Heirs’ property can result when a property owner dies without a legally recognized estate plan in place. This form of ownership disproportionately affects lower-wealth African Americans. Partners Update examines some recent legislation on heirs’ property in the Southeast.
A new Federal Reserve System report spotlights the impact of COVID-19 on low- to moderate-income communities. This report examines the findings of a nationwide survey of over 1,800 respondents representing nonprofits, financial institutions, government agencies, and community organizations. Read Partners Update to learn more.
COVID-19 exacerbates an existing affordable housing shortage in the Southeast, which lacked over a million affordable rental units before the virus outbreak began. Partners Update explores efforts to enact eviction moratoriums under the CARES Act.
Our community and economic development team conducted a virtual listening tour to collect real-time economic and social impacts of the COVID-19 public health crisis in low- and moderate-income communities and the organizations that serve them. Read Partners Update for a discussion of the findings.
Anchor institutions such as universities and hospitals can help drive inclusive economic development in their communities. The author examines efforts to launch anchor institution strategies in New Orleans, Atlanta, and the Miami area.
Heirs' property is land inherited by the descendants of a previous owner, often one who did not leave a will. Partners Update discusses a comprehensive report on the issues facing these property owners, including the inability to transfer wealth to future generations.
The Atlanta Fed president has coauthored a paper that examines Low-Income Housing Tax Credit housing in Chicago and the potential to create inclusive communities. This Partners Update article summarizes the paper's findings.
The event recognized the 50th anniversary of the Fair Housing Act, discussed its legacy, and explored solutions to racial equity challenges that persist. The Federal Reserve Bank of Atlanta's Community and Economic Development group, Georgia ACT, Georgia State University's Urban Studies Institute, National Fair Housing Alliance, Metro Fair Housing Services Inc., and Atlanta Legal Aid Society cohosted the event in Atlanta.
The authors analyze data on housing costs and supply by household income level. They demonstrate the widespread shortage of housing that is affordable for low-income renters in large metros, small towns, suburbs, and nonmetro areas throughout the Southeast.
The event examined health, equity, and the economic impact of community food production. The Federal Reserve Bank of Atlanta's Community and Economic Development group, Hope Credit Union Enterprise Corporation, Self-Help Credit Union, and Food Well Alliance cohosted the event in Atlanta.
Community development and health professionals often work with the same residents in separate silos, but that is beginning to change. Partners Update previews a paper on emerging health-community development partnerships in the Southeast.
Health and community development professionals are learning to collaborate to address the social determinants of health. The author investigates promising partnerships in the Southeast in this first of a two-part series.
The event explored how health and community development professionals are learning to collaborate. Participants represented a variety of sectors, including health care, public health, community development, housing, government, and research. The Build Healthy Places Network, the Federal Reserve Bank of Atlanta, and the Georgia Health Policy Center cohosted the event, which was held in Atlanta during the national American Public Health Association Conference.
This event provided information from a recent Federal Reserve paper on reducing barriers to mixed-income housing development, engaged in a discussion on what strategies work best for the Nashville region and how to better align resources to meet local needs, and advanced the "Housing Nashville" report initiative. The Federal Reserve Bank of Atlanta and the Nashville Mayor's Office hosted the event.
When grandma dies without a will, property is passed on to her children, and then to each successive generation. Listen to experts discuss the complications of heirs property in a special edition episode of the Economy Matters podcast.
Heirs' property is formed when a landowner dies without a will or with a simple will that divides real estate assets equally among the descendants. The Federal Reserve Bank of Atlanta and the U.S. Forest Service's Southern Research Station hosted a gathering on heirs' property research and outreach in the southern United States, bringing together researchers, policy professionals, and practitioners. The meeting focused on challenges, opportunities, and other timely topics affecting heirs' property.
The authors conducted interviews with housing stakeholders in Atlanta, Jacksonville, and Nashville for their ideas on increasing the production of mixed-income housing in an environment of declining federal funding.
