community development research initiative of the St. Louis Fed, which conducts primary and applied research focused on rebuilding the household balance sheets of struggling American families. The Center leverages its research to inform public policy, community practice, families and future research.
In this 55-minute webinar hosted by the Philadelphia Fed, Community Development Research Manager Keith Wardrip shares highlights from a Cascade Focus report, Student Loan Trends in the Third Federal Reserve District, which looks at student borrowing in the Third Federal Reserve District and explores lending patterns, by the neighborhood income of the borrower, to better understand implications for low- and moderate-income communities. The webinar also includes on-the-ground insights from Clarifi, a Philadelphia-based nonprofit.
Postsecondary educational expenses and student loan balances have been trending steadily upward, but persistent unemployment and weak economic conditions have created an alarming new trend of rising student loan defaults. This research brief from the San Francisco Fed examines broad trends in student borrowing in the Federal Reserve’s 12th District, with an emphasis on students from low- and moderate-income households.
Within the Federal Reserve’s 12th District, over 4 million families and individuals received the Earned Income Tax Credit (EITC) for tax year 2007, totaling over $8 billion in credits. In this research brief, the San Francisco Fed examines trends in EITC usage across the 12th District and looks at how the EITC and tax time provide a unique opportunity to link lower-income households to financial services and promote asset building.
Historically, subsidized housing is concentrated in locations that are largely isolated from amenity-rich areas. While a variety of federal and local programs offer expanded neighborhood choice to lower-income households reliant on housing assistance, the bulk of subsidized affordable housing remains unevenly distributed across different types of neighborhoods. This research brief from the San Francisco Fed looks at how these patterns play out in the nine-county Bay Area of Northern California, focusing on the relative locations of subsidized housing and high quality schools.
Launched in 2011 by the San Francisco Fed, this project collects input from community stakeholders about the issues and trends facing low- and moderate-income communities in the 12th District. Reports synthesize key themes that emerge from the surveys.
Using data from U.S. Census Bureau, this research brief from the San Francisco Fed analyzes the changing geography of poverty in the Bay Area. It focuses on the nine-county San Francisco Bay Area and explores the demographic changes that took place between 2000 and 2009.
Following the aftermath of the Great Recession, national indicators are starting to show signs of improvement in the housing market, but these indicators mask the realities of what’s happening on the ground in low- and moderate-income (LMI) communities. Complicating matters is the unprecedented role of investors in the housing recovery. This Research Brief from the San Francisco Fed provides an overview of related issues and examines housing market recovery and investor activity in the Federal Reserve’s 12th District.
The Dallas Fed highlights the importance of filing for the Earned Income Tax Credit (EITC), avoiding alternative refund settlement products and Volunteer Income Tax Assistance (VITA) programs in maximizing tax savings for low- and moderate-income families.
This working paper from the San Francisco Fed provides an overview of patterns of subprime lending, as well as trends in foreclosures and REOs, in suburban communities compared to inner-cities. It explores the relationship between foreclosures in suburban areas and the increased suburbanization of poverty.
A report on the Dallas Fed’s Texas Small Business Needs Assessment Poll, conducted in partnership with the Texas Small Business Development Center Network. Over 700 micro- and small businesses reported firm size, performance, financing and employee skill gaps.
The Federal Reserve Bank of New York is deeply committed to the people of Puerto Rico and to its growth and prosperity. That commitment is reflected in the ongoing work of the Fed's Outreach and Education teams with partners on the Island and in the research by Fed economists, who monitor and analyze local economic conditions. This analysis—along with similar analysis from other regions across the nation—feeds into the decisions the Federal Reserve makes on monetary policy and regulation of the financial system.
Can credit data tell us anything about the Community Reinvestment Act's impact on individuals? Examining data on consumer credit outcomes from 2004 to 2012, researchers at the Boston Fed show that individuals in low- to moderate-income CRA-eligible neighborhoods have more contact with formal credit markets than those in very similar neighborhoods that do not qualify for CRA credit.
The Boston Fed conducts a semi-annual survey of service providers' perceptions of the economic and financial conditions of lower-income communities and individuals in New England and the organizations that serve them. Read about the results of their October 2013 survey in this report.
