Publications - Community Development Resources
Cleveland, Cincinnati, and Pittsburgh—once major centers of manufacturing. See how these metropolitan areas have fared during roughly the last half-century as manufacturing and other key sectors of their economies have evolved.
The fourth in a series of reports that analyze Home Mortgage Disclosure Act data, Cleveland Fed researchers look at pre- and post-Great Recession mortgage lending in the county that is home to Lexington, Kentucky. Read their findings.
This issue of Community Scope examines how in Washington, D.C., a network of organizers, government agency staff and affordable housing advocates have cooperatively developed quantitative and qualitative housing data to address the loss of subsidized, rent stabilized and market-affordable housing in gentrifying neighborhoods.
This issue of 5th District Footprint examines how counties and independent cities in the Fifth District use the Low-Income Housing Tax Credit (LIHTC) to produce affordable housing units.
The availability of affordable housing in the Southeast is an increasing challenge, especially in areas of opportunity that have jobs, good schools and public transit. In light of these challenges, sources of funding for affordable housing are more important, and competitive, than ever. This article explores the Low-Income Housing Tax Credit (LIHTC) program, one of the best-known and most competitive sources of funding for affordable housing construction.
Quality housing is increasingly out of reach for low- and moderate-income households in the United States. For policymakers and researchers, the issue can often be seen as an abstraction, with discussion centering on housing prices, average ratios of rent-to-income, and "demographic change." This article highlights an Atlanta Fed event that highlighted some of the human stories hidden in the numbers.
This article analyzes real estate transaction data to understand trends in multifamily informal mortgages and the market conditions in which they are likely to occur.
As a proponent and facilitator of more equitable and inclusive communities, the Atlanta Fed’s community and economic development (CED) program works to activate financial, human, and social capital to foster economic growth and opportunity in low- and moderate-income communities in the Southeast. This article recaps a November 3, 2016, community tour that Atlanta Fed employees from CED and supervision and regulation organized for Fed Governor Lael Brainard. It was one of several trips she has made around the country to speak with community members and organizations about local challenges and community development efforts.
Infographics and data visualization tools are increasingly available from many sources, such as an interactive map accompanying a news article or a graph of expenditures analyzing an online credit card statement. These types of tools enrich our understanding of concepts and trends. This article examines two tools that aim to capture the real variation between housing and transportation costs between and within regions, and therefore the relative affordability for households of varying income levels.
This article from the Chicago Fed's ProfitWise News and Views, Issue 4, 2017, explores employment change in ethnic minority neighborhoods in the Seventh District in comparison to job growth within their regions before and after the Great Recession.
Advancing Regional Prosperity through Economic Inclusion: A Brief Conversation with Chicago Planning Agencies
This article from the Chicago Fed's ProfitWise News and Views, Issue 3, 2017, features a Q&A with the Chicago Metropolitan Agency for Planning and the Metropolitan Planning Council on the role of economic inclusion in promoting regional prosperity.
This article, featured in the Chicago Fed's ProfitWise News and Views, Issue 3, 2017, draws from a joint publication of the Funders' Network for Smart Growth and Livable Communites, its member organizations, and the Federal Reserve Banks of Atlanta, Boston, Chicago, and New York, to explore roles of place-based funders in smaller, historically industrial cities.
Reinvesting in the Greater Chatham Neighborhoods in Chicago: New Data and Insights from Practitioners and Policymakers
This article from the Chicago Fed's ProfitWise News and Views, Issue 3, 2017, focuses on the Greater Chatham Initiative and includes an analysis of demographics and key elements of neighborhood economic stability in Chicago's Greater Chatham area.
This article explores how implementing high-quality, culturally-based early childhood programs may help Native communities mitigate the effects of historical trauma and give their youngest members strong foundations in life. Featured in Community Dividend, an online publication of the Minneapolis Fed, on November 17, 2017.
The historically Midwestern manufacturing region, sometimes referred to as the “Rust Belt,” faced another challenging period after 2000 when manufacturing employment declined by 1.2 million jobs. This Cleveland Fed Commentary investigates the relative economic performance of this region versus other US metropolitan areas during and following these job losses. The analysis shows that while unemployment rates have recovered in the metro areas of the industrial heartland, other economic indicators lag behind the manufacturing-intensive metro areas outside of the region.
Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. This discussion paper explores informal homeownership issues by tracking contract for deed sales in the Southeast.
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. This discussion paper explores new ideas about how affordable housing in an economically integrated, mixed-income community setting could be developed and operated in an environment of declining government subsidies.
