Ramiller, Alex; Acolin, Arthur; Walter, Rebecca J.; Wang, Ruoniu. (2022). Moving to Shared Equity: Locational Outcomes for Households in Shared Equity Homeownership Programs. Housing Studies, 44586.
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Abstract
Abstract The impact of U.S. housing policy on household locational outcomes has primarily been studied in the context of rental housing assistance programs, but the impact of alternative homeownership models is less fully explored. In this study, we assess residential trajectories for households that have participated in shared-equity homeownership (SEH) programs such as Community Land Trusts and Limited Equity Housing Cooperatives. We examine changes in neighborhood characteristics that occur when households enter and exit SEH units, and compare those outcomes with similar households that entered traditional homeownership or continued to rent. We find that while entering SEH is associated with decreases in neighborhood opportunity measures, exiting SEH is associated with improvements in key measures including lower concentrations of poverty. We conclude that while entering SEH may entail moving to lower-opportunity neighborhoods, participation in SEH programs increases the long-term economic and socio-spatial mobility of participating households by enabling them to access a broader array of neighborhood contexts in their subsequent move. [ABSTRACT FROM AUTHOR]; Copyright of Housing Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Community Land Trusts; Geographies Of Opportunity; Locational Outcomes; Residential Mobility; Shared-equity Homeownership
Acolin, Arthur; Wachter, Susan. (2017). Opportunity and Housing Access. Cityscape, 19(1), 135 – 150.
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Abstract
This article examines the relationship between employment opportunity and housing affordability. Access to locations with high-productivity jobs is increasingly limited by regional housing affordability barriers. Recent articles demonstrate a new regional divergence in access to high-productivity regions accompanied by declines in worker mobility associated with affordability barriers. We update these findings and discuss their long-term implications for economic opportunity and intergenerational welfare. We show that areas, from which lower-income households are increasingly priced out, are also more likely to have higher levels of intergenerational mobility. Access to opportunity also continues to be challenged within metropolitan areas as the gentrification of downtown neighborhoods is accompanied by an increase in concentrated poverty in outlying city neighborhoods and inner ring suburbs. These trends on regional and local scales derive from the increased importance of place in the knowledge-based economy and interact to reinforce growing spatial inequality. We conclude with a discussion of the importance of identifying place-based solutions to counter growing spatial inequality of opportunity.]
Acolin, Arthur; Bricker, Jesse; Calem, Paul; Wachter, Susan. (2016). Borrowing Constraints and Homeownership. The American Economic Review, 106(5), 625 – 629.
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Keywords
Borrowing Constraints, Homeownership, Credit Supply
Acolin, Arthur; Goodman, Laurie S.; Wachter, Susan M. (2016). A Renter or Homeowner Nation? Cityscape, 18(1), 145 – 158.
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Acolin, Arthur; Calem, Paul; Jagtiani, Julapa; Wachter, Susan. (2018). First-Time Homebuyers: Toward a New Measure. Cityscape, 20(1), 193 – 204.
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Abstract
Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this article, we use a new dataset to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New York Equifax Consumer Credit Panel, shows a significant decline in the share of first-time homebuyers, particularly among young households, consistent with the decline in homeownership in this age cohort since the early 2000s.
Hess, Christian; Walter, Rebecca J.; Acolin, Arthur; Chasins, Sarah. (2019). Comparing Small Area Fair Market Rents with Other Rental Measures across Diverse Housing Markets. Cityscape, 21(3), 159 – 186.
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Abstract
Small Area Fair Market Rents (SAFMRs) are calculated at the 40th percentile of the U.S. postal ZIP Code instead of the metropolitan area in an effort to capture localized rents to expand choice for voucher holders to access housing in higher-opportunity neighborhoods. Existing studies on the potential and actual outcomes of SAFMRs demonstrate that findings vary for different types of housing markets. Furthermore, the decisions public housing authorities (PHAs) make in the implementation process affect PHAs' program budget and the rent burden and locational outcomes for voucher households. This study aims to address how these implementation factors are affected by local rental market conditions for three PHAs-Housing Authority of the City of Fort Lauderdale, San Antonio Housing Authority, and Seattle Housing Authority-in diverse housing markets. By comparing different sources of market rent estimates with SAFMRs in each location, we contribute new information about how this rule is likely to produce different residential outcomes in terms of increased access to low-poverty neighborhoods and adjustments to payment standards in low-rent neighborhoods. The findings reveal differences across rent measures in terms of estimated levels and relative differences across ZIP Codes. These findings suggest that housing authorities may face challenges in meeting the objectives of the SAFMR final rule without some form of local adjustments.]
Acolin, Arthur; Vitiello, Domenic. (2018). Who Owns Chinatown: Neighbourhood Preservation and Change in Boston and Philadelphia. Urban Studies, 55(8), 1690 – 1710.