This issue of Community Pulse presents the results of the Federal Reserve Bank of Richmond's spring 2014 survey of most pressing current and emerging issues of its numerous and highly diverse communities. Access to affordable housing, availability of jobs locally and improving the quality of K-12 education were the top three current issues in the Fifth District.
In October 2012, Superstorm Sandy struck the New York and New Jersey region, impacting local small businesses. One year later, as part of the Fall 2013 Small Business Credit Survey, the New York Fed asked small businesses about the storm's impact and the progress of their recovery. In total, 950 firms located in FEMA disaster areas responded. This report summarizes their responses.
The Boston Fed has created a powerful, time-saving, easy-to-use tool for people interested in the New England region. The tool uses census data to compare the demographic characteristics of lower-income and higher-income areas within a city. It also provides aggregate information for New England states and for the region as a whole
This report from the Boton Fed describes credit conditions in Massachusetts in low- and moderate-income and middle- and high-income census tracts using a unique and nationally representative database of all individuals who have a credit history. The analysis highlights the differences in the percentage of individuals with credit accounts, median balances, monthly payments, delinquency rates, and credit scores in 2006 and 2012.
In disadvantaged neighborhoods, the condition of the housing stock can vary from block to block. On one block, homes appear well kept and in good condition, while on another, many homes show signs of physical distress. Since the blocks within the same neighborhood are often similar in terms of home values, what accounts for this pattern? And is there any contagion effect of home maintenance? Researchers at the Boston Fed examine this issue in several Boston neighborhoods in this report.
Using Credit Reporting Agency Data to Assess the Link between the Community Reinvestment Act and Consumer Credit Outcomes
Can CRA have a positive impact at the individual level? To investigate the effect of the Community Reinvestment Act on consumer credit outcomes, researchers at the Boston Fed examined data for 2004 to 2012. While they found no statistically significant effects of the CRA on mortgages or foreclosures, either before or after the financial crisis, they did find evidence that CRA expanded broad measures of credit market activity.
One problem low-income communities may face in trying to revitalize is dealing with a high share of residents who are returning home after serving prison terms. Returning citizens often concentrate in low-income areas, and they typically lack the education and skills needed to find jobs. In this Commentary from the Cleveland Fed, a researcher examine these and other barriers to employment, estimates the degree of unemployment, and describes some solutions emerging for this population.
Why has average income grown in some poor neighborhoods over the past 30 years and not in others? In exploring this question, researchers at the Cleveland Fed found that low-income neighborhoods that experienced large improvements in income over the past three decades tended to be located in large, densely populated metro areas that themselves grew in income and population. Residential sorting—changes in population and demographics within neighborhoods—could help to explain this relationship.
Many signs in the housing market seem to be pointing the right way, except for the amount of time loans are spending in the foreclosure process. Foreclosure fast-tracks for vacant homes in foreclosure may help reverse that trend. This Commentary by researchers at the Cleveland Fed examines the savings Ohio and Pennsylvania might gain if they adopted such measures.
Many Rust-Belt cities have seen almost half their populations move from inside the city borders to the surrounding suburbs and elsewhere since the 1970s. As populations shifted, neighborhoods changed—in their average incomes, in their educational profiles, and in housing prices. But these shifts did not affect neighborhoods at the same rates. Recent research has uncovered some of the patterns characterizing the process.
This paper from the Kansas City Fed provides a detailed overview of the U.S. student loan market, presents new statistics that highlight student loan debt burdens and delinquency rates, and discusses current concerns among many Americans about student loans, including their fiscal impact.
This Kansas City Fed Economic Review article examines payday lending and provides new empirical evidence on how restrictions could affect consumers.
The Federal Reserve Bank of Richmond's Foreclosure Resource Center provides a comprehensive list of both national and local foreclosure prevention information, resources and data.
A compilation of links to select data sources and mapping tools are available here. PolicyMap’s web-based mapping tool, Map Your Community, is one of the resources provided. Users can create, customize and print maps of communities, counties and states using a select number of economic and demographic indicators.
Community Development Financial Institutions (CDFIs) are specialized financial institutions operating in markets that are underserved by traditional financial institutions. This section of the Federal Reserve Bank of Richmond's website provides information on CDFIs, with a particular focus on the Southeast region of the U.S. In addition, it includes a dedicated section on CDFI banks, also known as Community Development Banks (CDBs). Resources include webinars, data tables, reports, regulations, etc.
