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Ebook Housing policy in the United States an introduction present the content: trends, patterns, problems; housing finance; taxes and housing; the low-income housing tax credit; public housing; privately owned rental housing built with federal subsidy; state and local housing policy and the nonprofit sector; fair housing and community reinvestment; home ownership and income integration...
Housing Policy in the United States RT4120_FM.indd 2/27/06 2:25:55 PM RT4120_Prelims.fm Page ii Friday, February 17, 2006 8:04 PM Housing Policy in the United States AN INTRODUCTION ALEX F SCHWARTZ New York London Routledge is an imprint of the Taylor & Francis Group, an informa business RT4120_FM.indd 2/27/06 2:25:55 PM RT4120_RT4119_Discl.fm Page Monday, January 23, 2006 2:14 PM Published in 2006 by Routledge Taylor & Francis Group 270 Madison Avenue New York, NY 10016 Published in Great Britain by Routledge Taylor & Francis Group Park Square Milton Park, Abingdon Oxon OX14 4RN © 2006 by Taylor & Francis Group, LLC Routledge is an imprint of Taylor & Francis Group Printed in the United States of America on acid-free paper 10 International Standard Book Number-10: 0-415-95030-9 (Hardcover) 0-415-95031-7 (Softcover) International Standard Book Number-13: 978-0-415-95030-5 (Hardcover) 978-0-415-95031-2 (Softcover) Library of Congress Card Number 2005026754 No part of this book may be reprinted, reproduced, transmitted, or utilized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying, microfilming, and recording, or in any information storage or retrieval system, without written permission from the publishers Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe Library of Congress Cataloging-in-Publication Data Schwartz, Alex F., 1957Housing policy in the United States : an introduction / Alex F Schwartz p cm Includes bibliographical references and index ISBN 0-415-95030-9 (hb : alk paper) ISBN 0-415-95031-7 (pb : alk paper) Housing policy United States Housing United States Housing United States Finance Low-income housing United States Public housing United States Rental housing United States I Title HD7293.S373 2006 363.5’5610973 dc22 2005026754 Visit the Taylor & Francis Web site at http://www.taylorandfrancis.com Taylor & Francis Group is the Academic Division of Informa plc and the Routledge Web site at http://www.routledge-ny.com RT4120_bookTOC.fm Page v Thursday, February 23, 2006 5:36 PM CONTENTS Introduction Trends, Patterns, Problems 11 Housing Finance 47 Taxes and Housing 69 The Low-Income Housing Tax Credit 83 Public Housing 101 Privately Owned Rental Housing Built with Federal Subsidy 129 Vouchers 149 State and Local Housing Policy and the Nonprofit Sector 177 10 Housing for People with Special Needs 205 11 Fair Housing and Community Reinvestment 215 12 Home Ownership and Income Integration 251 13 Conclusions 269 References 277 Index 299 V RT4120_bookTOC.fm Page vi Thursday, February 23, 2006 5:36 PM RT4120_C000.fm Page vii Thursday, February 23, 2006 5:39 PM Dedicated to the memory of Gale Cincotta Co-Founder, National People’s Action and National Training and Information Center and Cushing Dolbeare Founder, National Low Income Housing Coalition RT4120_C000.fm Page viii Thursday, February 23, 2006 5:39 PM RT4120_C000.fm Page ix Thursday, February 23, 2006 5:39 PM ACKNOWLEDGMENTS This book grew out of my course on U.S housing policy, which I have taught since 1993 at the Milano Graduate School of Management and Urban Policy at New School University My thanks go to the students who took the course over the years I have learned much from them and am gratified to see so many enter the fields of housing policy and community development I am also grateful for the insights and inspiration provided by my teachers and senior colleagues in the field of housing policy They include David Listokin, George Sternlieb, Susan Fainstein, Rachel Bratt, Langley Keyes, Avis Vidal, Edwin Melendez, and Bill Traylor I would also like to thank my current and former colleagues at Milano and the Community Development Research Center for their friendship and support Special thanks to Dan Immergluck and Kirk McClure for their insightful and timely reviews of the draft manuscript I am very grateful to editor Dave McBride for his encouragement and support and to Angela Chnapko at Routledge and Judith Simon at Taylor & Francis for their help and guidance in bringing this book to completion Thanks