This article from the Cleveland Fed examines trends in Cuyahoga and Allegheny counties and reveals differences for not only the counties, but also for borrowers of different races and incomes.
An analysis of Home Mortgage Disclosure Act (HMDA) data by two Cleveland Fed researchers finds differences in mortgage lending outcomes by race and income in Allegheny County (home of Pittsbugh, PA).
Two Cleveland Fed researchers use Home Mortgage Disclosure Act (HMDA) data to examine trends in mortgage lending and find differing outcomes by race and income in Cuyahoga County (home of Cleveland, OH).
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 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.
Some Twin Cities neighborhoods are using art-based approaches to create distinct identities, spark public interest, and address challenges their residents face. From Community Dividend, a publication of the Minneapolis Fed.
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.
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).
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.
Community engagement is not an easy task. This is especially true in communities with historically underrepresented and underserved populations who do not feel connected to the planning process. This 2016 article, featured in the Chicago Fed's ProfitWise News and Views, shows how some municipalities across the country are finding success through the use of participatory budgeting.
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.
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.
This article, featured in ProfitWise News and Views from the Chicago Fed, summarizes a 2015 conference co-hosted by the Federal Reserve Bank of Chicago at the University of Wisconsin–Platteville on building healthy and sustainable rural communities. The event provided an opportunity to explore what is working to build health, prosperity, and resilience in rural communities.
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.
Ohio law has been amended to allow for speedier foreclosures of so-called zombie properties, and this article asks Cleveland Fed community development experts if the new option will benefit neighborhoods.
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.
A Minneapolis Fed analysis shows that during and after the housing market crash, the bulk of bank-owned homes in some neighborhoods were purchased with cash—likely by investors. From Community Dividend, a publication of the Minneapolis Fed.
This volume from the San Francisco Fed is about a type of American neighborhood that has been largely absent in the long-standing discussion about America’s neighborhoods—those neighborhoods in America’s cities and suburbs that are not in deep distress, but are not thriving either. The authors hope to reinvigorate a discussion about improving middle neighborhoods in America’s cities and suburbs as a complement to the discussion underway nationally and in many local settings about improving distressed neighborhoods or coping with gentrification.
The banking office landscape has shifted substantially across the United States since the financial crisis in 2008, reflecting both long-standing trends of small bank closures, as well as more recent patterns of bank branch declines. These trends are playing out in the states of the Seventh District as well, where the number of banking offices has declined in each state, and increasingly, community banks are losing their share of branches in certain markets. Low- and moderate-income (LMI) neighborhoods in a few of the District’s most populous counties are nearly devoid of community banks. This article, from the Chicago Fed's ProftWise News and Views, Issue 2, 2016, describes the changes in bank branch presence over time in the Seventh District by size of institutions and the neighborhoods they serve.
At least a dozen low-income apartment buildings exclusively for seniors in Detroit’s midtown and downtown areas could convert to market rate apartments in the next ten years, forcing hundreds of seniors to find new homes. Many of the senior apartment buildings were filled in the 1980s when few people wanted to live downtown. This article, in Chicago Fed's ProfitWise, Issue 2, 2016, explores community land trusts as a means to address affordable housing shortages and gentrification.
Learning their indigenous languages from a very young age may prepare Native American children for success in school and life, with benefits spilling over to their families and communities. From Community Dividend, a publication of the Minneapolis Fed.
In this video supplement to the Minneapolis Fed's Community Dividend publication, step into the classroom at Wicoie Nandagikendan, a preschool program at the Little Earth Community in Minneapolis that immerses children in the Dakota or Ojibwe language and culture.
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.
Bridges is a quarterly review of regional community and economic development issues, projects and regulatory changes for practitioners from community-based organizations, as well as for CRA officers, academics and government officials that work in the Eighth Federal Reserve District. Feature articles in the Spring 2016 issue include: Arkansas Communities Focus on Action, Reap Results; What Happens When the Least of These Gives the Most?; From Restaurant to Kitchen Incubator: Chef Space; Bioscience as a Foundation for Transforming St. Louis; The Information You Need for the Impact You Want: Two New Websites Link Data with Donor Action; and more.
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.
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.
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.
This Forefront article from the Cleveland Fed is the second installment of a 4-part series examining eastern Kentucky's transition away from a coal-centric economy. This article looks at creative placemaking as an economic development tool the region can use.
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.