This web page highlights Federal Reserve Bank of Richmond's programs and resources aimed at helping small businesses access the technical and financial resources they need. They are categorized by location: VA, MD, NC, SC and WV.
Although not directly affected by the boom and bust of the housing market, Appalachia, and more specifically rural Appalachia, might be fighting the Great Recession's aftershocks for quite some time. This report from the Cleveland Fed examines data to learn how Appalachians in counties from Kentucky, Ohio, West Virginia, and Pennsylvania are currently faring. Have they lost what little ground they gained from the late 1970s to the early part of this decade?
A study of the underbanked and unbanked in the Tenth Federal Reserve District looks at households who rely on non-banks to meet all or some of their basic financial needs.
Visualize key economic and demographic data with the Kansas City Fed's new interactive web-based mapping tool. Overlay 31 different data indicators onto maps of your community. Users can also watch a video tutorial to learn how to identify geographies, select points, create a map and share a map.
This blog documents some of the positive housing market effects seen in major counties within the Seventh Federal Reserve District.
How did the Neighborhood Stabilization Program play out in Boston? A research team at the Federal Reserve Bank of Boston conducted a multi-method study of the impact of the Boston Neighborhood Stabilization Program effort. We found that the program properties were slower to be rehabilitated than a comparison group of non-program properties and that the program had very little impact on the physical or social conditions of the block. We conclude by offering some policy implications
The Chicago Fed's IBEX is a series of economic statistics that measure the economic experience of particular income and demographic groups. The IBEX groups include the elderly and the working poor, as well as groupings by education, income quartile and race. The “IBEX 12 Month Inflation Rates” provide a monthly chain-weighted inflation measure for more than 30 socio-economic and demographic groups and overall urban population; the “IBEX Consumer Sentiment (IBEX-CS)” provides a monthly and quarterly index of consumer sentiment for 46 groups and the overall urban population.
Introduced in July 2012, the Chicago Cook Workforce Partnership is a result of a coordinated effort between Cook County and the city of Chicago to broaden the reach of workforce development services for employers and job seekers by reducing costs, improving services, and engaging the business community. Quarterly reports analyze where the jobs are and who is hiring in Cook County. Data helps public and private officials, economists, academics, and others to better understand hiring needs across the region.
The Foreclosure Rate Graphs show trends in foreclosure start and transition rates in the largest counties in each state in the Seventh Federal Reserve District. These five counties include the cities of Chicago (Cook County), Detroit (Wayne County), Indianapolis (Marion County), Milwaukee (Milwaukee County), and Des Moines (Polk County).
This web page provides links to policy studies; banking and credit data; outreach and presentations and can be used to leverage resources for businesses in the Detroit region and support strategies to attract investment to the city. Created by the Chicago Fed’s Community Development and Policy Studies (CDPS) Division.
This article explores the roles of community colleges across the Seventh Federal Reserve District in addressing worker skill gaps. U.S. Census data indicate the percentage of the population with at least a high school degree has been increasing since 1970, as has the percentage of the population with post high school education (if not a four-year degree). During that time, the percentage of people with some college or a college diploma increased 160 percent. While these trends are encouraging, demands in the labor marketplace for technically skilled workers reinforce the value of investment in skills training. Published by the Chicago Fed’s Community Development and Policy Studies Department (CDPS)
The Chicago Fed’s Community Development and Policy Studies Department (CDPS) has developed a series of maps to identify areas in the Seventh Federal Reserve District facing the highest rates of foreclosure and mortgage delinquency. The maps show county-level data as of October 2013 for each of the five states in the District (Illinois, Indiana, Iowa, Michigan and Wisconsin) as well as zipcode-level data for the largest county in each state.
The Community Development and Policy Studies (CDPS) division of the Federal Reserve Bank of Chicago presents results from a poll to small business intermediaries in the fourth quarter of 2012, which asked about their perceptions of small business conditions in their neighborhoods. The purpose of this poll was to get a better understanding of the small business climate in diverse neighborhoods of the city of Chicago. The respondents comprised nonprofit organizations that provide technical assistance to (general business advice) and links to sources of capital for small businesses, as well as local market oriented business attraction and retention services.
