View Research by Author - Kenneth Temkin

Publications

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks® America, designed to support a rapid expansion of foreclosure intervention counseling in response to the nationwide housing crisis. This brief summarizes the final results of the Urban Institute’s evaluation of the first two rounds of the NFMC program. Overall, the program is having its intended effect of helping troubled homeowners by improving the quality of mortgage modifications, increasing the frequency and sustainability of cures of delinquencies and foreclosures, and reducing the number of foreclosure completions for counseled homeowners.

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks America, designed to support a rapid expansion of foreclosure intervention counseling in response to the nationwide housing crisis. This report presents the final results of the Urban Institute’s evaluation of the first two rounds of the NFMC program. Overall, the program is having its intended effect of helping troubled homeowners by improving the quality of mortgage modifications, increasing the frequency and sustainability of cures of delinquencies and foreclosures, and reducing the number of foreclosure completions for counseled homeowners.

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks(R) America, to support a rapid expansion of foreclosure intervention counseling in response to the nationwide foreclosure crisis. This report updates preliminary analyses measuring the effect of the NFMC program on counseled homeowners. Overall, our analysis suggests that the program is having its intended effect of helping homeowners facing loss of their homes through foreclosure, specifically by increasing the likelihood of foreclosure cures, lowering borrowers’ monthly mortgage payments, and improving the sustainability of loan modifications that cure serious delinquencies and foreclosures.

Shared equity initiatives provide homeownership opportunities to income-eligible families who buy homes at below-market prices; the appreciation that can be earned by resellers is limited to preserve the homes' affordability at resale. This report analyzes affordability, personal wealth, security of tenure, and mobility outcomes for seven shared equity programs across the country. Homebuyers earned competitive returns, but homes remained affordable to lower income buyers over time. Homeownership under these programs was sustainable: there were very low delinquency and foreclosure rates and many families who sold their homes were able to use their sales' proceeds to purchase market-rate homes.

Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for A Regional Coalition for Housing (ARCH), which operates in eastern King County, WA. ARCH owners realized very high returns, but resold homes saw a decrease in affordability over time. Foreclosure rates for ARCH homes are well below the area's already-low average. And resale restrictions did not appear to limit mobility, allowing owners to leave with the equity they had built in ARCH.

Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner’s potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the Thistle Community Housing’s Community Land Trust, which operates in the Boulder, CO metropolitan area. Despite owners’ high returns, Thistle homes saw an increase in affordability. Thistle has had almost no foreclosures in its history. And even though nearly all Thistle buyers were first-time homeowners, most resellers are able to purchase market-rate homes when leaving the program.

Shared equity homeownership initiatives provide below-market homeownership opportunities to families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the Dos Pinos Housing Cooperative, which operates in Davis, CA. Dos Pinos does not allow mortgages, so resellers realized little gain in equity. But prices and monthly carrying charges increased slowly, meaning that Dos Pinos homes saw increases in affordability relative to incomes in the area. And almost none of Dos Pinos' owners have ever been delinquent on monthly carrying charges.

Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the Champlain Housing Trust (CHT), which operates in the Burlington, VT metropolitan area. Despite owners' high returns, CHT homes saw only a small decrease in affordability. Foreclosure rates for CHT homes are below the area's already-low average. And even though nearly all CHT buyers were first-time homeowners, most resellers are able to purchase market-rate homes when leaving the program.

Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the San Francisco Citywide Inclusionary Affordable Housing Program. Although there were several resale price formulas, most owners (all of whom were first-time homebuyers earned reasonable returns. And most homes saw only a small decrease in affordability over time (though real incomes were decreasing at the time in San Francisco).

Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the Northern Communities Land Trust (NCLT), which operates in Duluth, MN. NCLT owners realized high returns, but resold homes saw a modest decrease in affordability over time. Foreclosure rates for NCLT homes are below the area's already-low average. And even though nearly all NCLT buyers were first-time homeowners, most resellers are able to purchase market-rate homes when leaving the program.

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