also to Pat Lewis of the Council of Large Public Housing Authorities, Edwin Lowndes of the Housing Authority of Kansas City, and Jan Pasek of the Philadelphia Housing Authority for providing “before” and “after” photos of HOPE VI developments I am especially grateful for the close reading provided by my father, Charles Schwartz My daughter, Annie Schwartz, who has long asked me to explain what I do, kept me going with her irrepressible company Finally, the book would never have been more than a dream were it not for the encouragement and inspiration provided by my wife, Jennifer Fleischner She also read the draft manuscript with care and put up with stacks of papers and books in the living room I can’t thank her enough Any errors of fact or interpretation are my responsibility alone ix RT4120_C014.fm Page 293 Thursday, February 23, 2006 6:56 PM References • 293 Rothstein, R 2000 Inner city nomads: A track to low grades New York Times (Jan 9) Rubin, H 2000 Renewing hope within neighborhoods of despair Albany, NY: State University of New York Press Rubinowitz, L.S & J.E Rosenbaum 2000 Crossing the class and color lines: From public housing to White suburbia Chicago: University of Chicago Press Rule to Deconcentrate Poverty and Promote Integration in Public Housing Final rule 2000 Federal Register (Dec 22), 65, 247: 31214–31229 www.hudclips.org/sub_nonhud/cgi/pdf/20001 222a.pdf Rusk, D 2001 The “segregation tax”: The cost of racial segregation to Black homeowners Washington, D.C Brookings Institution Center on Urban and Metropolitan Policy http:// www.brook.edu/dybdocroot/es/urban/publications/rusk.pdf Rusk, D 2005 Inclusionary zoning—Gautreaux by another pathway Poverty and Race (newsletter of Poverty and Race Research 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443–458 Stoutland, S 1999 Community development corporations: Mission, strategy, and accomplishments In R.F Ferguson & W.T Dickens (Eds.), Urban problems and community development (chap 5) Washington, DC: Brookings Institution Press Sviridoff, M (Ed.) 2004 Inventing community renewal New York: Community Development Research Center, Milano Graduate School, New School University Terner, I.D & T.B Cook 1990 New directions in for federal housing policy: The role of the states In D DiPasquale & L.C Keyes (Eds.), Building foundations Philadelphia: University of Pennsylvania Press Technical Assistance Collaborative 2001 How to be a “player” in the continuum of care Boston, MA: Author http://www.csh.org/_uploads/documents/live/COCPlayer.pdf Technical Assistance Collaborative and Consortium for Citizens with Disabilities Housing Task Force 2003 Priced out in 2002 Boston and Washington, DC: Authors http://www.c-c-d.org/PO2002.pdf Thompson, T 2005 Owner conversion of rural rental properties to 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about mortgage lending discrimination in America Washington, DC: U.S Department of Housing and Urban Development http://www.hud.gov/library/bookshelf18/ pressrel/newsconf/menu.html RT4120_C014.fm Page 296 Thursday, February 23, 2006 6:56 PM 296 • References Turnham, J., C Herbert, S Nolden, J Feins, & J Bonjourni 2004 Study of homebuyer activity through the HOME Investment Partnerships Program Report prepared by Abt Associates, Inc., for U.S Department of Housing and Urban Development, Office of Policy Development and Research Cambridge, MA: Abt Associates http://www.huduser.org/Publications/pdf/ Homebuy.pdf Urban Institute, The 1999 Homelessness: Programs and the people they serve Findings of the National Survey of Homeless Assistance Providers and Clients Report prepared for the Interagency Council on the Homeless Washington, DC: U.S Department of Housing and Urban Development http://www.huduser.org/publications/homeless/homeless_tech.html Urban Institute, The 2000 A new look at 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Oaks, CA: Sage Publications Varady, D & C Walker 2000 Case study of Section rental vouchers and rental certificates in Alameda County, California Final report Washington, DC: U.S Department of Housing and Urban Development, Office of Policy Development and Research, (October) http:// www.huduser.org/Publications/pdf/alameda.pdf Varady, D & C Walker 2003 Using housing vouchers to move to the suburbs: The Alameda County, California, experience Urban Affairs Review, 39, 2: 143–180 Vidal, A 1992 Rebuilding communities New York: Community Development Research Center, New School University Von Hoffman, N 