Financing Low Income Communities

Author : Julia Sass Rubin
Publisher : Russell Sage Foundation
ISBN 13 : 1610444817
Total Pages : 341 pages
Book Rating : 4.11/5 ( download)

DOWNLOAD NOW!

Download or read book Financing Low Income Communities written by Julia Sass Rubin and published by Russell Sage Foundation. This book was released on 2007-11-15 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Access to capital and financial services is crucial for healthy communities. However, many impoverished individuals and neighborhoods are routinely ignored by mainstream financial institutions. This neglect led to the creation of community development financial institutions (CDFIs), which provide low-income communities with financial services and act as a conduit to conventional financial organizations and capital markets. Edited by Julia Sass Rubin, Financing Low-Income Communities brings together leading experts in the field to assess what we know about the challenges of bringing financial services and capital to poor communities, map out future lines of research, and propose policy reforms to make these efforts more effective. The contributors to Financing Low-Income Communities distill research on key topics related to community development finance. Daniel Schneider and Peter Tufano examine the obstacles that make saving and asset accumulation difficult for low-income households—such as the fact that tens of millions of low-income and minority adults don't have a bank account—and consider solutions, like making it easier for low-wage workers to enroll in 401(K) plans. Jeanne Hogarth, Jane Kolodinksy, and Marianne Hilgert review evidence showing that community-based financial education programs can be effective in changing families' saving and budgeting patterns. Lisa Servon proposes strategies for addressing the challenges facing the microenterprise field in the United States. Julia Sass Rubin discusses ways community loan and venture capital funds have adapted in response to the decreased availability of funding, and considers potential sources of new capital, such as state governments and public pension funds. Marva Williams explores the evolution and recent performance of community development banks and credit unions. Kathleen Engel and Patricia McCoy document the proliferation of predatory lenders, who market loans at onerous interest rates to financially vulnerable families and the devastating effects of such lending on communities—from increased crime to falling home values and lower tax revenues. Rachel Bratt reviews the policies and programs used to make rental and owned housing financially accessible. Rob Hollister proposes a framework for evaluating the contributions of community development financial institutions. Despite the many accomplishments of CDFIs over the last four decades, changing political and economic conditions make it imperative that they adapt in order to survive. Financing Low-Income Communities charts out new directions for public and private organizations which aim to end the financial exclusion of marginalized neighborhoods.

Author : Michael S. Barr
Publisher : Brookings Institution Press
ISBN 13 : 0815722338
Total Pages : 308 pages
Book Rating : 4.35/5 ( download)

DOWNLOAD NOW!

Download or read book No Slack written by Michael S. Barr and published by Brookings Institution Press. This book was released on 2012 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis exposed unsavory results of interactions between low- and moderate-income households and alternative and mainstream financial institutions: overleveraged incomes, high cost for financial services, and lack of access to useful financial products that can cushion against economic instability. It revealed a financial services system that is not well designed to serve these households, leaving them without financial slack. Pivotal analysis, focusing on metropolitan Detroit's low- and moderate-income neighborhoods, examines household decision making processes, behaviors, and attitudes toward a full range of financial transactions during the subprime lending boom. The author advocates helping families seek financial stability in three primary ways: enhancing individuals' financial capability, using technology to promote access to financial products and services that meet their needs, and establishing strong protections for consumers.

Author : Nicolas P. Retsinas
Publisher : Brookings Institution Press
ISBN 13 : 0815797842
Total Pages : 413 pages
Book Rating : 4.45/5 ( download)

DOWNLOAD NOW!

Download or read book Building Assets, Building Credit written by Nicolas P. Retsinas and published by Brookings Institution Press. This book was released on 2006-05-25 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poor people spend their money living day to day. How can they accumulate wealth? In the United States, homeownership is often the answer. Homes not only provide shelter but also are assets, and thus a means to create equity. Mortgage credit becomes a crucial factor. More Americans than ever now have some access to credit. However. thanks in large part to the growth of global capital markets and greater use of "credit scores," not all homeowners have benefited equally from the opened spigots. Different terms and conditions mean that some applicants are overpaying for mortgage credit, while some are getting in over their heads. And the door is left wide open for predatory lenders. In this important new volume, accomplished analysts examine the situation, illustrate its ramifications, and recommend steps to improve it. Today, low-income Americans have more access to credit than ever before. The challenge is to increase the chances that homeownership becomes the new pathway to asset-building that everyone hopes it will be.

Author : Michael Brostek
Publisher : DIANE Publishing
ISBN 13 : 1437928595
Total Pages : 63 pages
Book Rating : 4.94/5 ( download)

DOWNLOAD NOW!

Download or read book New Markets Tax Credit written by Michael Brostek and published by DIANE Publishing. This book was released on 2010-08 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Community Development Financial Institutions (CDFI) Fund awarded $26 billion in New Markets Tax Credits (NMTC) through 2009 for invest. in low-income communities. The NMTC allows investors to claim a tax credit totaling 39% of their invest. in Community Development Entities (CDE) over 7 years which CDEs reinvest in qualified communities. This report: (1) describes where and how CDEs are using NMTCs; (2) assesses how CDEs use NMTCs to offer favorable financing terms to low-income community bus. and describes options for simplifying the NMTC; (3) describes how NMTC invest. support low-income community development; and (4) determines how effective IRS and the CDFI Fund have been in monitoring NMTC compliance. Illustrations.