Financing affordable housing is a growing challenge in the Southeast. Partners Update discusses the Low-Income Housing Tax Credit (LIHTC) program that supports construction and rehab of affordable housing.
Financing affordable housing is a growing challenge in the Southeast. Partners Update discusses the Low-Income Housing Tax Credit (LIHTC) program that supports construction and rehab of affordable housing.
The Federal Reserve Bank of Atlanta and Georgia State University Health Policy Center cohosted a meeting on the social determinants of health in Georgia and concrete, actionable steps to address them. The meeting brought together a cross-sectoral group of leaders representing health care, community development, government, academia, and philanthropy.
A recent discussion paper examines housing instability and the rise of institutional investors in Fulton County's single-family rental housing. Partners Update discusses the findings and implications for communities and families.
This Board of Governors and Federal Reserve Bank of St. Louis publication includes selected papers that were presented at the ninth biennial Federal Reserve System's Community Development Research Conference. The essays explore a range of issues and concepts central to understanding how—and how well—people are able to move economically.
The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of the communities they are chartered to serve, including the low- and moderate-income neighborhoods in those areas. This video explores the CRA's provisions and how regulators evaluate a bank's CRA performance.
Fed Governor Brainard visited Atlanta neighborhoods with community and economic development and supervision and regulation team members. They met with community members and organizations to discuss local efforts, reports Partners Update.
Institutional investors purchased thousands of homes across the country to rent them after the real estate and financial crisis. The authors examine how the rise of the large corporate landlord in the single-family rental market affected housing stability in Atlanta.
Concentrated poverty—the proportion of the poor living in high-poverty neighborhoods—is a serious problem. A recent Community and Economic Development student paper found U.S. concentrated poverty increased significantly since the year 2000. The author examines whether concentrated poverty in the Southeast has followed a similar trajectory.
The Philadelphia Fed event looked at the causes and consequences of gentrification and approaches to moving toward equitable development. This Partners Update article summarizes the symposium's research and discussions.
Renters in many metro areas, especially those with modest incomes, increasingly struggle to find affordable housing. The authors investigate the landscape of low-cost rented housing units and spatial patterns of change in eight cities in the Southeast.
Heirs' properties are parcels of land inherited by descendants of a previous owner who did not leave a will. This type of ownership is widespread in the Southeast and disproportionately found in low-income ethnic and racial minority families. Partners Update examines the social and economic issues associated with these properties.
What's behind the increasing rate of tenant evictions across the country? Harvard's Matthew Desmond, author of Evicted: Poverty and Profit in the American City, discussed the lack of affordable housing and shared haunting personal stories from his book at a recent Atlanta Fed event. Learn more in Partners Update.
Mapping and data visualization tools can have significant applications in the community and economic development field. This Partners Update article examines two tools that help evaluate housing and transportation costs.
Some cities have not recovered from the subprime and foreclosure crises, and negative equity—when a house is worth less than outstanding mortgage debt—remains a persistent problem. The author analyzes the characteristics of Southeast neighborhoods that continue to have negative equity.
The Atlanta Fed cohosted a recent symposium to examine strategies that would promote equitable transit-oriented development without gentrifying a neighborhood and displacing residents. Partners Update takes you inside the discussions.
The purpose of this ebook is to present an emerging model of economic development that focuses on using entrepreneurship and small business development as the primary tool to create community economic growth.
The city has taken a fresh approach to address neighborhood blight, according to Partners Update. This final article in our blight reduction series looks at Jacksonville's community cleanup and beautification initiative.
Through its RISE initiative—which stands for Remove blight, Increase value, Strengthen neighborhoods, and Empower residents—Birmingham is using its land bank authority to help clear tax delinquent properties and encourage investment. This second Partners Update article in a series explores that effort.
Community prosecution is one method to mitigate crime in a community through a proactive and decentralized approach to problem solving. This first Partners Update article in a series looks at how the city of Dallas is using community prosecution to reduce blight in target neighborhoods.