This 4th Quarter 2013 report of findings from the Minneapolis Fed’s semiannual Ninth District Insight survey shows overall improvement in some business and employment indicators, but overall deterioration of conditions in other areas. The survey captures front-line observations about issues that affect the economic health of low- and moderate-income communities.
Are loss-mitigation tools easing distress in Ohio? This analysis looks at trends in delinquency rates, underwater loans, and negative equity to see whether several national loss-mitigation programs appear to have any impact on loan performance in Ohio.
How have northern cities fared as they recover from the loss of manufacturing, at the same time working to reduce pollution and become more attractive places to live? This report examines trends in manufacturing and pollution in the traditional industrial centers of the Rust Belt and the newer centers that sprang up in the South over the past three decades.
Social Ties, Space, and Resilience: Literature Review of Community Resilience to Disasters and Constituent Social and Built Environment Factors
Given the importance of resilience in promoting an effective recovery from severe natural disasters, the factors that contribute to such community resilience are of great interest to scholars and practitioners. The value of strong social networks in resilience is among the most oft-repeated lessons learned in recent scholarship. In this paper, Atlanta Fed research analyst Ann Carpenter examines the intersection of three connected threads in the literature to understand one particular aspect of resilience: how the built environment contributes to greater resilience by supporting and encouraging strong social networks.
This paper by Atlanta Fed research economist Anil Rupasingha looks at the impact of locally owned businesses on overall local economic well-being. The paper finds that in communities where a higher percentage of employment comes from locally owned businesses, especially businesses with nine employees or less, there is stronger income and employment growth. The research further shows that a greater degree of locally owned business employment is more likely to reduce the poverty rate, especially in nonmetropolitan areas.
Despite limited resources, UNITY of Greater New Orleans, a coalition of 60-plus local agencies, permanently housed over 500 chronically homeless people last year. Learn how the coalition achieved that success in a case study highlighting best practices in the Southeast.
This Atlanta Fed case study highlights the innovative work done by the United Way Center for Financial Stability to leverage partnerships that provide low- and moderate-income individuals in South Florida with personalized financial coaching, credit counseling, tax preparation and other services.
It's hard to argue against the value of education these days, but with so many adult workers lacking a college degree, we set out to learn more about the prospects today for young workers with no plans to get a four-year degree. This report describes the patterns of education, employment, and wages in eight metro areas of Ohio, Pennsylvania, and Kentucky and how they stack up against the 100 largest metros in the U.S. Young workers in Pittsburgh, it turns out, are in a relatively strong position. We point to relevant labor market research as we examine the prospects of workers in the region without a college degree.
These data briefs from the Community Development team at the Cleveland Fed examine the educational attainment levels, employment status, and occupations of workers in four MSAs in Ohio, Pennsylvania, and Kentucky, with a primary focus on those aged 18 to 35 with no post-secondary degree.
Are Native contractors missing out on business opportunities because they can't obtain a specific form of insurance? This Community Development Paper from the Minneapolis Fed explores whether construction companies in Indian Country have access to surety bonds, insurance instruments that guarantee fulfillment of construction contracts.
Ninth District Insight is the Minneapolis Fed's semiannual survey to capture front-line observations about issues that affect the economic health of low- and moderate-income communities. This 2nd Quarter 2013 report is based on responses from 381 community organizations, including lenders, developers, and service providers.
Mortgage delinquencies continued to decline across all seven states that comprise the Fed's Eighth District during the fourth quarter of 2013, according to the St. Louis Fed’s latest Housing Market Conditions report. The quarterly report provides a snapshot of housing market conditions in the U.S. and the Eighth District, which covers the states of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee. The report also now includes data for the District’s four main Metropolitan Statistical Areas (MSAs): Little Rock, Louisville, Memphis and St. Louis. View the most recent report, as well as archives of previous reports, at www.stlouisfed.org/community_development/HMC/.
An interactive tool, this Regional Mortgage Conditions map presents analysis of housing market conditions in the tri-state (NY, NJ, and CT) region from January 2007 to the present. Zip code level data are available for New York City, Long Island, and parts of northern New Jersey. Users can view the graphical analysis on a county-by-county basis and watch an animated timeline of how mortgage conditions changed during that period. The interactive map provides information about the percentage of loans in foreclosure, as well as those that are 60 days and 90 days or more delinquent.
