This month’s edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated indicators related to credit availability and a special quarterly look at Fannie Mae’s and Freddie Mac’s loan composition, default rates, and repurchase activity.
This report is the first part of an affordable housing needs assessment for the DC Office of the Deputy Mayor for Planning and Economic Development. We examined the District of Columbia’s Inclusionary Zoning (IZ) program through interviews, document review, and data analysis. The IZ program has great potential to help expand the city’s supply of affordable housing, particularly in neighborhoods undergoing rapid development. While the overall design of DC’s IZ program seems sound, we believe that adopting the proposed IZ administrative regulations will help developers, renters, and owners save time and improve their understanding of the program and its requirements.
Supportive Housing is an intervention that combines affordable housing with intensive wrap around services. The intervention has been successful with hard to serve populations, such as chronically homeless adults. Communities are testing the efficacy of supportive housing with high-need child welfare families to learn if providing supportive housing helps improve outcomes for children and families, spend taxpayer dollars more wisely, and lead to long-lasting systems change and service integration. The Partnership to Demonstrate the Effectiveness of Supportive Housing for Families in the Child Welfare System is a federal demonstration investigating these important questions. This brief describes the purpose and design of the demonstration and profiles the five program sites.
This paper provides a method of measuring credit accessibility that addresses several shortcomings of traditional methods. Credit accessibility is measured by calculating the demand-to-origination progression rate for low-credit-profile consumers. Using this improved measure, we explore several issues critical to credit accessibility including differences among demographic groups, changes over time and credit cycles, and the impact of government support for the single-family owner-occupied mortgage market.
Though young children in public and mixed-income housing are exposed to some of the deepest poverty and developmental and educational risks in the United States, they are usually out of reach of many interventions that might help. Home visiting programs hold promise for helping vulnerable families, but most are not designed to fully address the needs of public and mixed-income housing residents. This brief describes important issues that program planners and early childhood leaders should consider when designing appropriate and responsive home visiting programs that reach young children in these communities.
The October edition of At A Glance, HFPC’s reference guide for mortgage and housing market data, includes updated indicators related to credit availability, the state of the GSE portfolios, and the latest mortgage origination and housing market projections.
The Consumer Financial Protection Bureau’s (CFPB’s) comprehensive proposal to improve mortgage data collection under the Home Mortgage Disclosure Act (HMDA), released in July, 2014, is a critical first step to enhance public understanding of the mortgage market. A group of Urban Institute researchers clarifies the strengths and weaknesses of the proposal, makes suggestions for improvements, and urges fast action by the agency in this comment letter submitted to the CFPB in October, 2014.
By establishing annual housing goals for mortgages purchased by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency (FHFA) seeks to encourage lending to creditworthy borrowers with low incomes and those in traditionally underserved communities. Setting these goals requires FHFA to walk a fine line to meaningfully expand lending to all qualified applicants without encouraging lending to borrowers who cannot sustain mortgage payments. This commentary critiques the goals proposed by FHFA for 2015 - 2017, examining three central issues: How do the goals interact with other policy issues; Should the FHFA apply both benchmark (prospective) and market (retrospective) goals; and Did the FHFA set its benchmark goals appropriately?
Student loans, mortgage guarantees, and other lending programs create special challenges for federal budgeting. Under official budget rules, these programs are projected to bring in $200 billion over the next decade. Under an alternative, favored by many analysts, they appear to lose $100 billion. That $300 billion disparity confuses policy deliberations. In this report, Donald Marron proposes a new budgeting approach, known as expected returns, that would eliminate this confusion. The report critically reviews today’s budgeting approaches, identifies their flaws, and demonstrates how expected returns would improve budgeting for federal lending.
Policy analysts have long debated how best to budget for student loans, mortgage guarantees, and other federal lending programs. Under official budget rules, these programs appear highly profitable; under an alternative, favored by many analysts, they appear to lose money. That discrepancy confuses policy deliberations. In this brief, Donald Marron proposes a new budgeting approach, known as expected returns, that would eliminate this confusion. Unlike existing approaches, expected returns accurately reports the fiscal effects of lending over time and provides a natural way to distinguish the fiscal gains from bearing financial risk from the subsidies given to borrowers.