Author :
Publisher : DIANE Publishing
ISBN 13 : 1428976272
Total Pages : 104 pages
Book Rating : 4.76/5 ( download)

DOWNLOAD NOW!

Download or read book Housing finance : FHA's risksharing programs offer alternatives for financing affordable multifamily housing : report to Congressional committees written by and published by DIANE Publishing. This book was released on with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Alexander S. Preker
Publisher : World Bank Publications
ISBN 13 : 0821355252
Total Pages : 476 pages
Book Rating : 4.51/5 ( download)

DOWNLOAD NOW!

Download or read book Health Financing for Poor People written by Alexander S. Preker and published by World Bank Publications. This book was released on 2004 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most urgent development challenges facing many low and middle income countries is the need for adequate financing systems to pay for health care provision to the estimated 1.3 billion impoverished people living in rural areas or working in the informal sector in urban areas. This publication considers ways of improving the financing of health care at low income levels, as part of a global strategy for increased investment in health and poverty reduction. Topics discussed include: global and regional trends in healthcare financing; strengths and weaknesses of community-based health financing, and experiences in Asia and Africa; country case studies using household survey analysis from Senegal, Rwanda, India and Thailand; deficit financing; and the impact of risk sharing on achieving health system goals.

Author : Sean Lowry
Publisher : Createspace Independent Pub
ISBN 13 : 9781480151697
Total Pages : 36 pages
Book Rating : 4.96/5 ( download)

DOWNLOAD NOW!

Download or read book Community Development Financial Institutions (CDFI) Fund: Programs and Policy Issues written by Sean Lowry and published by Createspace Independent Pub. This book was released on 2012-10-20 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: As communities face a variety of economic challenges, some are looking to local banks and financial institutions for solutions that address the specific development needs of low-income and distressed communities. Community development financial institutions (CDFIs) provide financial products and services, such as mortgage financing for homebuyers and not-for-profit developers, underwriting and risk capital for community facilities; technical assistance; and commercial loans and investments to small, start-up, or expanding businesses. CDFIs include regulated institutions, such as community development banks and credit unions, and non-regulated institutions, such as loan and venture capital funds. The Community Development Financial Institutions Fund (the Fund), an agency within the Department of the Treasury, administers several programs that encourage the role of CDFIs, and similar organizations, in community development. Nearly 1,000 financial institutions located throughout all 50 states are eligible for the Fund's programs to provide financial and technical assistance to meet the needs of businesses, homebuyers, community developers, and investors in distressed communities. In addition, the Fund allocates the New Markets Tax Credit to more than 5,000 eligible investment vehicles in low-income communities (LICs). This report begins by describing the Fund's history, current appropriations, and each of its programs. A description of the Fund's process of certifying certain financial institutions to be eligible for the Fund's program awards follows. The next section provides an overview of each program's purpose, use of award proceeds, eligibility criteria, and relevant issues for Congress. The final section analyzes four policy considerations of congressional interest, regarding the Fund and the effective use of federal resources to promote economic development. First, it analyzes the debate on targeting development assistance toward particular geographic areas or low-income individuals generally. Prior research indicates that geographically targeted assistance, like the Fund's programs, may increase economic activity in the targeted place or area. However, this increase may be due to a shift in activity from an area not eligible for assistance. Second, it analyzes the debate over targeting economic development policies toward labor or capital. The Fund's programs primarily rely on the latter, such as encouraging lending to small businesses, rather than targeting labor, such as wage subsidies. Research indicates the benefits of policies that reduce capital costs in a targeted place may not be passed on to local laborers, in the form of higher wages or increased employment. Third, it examines whether the Fund plays a unique role in promoting economic development, or if it duplicates, compliments, or competes with the goals and activities of other federal, state, and local programs. Although CDFIs are eligible for other federal assistance programs and other agencies have a similar mission as the Fund, the Fund's programs have a particular emphasis on encouraging private investment and building the capacity of private financial entities to enhance local economic development Fourth, it examines assessments of the Fund's management. Some argue that the Fund's programs are not managed in an effective manner and are not held to appropriate performance measures. Others argue that the Fund is fulfilling its mission and achieving its performance measures.

Author : Jaime P. Luque
Publisher : Springer
ISBN 13 : 303004064X
Total Pages : 137 pages
Book Rating : 4.42/5 ( download)

DOWNLOAD NOW!