2000 A study in contradictions: The origins and legacy of the housing act of 1949 Housing Policy Debate, 11, 2: 299–326 Walker, C 1993 Nonprofit housing development: Status, trends, and prospects Housing Policy Debate, 4, 3: 369–414 Walker, C 2002 Community development corporations and their changing support systems Washington, DC: The Urban Institute RT4120_C014.fm Page 297 Thursday, February 23, 2006 6:56 PM References • 297 Walker, C., P Dommel, A Bogdon, H Hatry, P Boxall, A Abramson, R Smith, & J Silver 1994 Federal funds, local choices: An Evaluation of the Community Development Block Grant program Washington DC: Report prepared by The Urban Institute for the U.S Department of Housing and Urban Development, Office of Policy Development and Research Walker, C., C Hayes, G Galster, P Boxall, & J Johnson 2002 The impact of CDBG spending on urban neighborhoods Washington, DC: Report prepared by The Urban Institute for the U.S Department of Housing and Urban Development, Office of Policy Development and Research http://www.huduser.org/Publications/PDF/CDBGSpending.pdf Walker, C & M Weinheimer 1998 Community development in the 1990s Washington, DC: The Urban Institute Weicher, J.C 1980 Housing: Federal policies and programs Washington, DC: American Enterprise Institute Weicher, J.C 1989 Housing quality: Measurement and progress In S Rosenberry & C Hartman (Eds.), Housing policy of the 1990s New York: Praeger Weicher, J.C 1990 The voucher/production debate In L Keyes & D DiPasquale (Eds.), Rebuilding foundations (chap 10) Philadelphia: University of Pennsylvania Press Welfield, I 1998 Section 235: Home mortgage interest deduction In W van Vliet (Ed.), The encyclopedia of housing (pp 514–515) Thousand Oaks, CA: Sage Publications Wiener, R 1998a Emergency Low-Income Housing Preservation Act of 1987 In W van Vliet (Ed.), The encyclopedia of housing (pp 135–137) Thousand Oaks, CA: Sage Publications Wiener, R 1998b Low-Income Housing Preservation and Resident Homeownership Act of 1990 In W van Vliet (Ed.), The encyclopedia of housing (pp 342–344) Thousand Oaks, CA: Sage Publications Winerip, M 1995 Highland Road: Sane living for the mentally ill New York: Random House Winnick, L 1995 The triumph of housing allowance programs: How a fundamental policy conflict was resolved Cityscape: A journal of policy development and research, 1, 3: 95–121 Wish, N.B & S Eisdorfer 1996 The impact of the Mt Laurel initiatives: An analysis of the characteristics of applicants and occupants Seton Hall University Center for Public Purpose Wong, Y-L.I 1997 Patterns of homelessness: A review of longitudinal studies In D Culhane & S.P Hornberg (Eds.), Understanding homelessness: New research and policy perspectives, Washington, DC: Fannie Mae Foundation http://www.knowledgeplex.org/kp/report/report/relfiles/ homeless_1997_wong.pdf Wood, D 2003 Elderly housing: Project funding and other factors delay assistance to needy households Testimony before the Special Committee on Aging, U.S Senate Washington, DC: U.S General Accounting Office, GAO-03-807T http://www.gao.gov/new.items/d03807t.pdf Wright, J.D & B.A Rubin 1991 Is homelessness a housing problem? Housing Policy Debate, 2, 3: 937–956 Yaho o! Finance 2005 S &P Index: Historica l prices http://f inance.yaho o.com/q/ hp?s=%5EGSPC&a=00&b=3&c=1950&d=06&e=28&f=2005&g=m Yinger, J 1995 Closed doors, opportunities lost: The continuing costs of housing discrimination New York: Russell Sage Foundation Yinger, J 1999 Sustaining the Fair Housing Act Cityscape, 4, 1: 93–106 Zielenbach, S 2003 Assessing economic change in Hope VI neighborhoods Housing Policy Debate, 14, 4: 621–655 RT4120_C014.fm Page 298 Thursday, February 23, 2006 6:56 PM RT4120_Index.fm Page 299 Thursday, February 23, 2006 7:00 PM INDEX A C AARP, 207 Accelerated depreciation, 78, 79 Acquisition, development, and construction (AD&C) loans, 63 AD&C (acquisition, development, and construction) loans, 63 Adjustable rate mortgages (ARMs), 54 Affordable housing, 23–37, 192, 261; see also Inclusionary zoning Affordable Housing Program (AHP), 66 African American renters/homebuyers, see Discrimination, in the housing market AHP (Affordable Housing Program), 66 American Community Survey (ACS 2010), 44 American Housing Survey (AHS 1998), 18, 19, 38, 43, 260 Antisnob zoning law, 195 ARMs (adjustable rate mortgages), 54 Assisted Living Conversion Program, 209 Automated underwriting systems (AUSs), 58 California, 194–195, 258, 265 Capital gains, 23, 69, 