This brief analysis of Pennsylvania's economy by the Cleveland Fed finds that Pennsylvania’s employment growth in 2015 trailed that of most other states. The state’s exposure to the oil and gas industry as well as demographic trends have a good deal to do with it.
This Forefront article from the Cleveland Fed is part 1 of a 4-part series examining eastern Kentucky's transition away from a coal-centric economy. This installment looks at some of the history of coal mining in the region and how its decline is impacting the economy.
Nationally, 52.3 percent of renter households qualify as “rent burdened,” which means they pay 30 percent or more in gross rent as a share of their income. Most states within the Fifth Federal Reserve District, however, are below the national average. This article in the December 2015 issue of 5th District Footprint explores “rent burdened” rates across the Fifth District and what factors might lead to “rent burdened” status.
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.
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.
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.
The Community Benefit Agreement (CBA) model was created in the late 1990s as a tool to ensure that neighborhood residents would benefit from economic development projects, which are often heavily subsidized by taxpayer dollars. This article, from the Chicago Fed’s Community Development and Policy Studies Division, explores community benefits agreements and ordinances in Detroit, providing some background, as well as on-the-ground experience in the city as it struggles to regain ground economically.
The first and only bus-based courtroom in the U.S. is delivering legal services to residents of remote reservation towns. From the October 2015 issue of Community Dividend, a publication of the Minneapolis Fed.
Key housing organizations take coordinated approach to preserving rural Minnesota's affordable rentals
A collaborative effort among government agencies and nonprofit organizations in Minnesota aims to keep the “affordable” in rural affordable housing. From the October 2015 issue of Community Dividend, a publication of the Minneapolis Fed.
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.
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.
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.
This article from the July 2015 issue of Community Dividend, a publication of the Minneapolis Fed, focuses on the benefits of mobility-based housing programs. When housing voucher recipients relocate to areas of greater opportunity, the positives outcomes can be long-lasting and substantial.
An analysis of credit scores across the Twin Cities area points to contrasting patterns over the last decade. From the July 2015 issue of Community Dividend, a publication of the Minneapolis Fed.
In 2015, the Dallas Fed released “Las Colonias in the 21st Century: Progress Along the Texas–Mexico Border,” a report that examines infrastructure, housing, economic opportunity, education and health in Texas border colonias. This video provides an overview of successes and challenges in the colonias as well as promising strategies to improve living conditions and access to opportunity in these communities.
This edition of Research in Brief summarizes findings from “Information Losses in Home Purchase Appraisals,” a working paper from the Federal Reserve Bank of Philadelphia. Home purchase appraisals are required for any home mortgage guaranteed by a government-sponsored enterprise or the federal government, or a mortgage originated by a federally insured commercial bank or savings and loan institution. A home purchase appraisal is intended to provide an independent estimate of a home’s value, but 90 percent of appraisals have been at or above the agreed-upon offer price. This working paper examines the extent of information loss on home values in the appraisal process because of current property valuation methods.
Interest in gentrification is at an all-time high, but determining what differentiates ‘gentrification’ from reinvestment and revitalization isn’t always easy. One Cleveland Fed policy analyst says retaining affordable housing can help alleviate the negative effects associated with gentrification.
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.
Of 380,000 parcels located in the city of Detroit, nearly 85,000 properties (excluding large-scale commercial structures) have been identified as needing some form of blight intervention. This article details some of the efforts made the city of Detroit and the Federal Reserve Bank of Chicago to eliminate blight.
This Chicago Fed article provides a recap of discussions focused on the causes and potential solutions for the dearth of lending to small rental buildings in Chicagoland’s low- and moderate-income communities at a gathering of more than 75 lenders, regulators and housing stakeholders at the Federal Reserve Bank of Chicago in May of 2014.
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.
In determining how to direct their federal Low Income Housing Tax Credit allocations, states set their course for addressing current and future demand for affordable housing. This report, from the Minneapolis Fed's April 2015 issue of Community Dividend, features a number of video supplements, including interview excerpts that provide a banker's and a lender's perspectives on financing affordable housing.
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.
Curious about economic conditions in the Fourth District? Metro Mix has you covered with snapshots of economic conditions and prospects in the nine largest MSAs in the Fourth District--Cleveland, Cincinnati, Pittsburgh, Columbus, Wheeling, WV, Dayton, Lexington, Erie, and Toledo.
As the name says, these initiatives are designed to concentrate investments in a specific location, and some couple infrastructure and human capital investments. This Partners Update article by the Atlanta Fed's Will Lambe summarizes place-based initiatives, describes challenges for communities incorporating such a strategy, and discusses best practices.