This interactive visual tool allows users to explore where and to what extent home prices have recovered, as well as their effect on home equity and housing affordability in the states of New York, New Jersey, and Connecticut.
The Small Business Credit Survey is a semi-annual survey that asks small businesses in New York, New Jersey, and Connecticut about about their performance, financing decisions, and credit experiences.The poll, which captures perspectives of smaller firms (typically employing fewer than 10 employees and have less than $5 million in annual revenues), and is part of the New York Fed's Regional and Community Outreach Function's efforts to monitor local credit conditions.
The Dallas Fed posts interviews of leading practitioners as well as events, speeches and reports on current trends and successful practices in the small business and entrepreneurship sector.
The Minneapolis Fed provides a "zoomed-in," block-by-block picture of the housing market in the Minneapolis neighborhoods that were hit hardest by the recent foreclosure crisis.
Contact information for CDFIs in the Southeast region of the U.S. as of October 2013. The directory was updated in partnership with The Support Center in North Carolina and the CDFI Fund.
The Federal Reserve Bank of Philadelphia’s Community Outlook Survey monitors the economic factors affecting low- and moderate-income (LMI) households in the Third Federal Reserve District. A report summarizing the most recent survey as well as an archive of prior surveys are available on our website.
Since the Great Recession, bank lending to small businesses has fallen significantly, and policymakers have become concerned that these businesses are not getting the credit they need. This analysis from the Cleveland Fed shows that the decline has multiple sources, which means that trying to address any single factor may be ineffective or make matters worse.
This resource produced by the Philadelphia Fed includes affordable housing and consumer credit statistics and trends for low- and moderate-income communities in the Third Federal Reserve District and in the U.S. overall. Information is available for rental housing, mortgage lending, and consumer credit, and Community Profiles are available for metropolitan areas in the District.
During the Great Recession and recovery period, stories from bankers and business owners suggested that the flow of small business credit was dramatically shaped by changes in demand and tightening lending standards.This article and report is provides an examination of CRA data on small business and farm loans nationally and in the Sixth Federal Reserve District.
Ninth District Insight is the Minneapolis Fed's semiannual survey to capture front-line observations about issues that affect the economic health of low- and moderate-income communities. This 4th Quarter 2012 report is based on responses from 381 community organizations, including lenders, developers, and service providers.
The Dallas Fed and researchers from Southern Methodist University provide an intuitive introduction to statistical issues associated with evaluating the causal effects of policies or public programs. Videos and presentations include numerous case studies with practical examples of evaluating and forecasting for government policymakers, private enterprises, nonprofit and other community organizations.
In this inaugural issue of the 5th District Spotlight, produced by the Richmond Fed, key facts about the unbanked populations in the U.S. and within the Fifth Federal Reserve District are presented in an Infographic format.
Together with Living Cities, the Boston Fed launched a unique challenge to smaller industrial cities in the Northeast: Expand collaborative leadership that leads to a comprehensive city vision and cross-sectoral partnerships. Cities competed for grant monies to fund their ideas. Learn more about the Working Cities Challenge -- which cities' bold platforms are being funded, and how might their futures, and those of their residents, be improved.
Early, Broadly, and Through Young Adulthood: A Child Development Perspective on Youth Personal Financial Education
This research from the Minneapolis Fed suggests that educators should take a broad perspective on where and how personal finance is taught and learned and make use of findings from psychology and behavioral economics to enhance youth personal financial instruction.
The Kansas City Fed’s LMI Survey of organizations that provide services to low- and moderate-income (LMI) populations documents the hurdles faced by many people during the recession and slow recovery. In this report, the survey's findings are corroborated by similar surveys from other Federal Reserve Banks, as well as data from independent sources, suggesting that the issues highlighted are national in scope.
The 2013 Federal Reserve System Community Development Research Conference presented a unique forum for discussing key research, program, and policy strategies aimed at improving resiliency and rebuilding in low-income households and neighborhoods. The post-event materials include papers, presentations and videos; keynote remarks, speaker biographies and poster presentations,
This issue of Community Pulse presents the results of the Federal Reserve Bank of Richmond's fall 2013 survey of most pressing current and emerging issues of its numerous and highly diverse communities. Availability of jobs locally, affordable housing and budgetary issues at the state or local government level were the top three current issues in the Fifth District.