70, 71, 78, 79, 253 Capital improvements, 97–98, 136 Capital needs, of public housing, 114–116 Capital standards, 54, 62, 66 CDCs (Community Development Corporations), 200–203, 204 Census Bureau, U.S., 38, 43, 44, 257 Center for Community Change Survey (2002), 189, 191, 192 Center for Housing Policy, 31 Chicago, IL, 112, 122, 123, 124, 209, 265 CIAP (Comprehensive Improvement Assistance Program), 114–115 CIP (Community Investment Program), 66 Civil War, 72 Commercial banks, 63; see also Housing finance system Community Builders, 203 Community Development Block Grant (CDBG) program, 179, 180–183, 209, 248, 261, 271 Community Development Corporations (CDCs), 200–203, 204 Community Investment Program (CIP), 66 Community Reinvestment Act (CRA) of 1977, 66, 68, 215, 241, 242–246, 247, 248, 272, 276 Comprehensive Improvement Assistance Program (CIAP), 114–115 Computerized credit scoring systems, 58 ConPlan (consolidated plan), 180 Consolidated plan (ConPlan), 180 Construction/design quality, in public housing, 108–111 Construction trends, housing, 11–13 Continuum of Care plans, 212 Conventional mortgages, 61, 234, 238, 244 B Black renters/homebuyers, see Discrimination, in the housing market Block grants, 179–187; see also State and local housing policy Community Development Block Grant (CDBG) program, 180–183, 209, 248, 261, 271 HOME Investment Partnership program, 183–187, 209 introduction on, 179–180 proposed policy changes of, 270–271, 273 Boston, MA, 232, 233 Bridge Housing Corporation, 203 Building code policy, 16, 36–37, 261, 275 299 RT4120_Index.fm Page 300 Thursday, February 23, 2006 7:00 PM 300 • Index Cost burdens, see Affordable housing Council of Large Public Housing Authorities, 116, 118 County trust funds, 189 Cranston-Gonzalez National Affordable Housing Act of 1990, 179, 183 Credit, fair access to, see Mortgage market, discrimination in the Credit scoring systems, computerized, 58 Crime, 111, 117, 171 Crowding levels, measures of, 23 D Debt financing, 62–66; see also Housing finance system Deductible expenses, see Tax expenditures, for housing Demographic trends, in housing, 13, 15; see also Housing market trends Density bonuses, 194, 196 Department of Agriculture (USDA), U.S., 131 Department of Defense (DOD), U.S., 40 Department of Housing and Urban Development (HUD), allocations by, 32, 40, 67, 135–136, 138, 142, 147, 166, 183, 207, 211, 236, 240, 241; see also specific topics Department of Treasury (DOT), U.S., 40, 67, 139, 236 Depreciation allowances, 72, 77, 78–81; see also Tax expenditures, for housing Devolution process, 179 Disability benefits, 158 Disabled individuals, see Special-needs housing Discount rate, present value and, 99–100 Discrimination, in the housing market challenges for policy changes of, 274–276 Community Reinvestment Act (CRA) of 1977, 242–246 conclusion on, 248–249 disabled individuals and, 209 enforcement of legislation against, 247–248 Fair Housing Act of 1968, 239–241 Home Mortgage Disclosure Act (HMDA) of 1977, 241–242 Home Ownership and Equity Protection Act (HOEPA) of 1994, 246–247 introduction on, 215 practices of mortgage markets, 228–239, 272 practices of real estate agents, 218–228 types of opportunities for, 215–218 Disintermediation, 54 Disparate impact discrimination, 217 Disparate treatment discrimination, 216–217 Dispersal strategies, 261, 262, 264 Distressed public housing, 116–117, 124, 263 Down payment subsidies, 257 E Economic aspects, 3–4, 264 Elderly housing, 200, 205, 206–209; see also Specialneeds housing Emergency Low-Income Housing Preservation Act of 1987 (ELIHPA), 138 Emergency Shelter Grant (ESG), 211, 213 Employment, housing affordability and, 29–32 Enhanced vouchers, 138–139, 141, 271; see also Vouchers, housing Enterprise Foundation, 202 Exclusionary zoning, 16, 36–37, 261 Exclusion of capital gains, 23, 69, 70, 71, 78 Exclusion of interest on mortgage revenue bonds, 71 Exclusion of interest on multifamily bonds, 72 Exemptions from passive loss rules involving rental property, 72 F Fair access to credit, see Mortgage market, discrimination in the Fair Housing Act of 1968, 215, 239–241, 248, 276 Fair Housing Amendments Act of 1988, 241 Fair Housing Assistance Program (FHAP), 248 Fair housing audits, 218–224 Fair Housing Initiatives Program (FHIP), 248 Fair market rate (FMR), 134 Fair Market Rent (FMR), 150, 151, 154, 173 Fannie Mae Foundation, 52, 53, 57, 58, 67, 68, 258, 272 FDIC (Federal Deposit Insurance Corporation), 245 Federal Deposit Insurance