Download or read book Affordable Housing Development written by Jaime P. Luque and published by Springer. This book was released on 2019-04-01 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the nuts and bolts of affordable housing development. Divided into two complementary sections, the book first provides an overview of the effectiveness of existing federal and state housing programs in the United States, such as the LIHTC and TIF programs. In turn, the book’s second section presents an extensive discussion of and insights into the financial feasibility of an affordable real estate development project. Researchers, policymakers and organizations in the public, private and nonprofit sectors will find this book a valuable resource in addressing the concrete needs of affordable housing development. “Luque, Ikromov, and Noseworthy’s new book on Affordable Housing Development is a “must read” for all those seeking to address the growing and vexing problem of affordable housing supply. The authors provide important insights and practical demonstration of important financial tools often necessary to the financial feasibility of such projects, including tax-increment financing and the Low-Income Housing Tax Credit. Further, the authors provide important backdrop to the affordability crisis and homelessness. I highly recommend this book to all who seek both to articulate and enhance housing access.” By Stuart Gabriel, Arden Realty Chair, Professor of Finance and Director, Richard S. Ziman Center for Real Estate at UCLA "Over several years Jaime Luque, Nuriddin Ikromov and William Noseworthy applied their analytical bent, and no small measure of empathy, to homelessness as actually experienced in Madison, Wisconsin – and they inspired multiple classes of urban economics students to join them. “Homelessness” is a complex web of issues affecting a spectrum of populations, from individuals struggling with addiction or emotional disorders, to families who’ve been dealt a bad hand in an often-unforgiving economy. Read this book to follow Jaime, Nuriddin, and William as they evaluate a panoply of housing and social programs, complementing the usual top-down design perspective with practical analysis of the feasibility of actual developments and their effectiveness. Analytical but written for a broad audience, this book will be of interest to anyone running a low-income housing program, private and public developers, students, and any instructor designing a learning-by-doing course that blends rigor with real-world application to a local problem." By Stephen Malpezzi, Professor Emeritus, James A. Graaskamp Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison, and Dean, Weimer School of the Homer Hoyt Institute.

Author : Andre L. Wright
Publisher : Nova Science Publishers
ISBN 13 : 9781624175510
Total Pages : 0 pages
Book Rating : 4.11/5 ( download)

DOWNLOAD NOW!

Download or read book The Community Development Financial Institutions Fund written by Andre L. Wright and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As communities face a variety of economic challenges, some are looking to local banks and financial institutions for solutions that address the specific development needs of low-income and distressed communities. Community development financial institutions (CDFIs) provide financial products and services, such as mortgage financing for homebuyers and not-for-profit developers, underwriting and risk capital for community facilities; technical assistance; and commercial loans and investments to small, start-up, or expanding businesses. CDFIs include regulated institutions, such as community development banks and credit unions, and non-regulated institutions, such as loan and venture capital funds. This book describes the Fund's history, current appropriations, and each of its programmes.

Author : Patrick Bolton
Publisher : Russell Sage Foundation
ISBN 13 : 1610440757
Total Pages : 320 pages
Book Rating : 4.52/5 ( download)

DOWNLOAD NOW!

Download or read book Credit Markets for the Poor written by Patrick Bolton and published by Russell Sage Foundation. This book was released on 2005-06-30 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Access to credit is an important means of providing people with the opportunity to make a better life for themselves. Loans are essential for most people who want to purchase a home, start a business, pay for college, or weather a spell of unemployment. Yet many people in poor and minority communities—regardless of their creditworthiness—find credit hard to come by, making the climb out of poverty extremely difficult. How dire are the lending markets in these communities and what can be done to improve access to credit for disadvantaged groups? In Credit Markets for the Poor, editors Patrick Bolton and Howard Rosenthal and an expert team of economists, political scientists, and legal and business scholars tackle these questions with shrewd analysis and a wealth of empirical data. Credit Markets for the Poor opens by examining what credit options are available to poor households. Economist John Caskey profiles how weak credit options force many working families into a disastrous cycle of short-term, high interest loans in order to sustain themselves between paychecks. Löic Sadoulet explores the reasons that community lending organizations, which have been so successful in developing countries, have failed in more advanced economies. He argues the obstacles that have inhibited community lending groups in industrialized countries—such as a lack of institutional credibility and the high cost of establishing lending networks—can be overcome if banks facilitate the community lending process and establish a system of repayment insurance. Credit Markets for the Poor also examines how legal institutions affect the ability of the poor to borrow. Daniela Fabbri and Mario Padula argue that well-meaning provisions making it more difficult for lenders to collect on defaulted loans are actually doing a disservice to the poor in credit markets. They find that in areas with lax legal enforcement of debt agreements, credit markets for the poor are underdeveloped because lenders are unwilling to take risks on issuing credit or will do so only at exorbitant interest rates. Timothy Bates looks at programs that facilitate small-business development and finds that they have done little to reduce poverty. He argues that subsidized business creation programs may lure inexperienced households into entrepreneurship in areas where little profitable investment is possible, hence setting them up for failure. With clarity and insightful analysis, Credit Markets for the Poor demonstrates how weak credit markets are impeding the social and economic mobility of the needy. By detailing the many disadvantages that impoverished people face when seeking to borrow, this important new volume highlights a significant national problem and offers solutions for the future.