Publications White Papers
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White Paper
Building Environmentally Sustainable Communities: A Framework for Inclusivity PDF
The U.S. Department of Housing and Urban Development (HUD) has decided to include two key goals in all of its programs: encouraging sustainable communities and enhancing access to opportunity for lower-income people and people of color. This paper examines the relationship between these two goals through a literature review and an original empirical analysis of how these goals interact at the neighborhood and metropolitan area levels. We also offer policy recommendations for HUD.
Vicki Been, Mary Cunningham, Ingrid Gould Ellen, Adam Gordon, Joe Parilla, Margery Austin Turner, Sheryl Verlaine Whitney Aaron Yowell, and Ken Zimmerman. May 2010.
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White Paper
Improving U.S. Housing Finance through Reform of Fannie Mae and Freddie Mac: Assessing the Options PDF
After facing insolvency one year ago, Fannie Mae and Freddie Mac were placed in government conservatorship in September 2008. The Obama Administration’s recently released report on financial regulatory reform calls for a “wide-ranging process” to explore options for the future of the GSEs. The Furman Center, in cooperation with the What Works Collaborative, has conducted research to better understand six primary options for the future of the enterprises, ranging from nationalization to dissolution. This white paper provides an overview of the U.S. housing finance system and the basic operations of Fannie Mae and Freddie Mac before conservatorship. It then discusses the basic goals of a healthy secondary market for both the single- and multifamily market, and offers a framework to help to describe and understand the different proposals for reform. Finally, it looks in detail at some of the specific proposals now emerging for reform of the housing finance system. As the federal government contemplates the future of these two entities, we hope that this paper offers a useful framework to evaluate the alternative proposals.
Ingrid Gould Ellen, John Napier Tye, Mark A. Willis. May 2010.
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White Paper
Foreclosed Properties in NYC: A Look at the Last 15 Years PDF
In 2009, New York City saw a record number of foreclosure filings, passing 20,000 for the first time since we started tracking foreclosures in early 1990s. Yet little is known about what happens to these properties after they receive a foreclosure notice. This report analyzes the outcomes of 1-4 family properties that entered foreclosure in New York City between 1993 and 2007, paying particular attention to trends in recent years. The report identifies a current inventory of 1,750 bank-owned (termed Real Estate Owned or “REO” by lenders) properties citywide—up dramatically from about 290 at the end of 2006. While the overall number of REO properties in New York remains small compared to harder hit cities, the report finds that these properties are highly concentrated in Eastern Queens, Central Brooklyn, and the North Shore of Staten Island—not surprisingly, the same neighborhoods that have been hardest hit by the mortgage crisis.
Furman Center for Real Estate and Urban Policy. January 2010.
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White Paper
An Opportunity to Stabilize New York City’s Neighborhoods PDF
A core mission of the Furman Center is to provide essential data and analysis about New York City’s housing and neighborhoods to those involved in land use, real estate development, community economic development, housing, research and urban policy. Towards this end, we present this fact sheet describing some of the ways that government agencies and other stakeholders can use data to target the use of funds made available to stabilize neighborhoods in the wake of the foreclosure crisis.
Furman Center for Real Estate and Urban Policy. July 2009.
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White Paper
Key Findings on the Affordability of Rental Housing from New York City’s HVS 2008 PDF
Every three years, the U.S. Census Bureau releases the New York City Housing and Vacancy Survey (HVS), which assesses changes in various aspects of New York City’s housing and neighborhoods. The primary goal of the survey is to estimate the rental vacancy rate in the City, but the survey also provides valuable insight into other trends in the housing stock. However, the data are released in a format that is hard to understand without statistical software. In order to make the findings available to a wider audience, we have analyzed the data about New York City’s neighborhoods and compiled this summary of noteworthy trends.
Furman Center for Real Estate and Urban Policy. June 2009.
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White Paper
Transforming Foreclosed Properties into Community Assets PDF
Last May, the Furman Center, with support from the Ford Foundation, convened leading housing researchers, policymakers, lenders, and nonprofit housing organizations to discuss how best to leverage public and private resources to reuse foreclosed properties in a manner that helps stabilize neighborhoods. The Furman Center has produced a White Paper, Transforming Foreclosed Properties into Community Assets, that documents that roundtable conversation, summarizes much of the discussion’s substance, and includes links to resources—ranging from existing research papers on related topics to listings of REO properties—that we hope will be useful to practitioners, researchers and policymakers involved in neighborhood stabilization projects.
Josiah Madar, Vicki Been, Amy Armstrong. December 2008.
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White Paper
Declining Credit and Growing Disparities: Key Findings from HMDA 2007 PDF
This analysis evaluates a recent decline in home purchase and refinance lending activity in New York City and the country as a whole, and identifies disparities in how that decline in lending has affected borrowers of different races.
Furman Center for Real Estate and Urban Policy. October 2008.
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