Corporation (FDIC), 245 Federal Farmers Home Administration, 96 Federal Financial Institutions Examination Council (FFIEC), 44 Federal Home Loan Bank Act of 1932, 48 Federal Home Loan Mortgage Corporation (Freddie Mac), 57, 58; see also Freddie Mac Federal Housing Administration (FHA), 49–52, 53, 55, 57, 68, 105, 114, 217, 237, 238; see also specific topics Federal housing expenditures, trends in, 40–41 Federal National Mortgage Association (FNMA), 52; see also Fannie Mae Foundation Federal Reserve Bank, 232 Federal tax code, 69, 76, 77, 78; see also Tax expenditures, for housing FHA (Federal Housing Administration), 49–52, 53, 55, 57, 68, 105, 114, 217, 237, 238; see also specific topics FHA Underwriting Manual, 51 Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, 54–56, 62–63, 66, 229 RT4120_Index.fm Page 301 Thursday, February 23, 2006 7:00 PM Index • 301 Financing, see Housing finance system FIRREA (Financial Institutions, Reform, Recovery, and Enforcement Act of 1989), 54–56, 62–63, 66, 229 First-time homebuyers, 73, 76, 259 Fixed-rate, long term mortgages, 49, 53 Foreclosure, 47–48, 50, 236, 238 Freddie Mac, 57, 58, 67, 68, 236, 258, 272 Freestanding Voucher program, 150 G Gautreaux program, 167, 168, 169, 170, 172, 262 General Accountability Office (GAO), U.S., 121, 206 Geographic steering practices, 224–227 Ginnie Mae (Government National Mortgage Association), 57–58 Government National Mortgage Association (Ginnie Mae), 57–58 Government sponsored enterprises (GSEs), 57–58, 61, 63, 66, 67, 236, 258, 272–273 Great Depression, 47, 49, 51, 52 Gross national product (GNP), housing’s contribution to, 3–4 GSEs (government sponsored enterprises), 57–58, 61, 63, 66, 67, 236, 258, 272–273 H Hispanic renters/homebuyers, see Discrimination, in the housing market Historic Rehabilitation Tax Credit (HRTC), 71, 77 HIV/AIDS, see Housing Opportunities for People with AIDS (HOPWA) Holman v Cisneros (1995), 167, 172 Homebuyer assistance, 184 HOME Investment Partnership program, 179, 183–187, 199, 209, 261 Homelessness, 38–40, 204, 211–213 Home Loan Bank system, 48, 66 Home Mortgage Disclosure Act (HMDA) of 1975, 44, 66, 215, 228, 229, 231, 232, 241–242, 247 Homeowner characteristics, 16, 17 Homeownership barriers to, 256–260 benefits of, 251–256 conclusion on, 267 income integration and, 261–266 introduction on, 251 supply-side constraints to, 260–261 Home Ownership and Equity Protection Act (HOEPA) of 1994, 246, 247, 276 Homeownership rates, 13–16, 17, 29, 37; see also Housing market trends Home Owners Loan Corporation (HOLC), 48–49 Homeowner tax expenditures, housing, 23, 69, 70–76; see also Tax expenditures, for housing HOPE VI program, 42, 99, 115, 117–124, 152, 262; see also Public housing Housing Act of 1937, 106 Housing Act of 1949, 1, 102 Housing Act of 1959, 207 Housing Act of 1974, 149 Housing affordability, 23–37, 192, 261; see also Inclusionary zoning Housing and Community Development Act of 1973, 179, 180 Housing assistance plans (HAPs), 150 Housing budget authority, cutbacks in, 40–42 Housing Choice Voucher (HCV) program, 151, 208, 259 Housing construction trends, 11–13 Housing costs, see Housing affordability Housing deficiency, see Housing quality, indicators of Housing Discrimination Study 2000 (HDS 2000), 219 Housing finance system; see also Discrimination, in the housing market conclusion on, 67–68 debt financing for multifamily housing, 62–66 Financial Institutions, Reform, Recovery Enforcement Act (FIRREA) of 1989, 54–56, 229 introduction on, 47 New Deal innovations, 47–52 public policy and, 66–67 the secondary mortgage market, 56–62 the thrift industry, 52–54 Housing market price data, 253–255 Housing market trends affordability of housing, 23–37 conclusion on, 42–43 crowding levels, 23 federal housing expenditures, 40–42 homelessness levels, 38–40 housing tenure, 13–16, 17, 29 introduction on, 11 living conditions, 16–22 residential construction, 11–13 selected data sources on housing, 43–45 state and local government expenditures, 177–179 Housing Opportunities for People with AIDS (HOPWA), 179, 210–211; see also Special-needs housing Housing policy, changes in introduction on, 269–270 proposed/enacted changes, 270–273 retreat from core principles, 273–274 stubborn facts of, 274–276 Housing policy, overview of federal subsidy programs and regulations, 5–7 RT4120_Index.fm Page 302 Thursday, February 23, 2006 7:00 PM 302 • Index goals and forms of, 4–5 important aspects of, 2–4 introduction on, 1–2 