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Browsing by Subject "Homeownership"

Now showing 1 - 3 of 3
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    Creating Affordable Homes: An Evaluation of the Minneapolis Homes Create Strategy
    (2024-05-01) Goodrich , Dan; Yudelman, Beth
    This project was a qualitative analysis of the Create Strategy of the Minneapolis Homes Program. The project was designed to determine to what extent the strategy is meeting its goals. The Minneapolis Homes Program is managed by the Community Planning and Economic Development (CPED) housing division. The mission of the Minneapolis Homes Program (started in 2020) is to help people access, create, and sustain affordable homeownership to eliminate racial disparities in homeownership. This capstone project was specifically focused on the Create Strategy of the program - to what extent are the Minneapolis Homes: Financing and Property Sale Programs successfully creating opportunities to build new homes and rehabilitate existing homes to eliminate racial disparities in homeownership within the city of Minneapolis? Three key findings emerged from our research: 1) Minneapolis Homes is well led and viewed as a national leader, 2) Some developers experience significant “pain points” when working with the city. Further, the experiences that builders have with the city can vary significantly and can be inconsistent. For example, newer community developers need more support navigating the city’s process and receiving early financial support for construction, while larger developers want more consistency, and 3) The Create Strategy is underfunded. More funding is needed for the Minneapolis Homes Create Strategy to increase capacity within the city as well as for specific development projects. In addition, outside forces such as post-Covid inflation, labor shortages, and the Minneapolis 2040 plan lawsuit are adding time, costs, and stress for builders. On a macro level, we recommend that Minneapolis Homes work closely with city departments and divisions to advance the city’s identified primary goal. On a micro level, we recommend that Minneapolis Homes 1) clarify the primary goal within CPED in relation to equity and homeownership: what to incentivize and what to require, 2) seek additional funding to advance the identified goals of the Create Strategy, 3) continue to streamline the process for developers and customize support (including more financial and logistical support when needed), and 4) continue to strengthen communication with developers, city staff, and funders. In addition, Minneapolis Homes should examine whether more homeowner participation in evaluating the Create Strategy is beneficial.
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    Essays in uninsurable income risk and household behavior.
    (2011-06) Narita, Machiko
    This dissertation consists of two essays. The first essay examines a key driving force of the recent decline in the U.S. homeownership rate by investigating the effect of each factor on the housing and mortgage decisions. The second paper assesses how efficiently households in the U.S. economy insure their cohort-specific income risk. Although the applications differ, they have a unifying theme: macroeconomic implications of households' behavior in the presence of uninsurable income risk. Both essays address this theme using household-level data and quantitative macroeconomic models. In the first essay, I ask if a mortgage credit crunch caused the recent decline in the homeownership rate in the U.S. To answer this question, I develop a life-cycle model that accommodates the expansion of alternative mortgages that featured delayed amortization. I use the model to measure the distributional consequences of two factors: (1) the fade-out of alternative mortgages and (2) declines in labor earnings. I find that the declining labor income is the main driving force behind the cross-sectional feature of the housing bust: the proportionally larger decrease in homeownership among non-college educated households. The fade-out of alternative mortgages, however, predicts the opposite. This is because college educated households, who have high future earnings, are more likely to utilize alternative mortgages when those mortgages are available. In the second essay, we propose an observation-based approach to measuring what percentage of household's income risk is insured and how much welfare cost is generated by the departure from full-insurance. Using a synthetic panel data set from the Consumer Expenditure Survey (CEX) for the period of 1980-2009, we investigate how efficiently U.S. households insure cohort-specific income risk. There are two main findings. First, on average, U.S. households insured 64% of their cohort-level income risk, and the welfare cost of uninsured risk was 1% of their annual expenditure on nondurables and services. Second, households who faced a higher risk tended to insure a larger portion of their risk. This observation implies either or both of the following: (1) they made more effort to hedge their risk (Kocherlakota (1996) and Krueger and Perri (2006)), or (2) the dispersion in income risk mostly came from transitory shocks.
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    St. Anthony West Housing Tenure and Density Project.
    (2003) Minneapolis Neighborhood Information System