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Abstract
The survival of Chinatowns and other ethnic enclaves in cities is largely determined by who owns property. Ethnic enclaves such as Chinatowns have traditionally played important economic, social and cultural functions as places for recent immigrants to live and work, though Chinatowns have long faced redevelopment pressures. In North America, as Chinese immigrants and their descendants settle in the suburbs, and as historic Chinatowns’ locations close to revitalising downtowns attract increasing investment, the future of these historic enclaves is shaped by various, often intense and divergent, forces. This article describes changes in the patterns of property ownership in Boston and Philadelphia’s downtown Chinatowns over the last decade (2003–2013) and relates them to changes and continuities in these neighbourhoods’ population, commercial activities and building stock. The trends we observe simultaneously reinforce and complicate debates about gentrification and longstanding efforts to preserve these Chinatowns as ethnic Chinese residential, commercial, and cultural centres.]
Keywords
Chinatown, Ethnic Enclave, Neighbourhood Change, Ownership
Ruoniu (Vince) Wang is an Assistant Professor in the Runstad Department of Real Estate in the College of Built Environments at the University of Washington. He studies spatial justice and inclusive communities, including their impacts reflected in the built environment, human behaviors, and policy interventions. Vince joined the University of Washington after serving six years as the research manager and director in a national non-profit organization Grounded Solutions Network. He has designed and conducted a U.S. Census of inclusionary housing policies, a U.S. census of community land trusts, and a national performance evaluation of shared equity homeownership programs. His research expands to policy evaluation for the two largest federal assisted housing rental programs in the U.S.: the Low-Income Housing Tax Credit program and the Housing Choice Voucher program. Vince grounds his research with applied tools to democratize data for low-income communities.
Manzo, Lynne C. (2014). On Uncertain Ground: Being at Home in the Context of Public Housing Redevelopment. International Journal Of Housing Policy, 14(4), 389 – 410.
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Abstract
The recent global financial crisis increased the volatility of housing markets and furthered the ongoing disinvestment in public sector housing. This disinvestment has been manifest in urban restructuring programmes involving both the privatisation and the wholesale demolition of public/social housing. For example, programmes like HOPE VI in the USA have radically altered the landscape of public housing through the demolition of tens of thousands of housing units nationwide. However, what of the people who occupied this housing, and what of the lives they had built there? In such a context, deliberating on the notion of being at home becomes a pressing task, necessitating serious consideration of the lived experience of place and place attachments among those who have been displaced by such programmes. While research has studied outcomes such as the quality of the new neighbourhood and household economic stability, it does not adequately address the lived experience of place and the disruptions that forced relocation can cause. This paper brings the literature on place attachment into the discussion of urban restructuring programmes and discusses the findings of several empirical studies on place attachment to provide a more complete picture of the impacts of such programmes on poor people. It demonstrates how place attachments in the context of public housing are complicated by poverty, power dynamics, ambivalence, and stigma, underscoring how attachments are formed through the interplay of policy and programme rhetoric, and the active processes of meaning making among residents. Policy implications of considering place attachments in public housing redevelopment efforts are also addressed.
Keywords
Public Housing; Housing Development; Housing Market; Housing Assistance Agencies; Urbanization; Global Financial Crisis, 2008-2009; Being At Home; Hope Vi; Place Attachment; Urban Restructuring Programmes; Relocation; Residents; Stability; Landscape; Neighborhoods; Stigma; Poverty; Radicalism; Ambivalence; Public Policy; Social Programs; Public Finance; Public Sector; Economic Stabilization; Housing Authorities; International Finance; Economic Crisis; Privatization; Demolition; Volatility; Redevelopment; Low Income Groups; Rhetoric
Acolin, Arthur; Hoek-Smit, Marja C.; Eloy, Claudia Magalhaes. (2019). High Delinquency Rates in Brazil’s Minha Casa Minha Vida Housing Program: Possible Causes and Necessary Reforms. Habitat International, 83, 99 – 110.
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Abstract
Brazil's main housing program, Minha Casa Minha Vida (MCMV), has contracted the construction of over 3 million housing units since 2009, providing access to homeownership for low and middle-income households through a combination of credit, subsidies and guarantees. In this paper, we analyze disaggregated delinquency information at the project level for the section of the program that serves households in the lowest income range (Faixa 1). Our analysis of program performance in six metropolitan regions shows an overall level of delinquency of 28% as of the end of 2015. We identify four hypotheses to explain this elevated level of delinquency: the peripheral location of the units, insufficient income to cover ongoing costs, moral hazard in the management of the program, and organized crime in some projects. Our analysis shows that in 4 of the 6 regions, low-income projects in peripheral locations exhibit substantially higher non-payment levels and that lower income households have higher levels of delinquency. Based on our analysis, we recommend modifications to program design, including the inclusion of location criteria in subsidy scaling. The findings provide evidence of the limits of MCMV Faixa l's approach to solving Brazilian low-income housing needs and contribute to an emerging body of literature pointing to the importance of location in housing programs.
Keywords
Income; Urban Growth; Housing; Home Ownership; Moral Hazard; Affordable Housing; Delinquency Rate; Housing Program; Integrated Urban Development; Programa Minha Casa Minha Vida; Social Housing; Mexico; Scale