organizational context on, 7–10 state and local government expenditures, 177–179 Housing price data, 253–255 Housing quality, indicators of, 16–22; see also Construction/design quality, in public housing Housing tenure trends, 13–16, 17, 29 Housing trust funds, 87, 188–192, 199 Housing vouchers, see Vouchers, housing HUD (Department of Housing and Urban Development), allocations by, 32, 40, 67, 135, 136, 138, 142, 147, 166, 183, 207, 211, 236, 240, 241; see also specific topics HUD USER Website, 45 Human Rights Watch, 125 I Inclusionary zoning, 192–198; see also State and local housing policy assessment of, 197–198 California and, 194–195 introduction on, 192–193 key dimensions of, 196–197, 262 Massachusetts and, 195 Montgomery County, Maryland and, 195–196 New Jersey and, 193–194 Income constraints, see Wage and salary income Income integration conclusion on, 267 economic and social aspects of, 261–266 homeownership and, 251–261 introduction on, 251 Individual development accounts (IDAs), 160 Internal Revenue Service, 83, 88, 98 Investor tax expenditures, for housing, 70, 71–72, 76–79, 82; see also Tax expenditures, for housing J Joint Center for Housing Studies of Harvard University, 34, 44–45, 239, 244 K Knowledgeplex Website, 45 L Land-use policy, 16, 36–37, 261, 275 Life insurance companies, 53 Limited partnerships, 77 Living conditions, quality of, 16–22, 175; see also Construction/design quality, in public housing Loan-to-value (LTV) ratio, 49, 50, 61, 67 Local government expenditures, 177–179; see also State and local housing policy Local Initiatives Support Corporation (LISC), 202–203 Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRA), 138 Low-Income Housing Tax Credit (LIHTC) block grants and, 179, 180, 204 concepts of discounting and present value, 99–100 conclusion on, 98–99, 145 converting tax credits into equity, 85–89 introduction on, 83 investor tax expenditures and, 70, 71–72, 76–79, 82 issues and unresolved problems, 95–98 profile of tax credit housing, 90–95 proposed policy changes of, 273 tax breaks associated with, 83–85 M Management, of public housing, 111–113 Manufactured housing trends, 13, 261 Market-rate housing, 135, 264–265 Mark to Market program, 139–140 Mark up to Market program, 140–141 Massachusetts, 195, 232, 233, 257, 265 McKinney/Vento Act of 2000, 211 Mental illness, see Special-needs housing Minority renters/homebuyers, see Discrimination, in the housing market Mixed-income housing, see Income integration Mobility programs, residential, 166–173 Moderately Priced Dwelling Unit (MPDU) program, 195 Modernization needs, of public housing, 114–116 Montgomery County, MD, 195–196, 198 Mortgage-backed securities, 55, 57–58; see also Federal Housing Administration (FHA) Mortgage credit certificates (MCCs), 71, 73, 76, 187–188 Mortgage denial rates, see Mortgage market, discrimination in the Mortgage foreclosure, 47–48, 50, 236, 238 Mortgage insurance, 49–52, 237; see also FHA (Federal Housing Administration) Mortgage interest deductions, 71, 72–73; see also Tax expenditures, for housing Mortgage market, discrimination in the, 228–239, 272; see also Discrimination, in the housing market; Housing finance system Mortgage revenue bonds, 71, 187, 259 Mortgage subsidy programs; see also Privately owned subsidized housing conclusion on, 144–147 RT4120_Index.fm Page 303 Thursday, February 23, 2006 7:00 PM Index • 303 introduction on, 129 nonprofit organizations and, 200 performance structure of, 132–133 preservation challenges of, 134–142 profiles of, 142–144 Section 221(d)3 Below Market Interest Rate program, 130 Section 236 program, 130–131 Section 515 program, 131–132, 137, 141–142 Mortgage underwriting standards, 61, 87–89, 95, 260 Moving to Opportunity (MTO) program, 167–168, 169, 170, 171, 172, 263; see also Public housing Mt Laurel litigation, 193 Multifamily housing bonds, 72, 81, 188 Multifamily housing trends, 12, 13, 62, 63, 66 Municipal trust funds, 189 Mutual savings banks, 52 N National Affordable Housing Act of 1990, 210 National Association of Home Builders, 3, 26 National Association of Realtors, 26 National Commission on Severely Distressed Public Housing, 116, 117 National Council of State Housing Finance Agencies, 90 National Housing Act of 1934, 49 National Housing Act of 1968, 130 National Housing Trust Fund, 273 National Low Income Housing Coalition (NLIHC), 45 Naturally occurring retirement communities (NORCs), 206 Neighborhood characteristics, of public housing, 108–111 