The creative industries contribute about a million jobs to the U.S. economy, with supporting industries offering millions more. This Partners Update article by the Atlanta Fed's Joe Rondone, looks at the role the arts could play in the community development field.
In the aftermath of the foreclosure crisis and subsequent tightening of mortgage credit, many households have turned to the rental housing market, increasing pressure on an already limited supply of low-cost units. Using the most recent data available, this February 2015 issue of Cascade Focus, published by the Philadelphia Fed, analyzes trends in rental housing affordability in the Third Federal Reserve District between 2007 and 2012.
Strengthening the role of Native CDFIs: A conversation with Gerald Sherman of the Native CDFI Network
Community Dividend asks Gerald Sherman, interim CEO of the Native Community Development Financial Institution (CDFI) Network, for his insights on the past, present, and future of the Native CDFI sector. From the January 2015 issue of Community Dividend, a publication of the Minneapolis Fed.
The University of Minnesota's Center for Urban and Regional Affairs, or CURA, offers an array of services through its community-strengthening programs. From the January 2015 issue of Community Dividend, a publication of the Minneapolis Fed.
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.
Artists and cultural institutions have an important role to play in neighborhood social and economic vitality. As community developers consider how best to reimagine space they can and should look to the arts to help create place. This work, otherwise known as “creative placemaking,” is beginning to take shape across the country. This issue of the San Francisco Fed’s Community Development Investment Review is dedicated to this emerging work.
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 U.S. housing market has been on the mend since the recession ended, but increasing property values are leaving many families of modest means priced out of homeownership. In this Partners Update article, researchers from the Atlanta Fed examine inclusionary housing policies as one possible solution.
This article from the Cleveland Fed's policy journal, Forefront, highlights the shale gas industry, which brings both costs and benefits to the communities it pervades. But community leaders must give careful thought to, and lay plans for, when the industry leaves town.
The Cleveland Fed's policy journal, Forefront, examines how vacant, foreclosed properties cost creditors tends of millions of dollars, draw crime to neighborhoods, and drain municipalities' tax reserves. Can a fast-track process earn approval iin Ohio's state legislature? And can it help?
American Indian tribes are turning to GIS (geographic information system) tools for land management, community planning, and other purposes. From the October 2014 issue of Community Dividend, a publication of the Minneapolis Fed.
Using housing regulation as a community-engagement tool: A conversation with Nuria Rivera-Vandermyde
The Minneapolis Fed's Community Dividend publication speaks with Nuria Rivera-Vandermyde, director of the City of Minneapolis Department of Regulatory Services, to learn how housing regulations and inspections can affect neighborhood stability. From the October 2014 issue.
Despite tight budgets and swelling workloads, inspection departments in Minneapolis and St. Paul are exploring proactive approaches to ensure a safe and sound supply of rental housing. From the October 2014 issue of Community Dividend, a publication of the Minneapolis Fed.
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.
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.
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.
This edition of the Philadelphia Fed's Cascade provides highlights from the 2014 Reinventing Older Communities: Bridging Growth & Opportunity conference. The major themes of intergenerational mobility and equitable growth and subthemes of education, employment, and revitalization appear throughout the issue. Articles focus on measuring intergenerational mobility and economic growth in the Third Federal Reserve District; reversing the cycle of poverty through education and mentoring, as well as workforce development; exploring the future of community development corporations (CDC) and measuring CDC impact; and more.
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!
HIF, a tax-incentive program to fund housing for essential workers and low- to moderate-income people, is a hit with contributors and developers alike. From the July 2014 edition of Community Dividend, a publication of the Minneapolis Fed.
Maximizing the tribal land buy-back program: How priority lists can help tribes influence what's purchased
By identifying desirable parcels for development, American Indian tribes can make the most of a federal program that's putting reservation land back in tribal hands. From the July 2014 issue of Community Dividend, a publication of the Minneapolis Fed.
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.
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 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 article, from the Chicago Fed's Profitwise News and Views, provides historical perspective on the Community Reinvestment Act (CRA). A pivotal and at times controversial law, the CRA added new dimensions to the Fed’s responsibilities late in the twentieth century.
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.