Published by the San Francisco Fed in partnership with CFED, What It's Worth provides a 360-degree view of the financial problems and challenges millions of American households face. The book highlights the enormous creativity and innovation underway to improve financial well-being and provides concrete ways that nearly all sectors of society can implement proven and evolving solutions.
Blight—or the proliferation of vacant, abandoned, or poorly maintained properties—is a critical issue that cities must address. The authors analyze New Orleans and Macon, which are committed to blight remediation and could become models for other cities to emulate.
A discussion about local initiatives to improve healthy food access in the Atlanta area and innovative cross-sector partnerships to address food insecurity, create jobs, and revitalize communities. The Atlanta Fed, Bank of America Foundation, and Reinvestment Fund cohosted the event.
Some municipalities are using community development initiatives that capitalize on the strengths of the community and its residents to improve living conditions. But what motivates residents to engage with their local government in the first place? This Partners Update article investigates findings from an Atlanta example.
The forum explored conditions affecting neighborhood revitalization and equitable development in Atlanta, the challenges and opportunities that emerge when revitalizing a community, and the role anchor institutions, transportation, infrastructure, and schools play in this work. The Atlanta Fed, Enterprise Community Partners, NeighborWorks America, and local partners cohosted the event.
The forum discussed best practices in designing and implementing local housing revitalization plans and explored the challenges of blight and affordable housing in New Orleans. The Atlanta Fed, Enterprise Community Partners, and NeighborWorks America cohosted the event.
The forum examined current conditions affecting equitable development and challenges that must be addressed to meet affordable housing needs in Nashville. The Atlanta Fed, Enterprise Community Partners, NeighborWorks America, and Vanderbilt University cohosted the event.
Affordable housing in Nashville is increasingly scarce. A recent study conducted by Vanderbilt University noted that a high number of cost-burdened households find it difficult to secure affordable housing near jobs and transportation. Public policy, community engagement, real estate development regulations, land use, and finance all play a role in addressing this challenge. Implementation of equitable development practices and policies can help address this problem and minimize displacement in Nashville's neighborhoods.
As the name says, these initiatives are designed to concentrate investments in a specific location, and some couple infrastructure and human capital investments. This Partners Update article summarizes place-based initiatives, describes challenges for communities incorporating such a strategy, and discusses best practices.
In terms of health, the Southeast tends to trail behind other parts of the country, though efforts are under way to address these persistent challenges. This Partners Update article looks at resources generated in our region and by our Fed colleagues connecting health and community development.
Gulf Coast communities that were hard hit by Hurricane Katrina have implemented various plans to rebuild their infrastructure. In a new paper, an Atlanta Fed analyst looks at four Mississippi communities’ comprehensive plans and analyzes and compares them.
With 90 percent of the world's data generated in just the past two years, this book from the San Francisco Fed and the Urban Institute challenges policymakers, funders, and practitioners across sectors to seize this new opportunity to revolutionize our approaches to improve lives in low-income communities. It provides a road map for the strategic use of data to reduce poverty, improve health, expand access to quality education, increase employment, and build stronger and more resilient communities.
The guidebook from the San Francisco Fed provides information on a variety of community development data resources, divided by topic area, along with a practical application of how to retrieve the data and suggestions on how to conduct appropriate analysis.
The U.S. housing market has been on the mend since the recession ended, but increasing property values are leaving many families of modest means priced out of the market. This Partners Update article examines inclusionary housing policies as one possible solution.
Though some cities plan to reduce or freeze property tax assessments for long-time homeowners, a recent Atlanta Fed blog suggests that property taxes are not a significant driver of neighborhood change. Partners Update takes a look at the issue.
Despite limited resources, UNITY of Greater New Orleans, a coalition of 60-plus local agencies, permanently housed over 500 chronically homeless people last year. Learn how the coalition achieved that success in a Partners Update article highlighting best practices in the Southeast.