Neighborhood characteristics, of voucher holders, 160–166 Neighborhood quality, indicators of, 19, 21, 24–25; see also Housing quality, indicators of Neighborhood Reinvestment Corporation, 202, 259 NeighborWorks America, 202, 203, 259 New Deal innovations, 47–52, 68, 101 New Jersey, 189, 193–194, 197 New York City, 103, 198–199, 265 Nondepository mortgage lenders, 61–62 Nonprofit housing sector, 199–204 Notice of funding availability (NOFA), 212 O Office of Comptroller of the Currency (OCC), 247, 272 Office of Thrift Supervision (OTS), 245, 246 Omnibus Budget Reconciliation of 1990, 96 One-strike eviction policies, 125–126 Operating subsidies, of public housing, 113–114 Optional Affordable Housing Trust Fund Act of 1992, 189 Overcrowding conditions, 23 P Passbook savings accounts, 53 Pass-through certificates, 57–58 Phipps Houses, 203 Physical housing conditions, see Living conditions, quality of Poverty reconcentration, 173–174, 263 Predatory lending practices, 235, 236, 246, 272 Present value, discounting and, 99–100 Preservation challenges, of privately owned subsidized housing, 134–142, 271 Private activity bonds, 187 Privately owned subsidized housing conclusion on, 144–147 introduction on, 129 mortgage subsidy programs, 129–133 preservation challenges of, 134–142 profiles of, 142–144 proposed policy changes of, 271 Section New Construction and Substantial Rehabilitation programs, 133–134 Private real estate market, 110 Project location, for public housing, 106–108 Property management, 111–113 Property tax deductions, 71, 72–73 Public housing; see also Privately owned subsidized housing capital needs of, 114–116 conclusion on, 126–127 distressed public housing, 116–117, 263 elderly individuals and, 208 historical development of, 93, 94, 101–113 HOPE VI program, 117–123 introduction on, 101 operating subsidies of, 113–114 proposed policy changes of, 271 transformation of, 123–126 Public Housing Act of 1970, 113 Public housing authorities (PHAs), 101, 102, 103, 112, 154, 158; see also Public housing Public Housing Capital Fund, 115 Public housing development, see Public housing Public Housing Operating Costs Study, 112, 116 Public Works Administration, 101, 109 Q Qualified contract option, 96–97 Qualifying ratios, mortgage, 256 Quality Housing and Work Responsibility Act of 1998, 106, 115, 124, 151, 262, 274 RT4120_Index.fm Page 304 Thursday, February 23, 2006 7:00 PM 304 • Index R Racial/economic segregation, 93, 108, 162, 163, 165–166, 224, 254; see also Discrimination, in the housing market Real estate market, discrimination in the, 218–228; see also Discrimination, in the housing market Real Estate Procedures Act (RESPA) of 1975, 246 Recapture, 79 Redlining, 217–218 Refinance loans, 37, 236 Regional Opportunity Counceling (ROC) program, 168 Regulation Q, 53, 54 Rental housing trends, 13, 79, 108; see also Housing market trends Rental vouchers, see Vouchers, housing Renter characteristics, 16, 17; see also Housing market trends Residential construction trends, 11–13 Residential mobility programs, 166–173 Residential real estate market, discrimination in the, 218–228; see also Discrimination, in the housing market Resident income, 92–93 Resident Opportunities and Self-Sufficiency (ROSS) grant program, 208 Retirement benefits, 158 Revenue Act of 1978, 71 Revenue Reconciliation Act of 1989, 96 Reverse mortgages, 208 Riegle Community Development and Regulatory Improvement Act of 1994, 246 Rural Housing Service, 96, 140, 142 Rural housing trends, 16, 131 S S & L (savings and loan) mortgages, 52, 56 Salary and wage income, 106, 158, 256–258; see also Housing affordability Savings and loan (S & L) mortgages, 52, 56 Secondary mortgage market, 56–62, 67, 68, 259; see also Housing finance system Section 221(d)3 Below Market Interest Rate program, 130, 132–133, 141; see also Mortgage subsidy programs Section Existing Housing Program, 150 Section Housing Choice Voucher (HCV) program, 122, 123, 151, 208, 259; see also Vouchers, housing Section Loan Management Set-Aside program (LMSA), 132, 141 Section Moderate Rehabilitation Single-Room Occupancy (SRO) Program, 143, 212 Section New Construction/Substantial Rehabilitation (NC/SR) programs, 133–134, 135, 136, 137, 139–140, 143, 150, 208 Section 202 program, 140, 200, 206–207 Section 235 program, 258–259 Section 236 program, 94, 130–131, 132, 141, 143, 200 Section 515 program, 131–132, 137, 141–142, 208 Section 521 program, 133 Section 811 program, 210 Section Property Disposition program, 