Fiscal Stress in the Small Postindustrial City: Causes, Consequences, and Implications for Community Development
Published by the Philadelphia Fed, this report explores the fiscal challenges facing 10 small postindustrial cities in the Third Federal Reserve District. Using historic data to help explain the structural nature of the cities' challenges, this report then describes indicators commonly used to assess fiscal health and applies them to recent financial data for the 10 cities. The report also discusses implications for public support of community development investments and introduces strategies to improve the fiscal health of the postindustrial city.
Published by the Philadelphia Fed, this special report is a follow-up to the largely quantitative “In Philadelphia's Shadow,” which tracks the histories, current conditions, and trajectories of 13 small postindustrial cities in the Third Federal Reserve District. Focusing on the same 13 cities and drawing on interviews, experience, and the literature, the author explores the factors that have led to greater success in some cities and less in others. Many of these factors are strongly behavioral in nature, reflecting in part the values and relationships of each city's leadership and stakeholders. As it examines effective strategies and promising practices, this report offers insights intended to assist these cities in confronting their challenges and thriving as successful postindustrial cities.
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.
Transit-oriented development (TOD) can provide households with more opportunities and choices. Ideal TOD communities are mixed-use neighborhoods with good-quality public transit that connect people of a variety of incomes to a wide range of economic, social, and educational opportunities. This report published by the San Francisco Fed explores how Community Development Financial Institutions (CDFIs) can be utilized to provide financing for TOD projects.
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.
California’s San Joaquin Valley is one of the nation’s most impoverished areas. Recent developments such as the foreclosure crisis have heightened the Valley’s needs, and there is also evidence that the Valley is beginning to garner more attention from financial institutions and federal regulators, creating an opportunity for community-based organizations (CBOs) and financial institutions to work together in a mutually beneficial way. This paper from the San Francisco Fed describes how stakeholders have successfully collaborated to increase reinvestment in other locales, with lessons learned for the San Joaquin Valley.
This issue of the San Francisco Fed’s Community Investments, explores a selection of Native initiatives across the country. It discusses how Native communities are partnering with federal agencies to build and support sustainable housing in Indian Country and establish modern water and sewer systems for remote Native communities in Alaska. The articles also examine a community-based health worker initiative in the Navajo Nation and a Native Hawaiian financial education program and community-based lending institution.
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.
In this issue of CDIR, the San Francisco Fed highlights a number of deliberate, innovative and interdisciplinary efforts addressing community development and environmental issues. These efforts are diverse, both in the issues they touch and the range of approaches and partnerships they employ. Issues addressed include air quality, climate change and water access on the environmental side, and education, health, and affordable housing on the community development side.
Community Development Investment Review: Innovations in Neighborhood Stabilization: Responses to the Foreclosure Crisis
In this issue of the CDIR, the San Francisco Fed brings together a series of articles highlighting some of the stabilization strategies emerging from the efforts of committed nonprofits across the country. Included are lessons learned from the Housing Partnership Network’s 2011-2013 Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative along with a series of essays written by influential nonprofit and public sector leaders that enriches the conversation about neighborhood stabilization, providing new and provocative perspectives on this work.
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.
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 series of reports, produced by the Richmond Fed's Research and Community Development Departments, provides state-level analyses of housing markets, and the composition and performance of mortgage markets in the Fifth Federal Reserve District. The reports are updated quarterly.
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.
The foreclosure crisis has caused the nation to grapple with scores of real-estate-owned, or REO, properties. These and other vacant properties erode the values of nearby homes, fracture neighborhood stability, and threaten to undo decades of economic progress made in communities across the country over the past 25 years. How big is the REO problem? How are communities, banks, and policymakers dealing with the challenge? Most important, what approaches are showing the most promise for success? Learn more in this collection of analyses and essays from the nation's housing and policy experts.
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?
The November 2013 issue of 5th District Foodprint looks at population growth in the Fifth District between 2007 and 2012 and describes the role of migration in these patterns.
The October 2013 issue of 5th District Footprint examines commuting patterns in Fifth Federal Reserve District counties. Daily population shifts due to commuting are especially prominent in counties surrounding major metropolitan areas.
This issue of Community Scope (2013, Volume 3, Issue 2) explores the mortgage outcomes of homeowners who sought assistance with their mortgage difficulties. Our description is supplemented by findings from our surveys of homeowners who attended foreclosure prevention events between 2009 and 2010.
Redefining Rust Belt: An Exchange of Strategies by the Cities of Baltimore, Cleveland, Detroit and Philadelphia
This publication summarizes the key themes from the first event in the Redefining "Rust Belt" series. The event engaged community leaders from the cities of Baltimore, Detroit, Cleveland and Philadelphia in a discussion of challenges and successful strategies in city revitalization efforts. The event was held by the Federal Reserve Bank of Richmond, in collaboration with the Federal Reserve Bank of Chicago, Cleveland and Philadelphia.