This publication provides a road map of best practices in community development and a healthy communities framework that highlights the types of investments that are valuable both to financial institutions and their target communities. It also includes reference guides for ensuring planned CRA activities meet regulatory requirements and a template for how financial institutions can tell their CRA story.
Economists, sociologists, and other researchers discussed papers and presentations on subjects ranging from human capital and education, racial and demographic aspects of rural poverty, where food stamp issuance increased most during the Great Recession, and current poverty measurements' shortcomings. The Atlanta Fed and U.S. Department of Agriculture cohosted the event.
Lenders, regulators, and representatives of community-based nonprofit organizations met to discuss housing finance, general financial services, and small business lending, with a focus on low- to moderate-income households.
Lawmakers have considered various housing reforms that could affect homeownership rates and rental markets over the near and long term. Two experts, Ron Terwilliger of the Urban Land Institute's Terwilliger Center for Housing, and Dan Immergluck, professor at Georgia Tech, discussed potential reforms.
Communities have faced more frequent and severe natural disasters in recent decades. In a new paper, the author examines the literature to understand one particular aspect of resilience: how the built environment contributes to greater resilience by supporting and encouraging strong social networks.
Some economic development efforts have expanded beyond traditional strategies to address a more comprehensive set of issues, including neighborhood revitalization. Shirley Franklin, CEO of Purpose Built Communities and former Atlanta mayor, discusses an approach that encompasses many stakeholders and yields beneficial community results.
Disinvested areas of cities must often combine community and economic development efforts to achieve the goals of both. Rick Sauer and Lynn Martin Haskin of the Philadelphia Association of Community Development Corporations discuss how local institutions can support economic development at the neighborhood level.
A diverse set of issues is shaping community development policy and practice. Nearly 350 participants explored research at the Fed's eighth biennial Community Development Research Conference. New ideas, approaches, and strategies for the community development industry and academic field were discussed.
10/24/2012 - The Southeast population grew by 13 percent from 2000 to 2010, with urban centers garnering the lion's share. What do the changing demographics portend for the region's economy? An Atlanta Fed economist offers his perspective.
Many cities have experienced the contraction of a once-dominant industry. The Richmond Fed's Kim Zeuli examines two North Carolina cities—Concord and Eden—that lost their textile employment base and learned to adapt to changing conditions.
Identifying disaster recovery resources and understanding how they can be knit together to fund community rebuilding can be a challenge. The Federal Emergency Management Agency (FEMA) has responded to this need by launching an online tool.
This Atlanta Fed booklet describes how the Community Reinvestment Act (CRA) affects the way banks and thrifts serve their communities' credit needs. It outlines factors that regulators use to rate a bank's CRA performance and tells where to find information on a bank's rating.
Rural communities have historically had high unemployment and poverty rates as well as substandard housing stock. Joseph Belden of the nonprofit Housing Assistance Council discusses housing challenges in rural areas and strategies to improve those conditions.
An Atlanta Fed research paper suggests that prevailing optimism during the housing boom and the resulting decisions made by homeowners and financial institutions were primary causes of the foreclosure crisis. The paper examines what led to some of these decisions and how policymakers might respond in the future.
Some Southeastern cities have seen population declines in the last few decades. Communities facing these conditions may turn to strategies focused on "right sizing" or "smart decline," which emphasize improving the quality of life for current residents rather than attracting new ones.
In the Southeast, overall mortgage delinquency and foreclosure trends in the fourth quarter of 2011 improved year over year. However, only Georgia and Tennessee improved on a state level in every category, and Mississippi continues to struggle with mortgage delinquencies.
Take everything you know about immigration...and throw it out the window. Sounds drastic, but University of Southern California Professor Dowell Myers argues that most of our commonly held assumptions about immigration are wrong, and he'll tell you why.