132 Securities and Exchange Commission, 67 Segregation, racial/economic, 93, 108, 162, 163, 165–166, 224, 254; see also Discrimination, in the housing market Self-amortizing mortgage, 49 Senior housing, see Elderly housing Settlement Housing Fund, 203 Shelter Plus Care (S+C) program, 212 Single-family housing trends, 12, 13, 16, 58, 62, 63 Slum housing, 110 Social interaction aspects, 263–266 Social Security benefits, 158, 209 Soft second mortgages, 87, 259 Special Mobility Program (SMP), 167, 170 Special-needs housing conclusion on, 213 disabled/homeless individuals and, 209–213 elderly individuals and, 202, 206–209 introduction on, 205–206 nonprofit housing sector and, 204 proposed policy changes of, 272 Sponsorship (for-profit/nonprofit), 90 State and local housing policy block grants, 179–187, 261, 270–271, 273 challenges for changes of, 275–276 conclusion on, 204 housing trust funds, 188–192 inclusionary zoning, 192–198 introduction on, 177–179 New York City’s capital programs, 198–199 nonprofit housing sector, 199–204 tax-exempt bond financing, 187–188 State government expenditures, see State and local housing policy Steering practices, 224–227 Stewart B McKinney Homeless Assistance Act of 1987, 211 Straight-line depreciation, 78, 79 Subprime mortgages, 234, 235, 236–237, 246 Subsidy programs, 69, 81, 108, 149, 258–260; see also specific topics Supplemental Security Income (SSI), 158, 209 Supportive housing, 204, 205, 209, 272; see also Specialneeds housing Supportive Housing Program (SHP), 211–212 Syndicators, 77, 85–86 RT4120_Index.fm Page 305 Thursday, February 23, 2006 7:00 PM Index • 305 T U Tax-credit developments concepts of discounting and present value, 99–100 conclusion on, 98–99 converting tax credits into equity, 85–89 introduction on, 83 issues and unresolved problems, 95–98 profile of, 90–95 tax breaks associated with, 83–85 Tax-exempt bond financing, 57, 92, 187–188; see also State and local housing policy Tax expenditures, for housing; see also Tax-credit developments conclusion on, 81–82 homeowner tax expenditures, 23, 70–76, 256 introduction on, 69–70 investor tax expenditures, 70, 71–72, 76–79, 82 proposed policy changes of, 273 state and local government expenditures, 177–179 the Tax Reform Act of 1986 (TRA86) and, 79, 81 Tax incentives/deductions, see Tax expenditures, for housing Tax Reform Act of 1986 (TRA86), 63, 71, 72, 77, 78, 79, 81, 83, 179 Tax revenue, 69; see also Tax expenditures, for housing Tax shelters, 77 Technology, housing finance and, 58 Tenant-based rental assistance (TBRA), 184 Tenant selection, for public housing, 105–106 There Are No Children Here (Kotlowitz), 112 Thrift industry, 52–54, 55, 56, 62 Trends, in the housing market, see Housing market trends Trust funds, housing, 87, 188–192, 199 Truth in Lending Act (TILA) of 1968, 246 Underwriting standards, 61, 87–89, 95, 260 U.S Census Bureau, 38, 43, 44, 257 U.S Department of Agriculture (USDA), 131 U.S Department of Defense (DOD), 40 U.S Department of Treasury (DOT), 40, 67, 139, 236 U.S General Accountability Office (GAO), 121, 206 U.S Office of Comptroller of the Currency (OCC), 247, 272 U.S Office of Thrift Supervision (OTS), 245, 246 V VA mortgages, 50–51, 55, 57, 68, 237 Vacancy Consolidation Program, 169 Vandalism, 111 Veteran’s Administration, 50–51; see also VA mortgages Voucher holder profiles, see Vouchers, housing Vouchers, housing conclusion on, 174–176 elderly individuals and, 208 introduction on, 149 origins and growth of, 149–152 poverty reconcentration and, 173–174, 264 proposed policy changes of, 270–271, 273 residential mobility and, 166–173 utilization trends in, 153–166 W Wage and salary income, 106, 158, 256–258; see also Housing affordability Watch list properties, 140 World War II, 11, 50, 102 Worst-case housing needs, trends in, 32–34 RT4120_Index.fm Page 306 Thursday, February 23, 2006 7:00 PM ... : alk paper) Housing policy United States Housing United States Housing United States Finance Low-income housing United States Public housing United States Rental housing United States I Title... developers HOUSING POLICY IN THE UNITED STATES: AN OVERVIEW Although most people probably associate housing policy in the United States with public housing and other subsidies for the poor, the federal... organizations The chapter discusses how states and localities utilize federal block grants and tax-exempt bond financing for housing and how they are increasingly using housing trust funds and inclusionary