This blog documents some of the positive housing market effects seen in major counties within the Seventh Federal Reserve District.
This blog provides a synopsis of the city of Green Bay, Wisconsin, including why it was chosen to be part of the Federal Reserve Bank of Chicago's “Industrial Cities Initiative.”
The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S.
This collection of 16 case studies from across the United States includes two from the Federal Reserve Bank of Cleveland's Fourth District: the City of Cleveland’s urban, densely populated Central neighborhood and rural Martin County, Kentucky. On the surface, these two communities have little in common apart from high rates of poverty; their geographies, demographics, and histories point to two very different places. Despite the disparities, though, both communities face remarkably similar challenges to overcoming poverty.
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
This article provides a recap of the Neighborhood Housing Services of Chicago (NHS) Annual Community Banks Partnership Meeting. The meeting brought together more than 60 representatives from area community banks, regulators, and industry partners to discuss the evolving landscape of community banking. This meeting was held April 30, 2013, at the Federal Reserve Bank of Chicago.
What are the most pressing concerns facing stakeholders in the Fourth Federal Reserve District at the outset of 2014? A survey of Cleveland Fed stakeholders elicited comments on and rankings of current and emerging issues facing their communities, which are reported in the Bank's Issues and Insights publication. Our 2014 findings, for example, show education has joined the perennial top current concerns of jobs and vacant properties, while the top emerging concerns continue to revolve around jobs and government budgetary cuts.
Ever seen precisely how research informs policy? Check out this 2013 report from the Federal Reserve Bank of Cleveland, which weighs the pros and cons of modest legislative changes to help stabilize housing markets in Ohio. To lay the groundwork, we cite findings from multiple years of housing research conducted by the Cleveland Fed. We also solicited input from Ohio bankers, community development practitioners, and other market participants. Our five policy considerations for improving Ohio's housing sector have drawn the attention of policymakers in the state, too, with several being incorporated into proposals for changes to Ohio state housing laws.
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.
Nonprofits are using this alternative home-financing option to help prospective buyers who cannot yet qualify for a traditional mortgage. From the April 2013 issue of Community Dividend, a publication of the Minneapolis Fed.
Recent changes to a federal bond-guarantee program could help construction firms in Indian Country and elsewhere do business. From the January 2014 issue of Community Dividend, a publication of the Minneapolis Fed.
This issue of the Dallas Fed's Banking & Community Perspectives looks at challenges facing the affordable housing field in Texas, spotlighting underlying trends and new approaches to increasing availability.
This report reviews foreclosure investor activity in Boston and the rest of Suffolk County, Massachusetts using data from 2007 to 2012. The author finds that 44% of the properties in the sample were purchased by buyers who appeared to be investors, and most purchased one to six properties. The data also indicate that investors are less reliant than other buyers on mortgage financing to purchase foreclosed properties.
This article examines the nonprofit foreclosure counseling industry in Philadelphia, including results from a survey of the city’s counseling agencies that highlights challenges the industry faces. Specifically, the paper discusses the industry’s structure, financial status, and requirements for funding. In addition, the survey results provide information on service delivery and monitoring, staffing, finances, investment priorities, and additional critical issues facing the industry.
Published by the Philadelphia Fed, this report tracks the histories, current conditions, and trajectories of 13 small formerly industrial cities in the Third Federal Reserve District. Revitalization, reflected in both the social and economic well-being of the city’s population and the vitality of its housing market and neighborhoods, appears to hinge on connecting residents to regional job markets, tapping into regional housing demand, and growing new economic sectors capable of changing a city’s image and drawing strong private investment.
This article in the Winter 2013 issue of Kansas City’s Ten magazine traces the history of land banking and the innovations to improve the appeal, outcome and efficiency of land banking as a revitalization tool.
This issue of the San Franscisco Fed's Community Investments examines the challenges facing the affordable housing industry, new public-private funding partnership models, cross-sector efforts with health care and transportation practitioners, and services-enriched affordable housing that is helping the most vulnerable members of our communities to lead fuller lives in a more stable environment.
A compilation of essays published by the San Francisco Fed and the Low Income Investment Fund highlights entrepreneurial solutions for addressing poverty. Authors include leading experts from across the U.S. in community and economic development, academia, government policy, health, and philanthropy.