Crowdsourcing—engaging web users in a particular project—may prove to be a valuable tool for decision making among government and nonprofit entities. A crowdsourcing technique that promotes engagement and creative problem solving can empower citizens and maximize benefits to a community.
This compilation of essays published by the San Francisco Fed and the Low Income Investment Fund highlights entrepreneurial solutions for addressing poverty. Authors include leading experts from across the country in community and economic development, academia, government policy, health, and philanthropy.
In the Southeast, seriously delinquent first mortgages are down slightly in the third quarter compared with the third quarter of 2010. However, foreclosure rates have seen a modest increase in that same time period, reflecting the national trend.
Over 10.7 million households owe more than their homes are worth as of the third quarter of 2011, according to Chief Economist Mark Fleming of CoreLogic. Negative equity can hinder homeowners' ability to sell their homes or, in some cases, to qualify for loan modification and refinancing programs.
Governor Elizabeth Duke discussed "lessons learned" from the financial crisis during a Federal Reserve Board forum on September 1. Duke also identified obstacles to the housing market recovery and explored possible solutions. One option, land banking, has a good track record in the Southeast.
The most recent Mortgage Delinquency and Foreclosure Trends from the Atlanta Fed shows a slight decrease in the percentage of mortgages in foreclosure in the Southeast from December 2010 to June 2011. But there's an asterisk beside that news.
Following hurricanes Katrina and Rita, strong community ties played a critical role in the rebuilding process. A new book with content by Atlanta Fed staff explores the important role of social networks in the rebuilding of two Gulf Coast communities.
Small improvements in the "sustainability" of buildings can have large effects on greenhouse gas emissions and on energy efficiency in the economy. In today's commercial real estate market, does it also make business sense to invest in the energy efficiency or "sustainability" of buildings?
The conference investigated core issues surrounding green development and assessed the tools, challenges, and opportunities in financing this type of development. Tulane University's Master of Sustainable Real Estate Development program and the Atlanta Fed’s Center for Real Estate Analytics cohosted the event.
Small businesses are recognized as job creation engines as well as contributors to the economic vibrancy of the neighborhoods where they are located. Dr. Lisa Servon, former dean of Milano the New School for Management and Urban Policy, discusses the effects of the economic downturn on small businesses and local communities and approaches to promoting economic development in a time of major financial constraints and challenges.
Older cities once focused on manufacturing have faced declining fortunes for some time. Even with the economic recession adding new pressures to economic development strategies, some of these cities have managed to reinvent themselves into vibrant job centers. Dr. Yolanda Kodrzycki of the New England Policy Center at the Federal Reserve Bank of Boston discusses the lessons these resurgent cities have for other communities.
Current economic conditions have inspired practitioners and policymakers to think more deliberately about the overlap between economic and community development. The combination of fewer local businesses, fewer jobs for residents, and increased foreclosure rates has hastened holistic, neighborhood-based approaches. Tony Cipollone, vice president for the Civic Sites and Initiatives of the Annie E. Casey Foundation, discusses how neighborhood-based economic and community development projects are working to create more vital and vibrant neighborhoods.
Real-estate-owned (REO) properties are usually vacant and, particularly when geographically concentrated, can have destabilizing effects on neighborhoods and communities. The author studies intrametro REO distributions across different metro areas during the mortgage crisis.
What was the extent to which real-estate-owned (REO) properties accumulated in different housing markets during the mortgage crisis? The author examines characteristics of the inventory of REO properties in U.S. metro areas from 2006 to 2008.
Mortgage regulation and foreclosure laws are generally under federal and state governance, but local governments and organizations responded to rising foreclosures in various ways. The author presents a range of responses to the foreclosure crisis that local organizations have used.
As a financial consumer and a concerned citizen, you may be interested in how well your bank or savings and loan is helping meet the credit needs of your community, including low- and moderate-income areas. In fact, by law, the performance of every bank and thrift in meeting these needs is regularly evaluated and rated, and this rating is available to the public.