Publications

  • Research Area: Rental Housing Finance ×
  • Order By: Relevance | Title | Date
  • The Evolving Crisis in Context: Recent Developments for Tenants in the Foreclosure Crisis

    Although the plight of renters in the foreclosure crisis has entered the consciousness of national policymakers, renters have more often than not been omitted from the narratives offered to describe the ongoing crisis. Despite the lack of attention they have received, many thousands of rent-paying tenants have also been affected by the foreclosure crisis. Fortunately, tenants have received specific protections from mortgage giants Fannie Mae and Freddie Mac as well as new rights under new federal laws. But while these new protections and rights should help, tenants still face significant uncertainty as the foreclosure crisis continues to unfold and outreach and communication of these rights will be essential. This chapter, assesses the extent and scale of the challenges facing renters in the foreclosure crisis, as well federal action and GSE policy changes designed to address their rights. It is an excerpt from a report by The National Center for Suburban Studies at Hofstra University, “Forging a New Housing Policy: Opportunity in the Wake of Crisis.”

  • The Importance of Using Layered Data to Analyze Housing: The Case of the Subsidized Housing Information Project

    The Furman Center for Real Estate and Urban Policy recently developed a new database through its Subsidized Housing Information Project (SHIP). The SHIP database combines more than 50 disparate data sets to catalogue every privately owned, publicly subsidized affordable rental property developed in New York City with financing and insurance from the U.S. Department of Housing and Urban Development (HUD), HUD projectbased rental assistance, New York City or State Mitchell-Lama financing, or the federal Low-Income Housing Tax Credit Program. The pooling and layering of data, as well as
    combining the data with other local housing and neighborhood information, in databases like the SHIP allow for a clearer understanding of the existing affordable housing stock and enable practitioners to more effectively target resources toward the preservation of affordable housing.

  • The Latest Legislative Reform of the 421-a Tax Exemption: A Look at Possible Outcomes

    This report explores the possible impacts of the new 421-a legislation on residential development in New York City’s neighborhoods. The legislation has set in motion three possible outcomes; the outcome should be determined in December 2016. Through financial modeling, this study details the effect each outcome will have on production of housing in different parts of the city. We find that the expiration of the 421-a benefit would likely lead to a disruption in the supply of housing by market rate builders, while a revised program without any increase in construction costs could result in the development of more rental units in many parts of the city compared to what the existing 421-a program would have created.

  • The Latest Reform Proposal for the 421-a Program

    This report analyzes the potential impact of the most recent reform proposal for the 421-a program on housing development in New York City, which is currently under consideration by the New York State Legislature. In evaluating the proposal, the report finds that the proposed 421-a program’s increase in tax exemption exceeds the additional affordable housing benefit by $2.6 to $5.7 million for a 300-unit building. The report also finds that the higher tax break for developers may support a 10-18% rise in hard construction costs without affecting long-term financial returns.

  • Transferable Development Rights Programs: ‘Post’ Zoning?

    Transferable Development Rights (TDR) programs allow property owners to sell unused development capacity at their property and transfer it to another site, where it is typically used to increase the permitted size of a development. In recent years, New York City has enacted programs that use TDRs in increasingly sophisticated ways. These uses share three common attributes: an increased focus on directing the location and density at sites that receive development rights; the use of TDRs as an integral component of more comprehensive rezoning initiatives; and the creation of regulatory incentives that strengthen the market for TDRs. In this essay, we conclude that TDRs in New York can no longer be understood just as a creative mechanism to soften the effect of rigid zoning restrictions, but should also be recognized as a tool land use decision makers increasingly use in place of, or in tandem with, upzonings, bonuses, and other devices for increasing density.

  • What Can We Learn about the Low Income Housing Tax Credit Program by Looking at the Tenants?

    Using tenant-level data from fifteen states that represent more than thirty percent of all Low Income Housing Tax Credit (LIHTC) units, this paper examines tenant incomes, rental assistance and rent burdens to shed light on key questions about our largest federal supply-side affordable housing program. Specifically, what are the incomes of the tenants, and does this program reach those with extremely low incomes? What rent burdens are experienced, and is economic diversity within developments achieved? We find that more than forty percent of tenants have extremely low incomes, and the overwhelming majority of such tenants also receive some form of rental assistance. Rent burdens are generally higher than for HUD housing programs, but vary greatly by income level and are lowered by the sizable share of owners who charge below maximum rents. Finally, we find evidence of both economically diverse developments and those with concentrations of households with extremely low incomes.

  • What Do We Know About Housing Choice Vouchers?

    Four decades after its creation, the Housing Choice Voucher Program is the largest low-income housing subsidy program managed by the Department of Housing and Urban Development (HUD). This literature review covers what we know and don’t know about the Housing Choice Voucher Program. 

    Research shows that vouchers reduce the rent burdens of low-income households, allow them to live in less crowded homes, and help them to avoid homelessness. The program has been less successful, however, in getting recipients to better neighborhoods and schools, and perhaps the greatest disappointment of the program is its limited reach. Families wait for years in most places to receive a voucher, and only one in four households eligible for a voucher nationally receives any federal housing assistance. Further, a significant minority of households who receive vouchers never use them, in part because of the difficulty of finding willing landlords with acceptable units. Thus, as effective as the program is, there is still much to learn about its operation and how we might improve it.