In a new paper, Mark Willis with the Furman Center, suggests including an ‘Internet Rating’ in a modernized Community Reinvestment Act (CRA) framework since the current assessment areas used to delineate the primary geographies within a bank’s CRA test do not adequately account for the rise of internet banking. Under his proposal, banks would be separately evaluated for CRA performance within its assessment area(s), as well as beyond its assessment area(s), with the latter evaluation consisting of both a retail products test and a community development test. The results of these tests would then be blended together to arrive at the overall rating for the bank.
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A new brief from the Furman Center, NYCHA’s Road Ahead: Capital and Operating Budget Needs, Shortfalls, and Plans, reviews how the New York City Housing Authority (NYCHA) plans to address its massive public housing repair needs in the coming years and identified a number of serious potential challenges. “In a 2017 Physical Needs Assessment (PNA), NYCHA’s engineering consultants estimated the cost of repairing and replacing necessary building systems over five years to be $31.8 billion ($180,700 per unit), and $45.2 billion ($255,700 per unit) over 20 years…while management is often blamed for NYCHA’s state of disrepair, capital needs of this magnitude cannot arise from management deficiencies alone, nor can they be solved solely by better management practices.”
The NYU Furman Center and Abt Associates launched LocalHousingSolutions.org, an online, interactive tool to help communities develop local strategies that promote housing affordability. A growing number of communities across the country are struggling with problems tied to high housing costs, including rising homelessness, fear of displacement among longtime residents, and growing numbers of households unable to afford their rents or mortgages. LocalHousingSolutions.org provides policymakers and practitioners, housing advocates, developers, and concerned community members with a single source of guidance via a library of more than 80 policies to preserve and strengthen affordability and address a range of other housing objectives. The site will be particularly useful for cities, towns, and counties seeking to develop and implement comprehensive and balanced local housing strategies that tackle high housing costs.
LocalHousingSolutions.org allows stakeholders to assess a community’s current housing needs and policy goals. An online questionnaire generates recommendations from the site’s extensive Policy Library. Policy guidance is organized around a four-pronged framework that includes policies for creating and preserving dedicated affordable housing and for removing barriers to the creation of additional market-rate housing – two complementary ways to increase the supply of affordable housing. The framework also provides strategies to help households afford and access private market homes, both in the rental and homeownership markets. These efforts can relieve the intense competition for a limited supply of subsidized units, and help to address historic patterns of segregation. Finally, the site offers policies to protect against displacement and improve housing conditions, critical elements of a fair and effective housing strategy.
City NIMBYs, a new article authored by NYU Furman Center Faculty Director Vicki Been, explores the growing trend of opposition to development in cities. It describes the academic discussions of this trend to date, reviews the known impact of opposition and regulatory barriers to development, and proposes factors that may explain the growing opposition to development in cities. In conclusion, the article discusses what the underlying causes of opposition to development reveal about the differences between suburban and city-focused Nimbyism, and suggests research and policy analysis that might help decision makers respond more effectively to opposition to development in cities.
Of 2,663 HUD and Mitchell-Lama (a New York state program) subsidized properties in 2017, 11% are eligible to expire out of affordability by 2023. That number jumps to nearly 48% over the next 15 years.Read More