emily thaden monday evening outperforming the market
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OUTPERFO
RMING T
HE
MARKET
LOW
RATES
OF F
OR
EC
LOS
UR
E I
N U
. S.
CO
MM
UN
I TY
L AN
D T
RU
STS
Emily Thaden, Ph.D.Research & Policy Development National CLT Network
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HISTORY OF U.S. HOUSING VALUES
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FORECLOSURE FILINGS ON U.S. PROPERTIES BY YEAR
1 in 45 housin
g units
RealtyTrac.com
1 in 45 housin
g units
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2009 HOMEOWNERSHIP RATES BY INCOME QUARTILE
Economic Policy Institute, 2011
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2004 & 2011 HOMEOWNERSHIP RATES BY INCOME RACE
www.infoplease.com
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BEFORE THE CRISIS…
For
Sale
1 OF 2 LOW-INCOME OR MINORITY HOUSEHOLDS DO NOT MAINTAIN HOMEOWNERSHIP FOR 5 YEARS
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“HOMEOWNERSHIP IS NOT FOR EVERYONE.”
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HOMEOWNERSHIP MATTERS
Herbert & Belsky, 2008; McCarthy, Van Zandt, & Rohe, 2001
Proportion of Wealth from Homeownership in 2000
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“HOMEOWNERSHIP NEEDS TO BE DONE DIFFERENTLY.”
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15 units, Seattle
SHARED EQUIT
Y
HOMEOWNERSHIP
Resale-restr icted, owner-occupied housing for lower income households that remains aff ordable in perpetuity.
2,820 units, New York
Montgomery County, MD
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1. Limited Equity Housing
Cooperatives
Capital Manor Coop102 units, Washington D.C.
Single-family homesAlbuquerque, NM
2. Community Land Trusts
3. Deed-restricted Housing
ProgramsArmstrong Townhomes102 units, San Francisco
THE PRIMARY MODELS OF SHARED EQUITY
HOMEOWNERSHIP
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WHAT
SHARED E
QUITY
HOMEOWNERSHIP
ACHIE
VES
2. Wealth creation for households
1. Increased access to homeownership
3. Permanent affordability of homes (i.e. sustained public investment)
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1. INCREASED ACCESS TO HOMEOWNERSHIP
Temkin, Theodos, & Price, 2011
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2. WEALTH CREATION
Temkin, Theodos, & Price, 2011
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3. PERMANENT AFFORDABILITY
Temkin, Theodos, & Price, 2011
% of Median Income needed for first purchase
% of Median Income needed for subsequent purchases
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Access increased
Wealth built
Affordability
preserved
IS HOMEOWNERSHIP
SUSTAINED?
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CLT Samples
Organizations
Outstanding Loans
2010 62 3,143
2009 42 2,173
2008 50 1,936
v. MBA loans
NATIONAL RESEARCH STUDIESOF COMMUNITY LAND TRUSTS
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CLT LOANS OUTPERFORM THE MARKET
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CLT LOANS OUTPERFORM ALL LOAN TYPES
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STEWARDSHIP MATTERS
Policies & Practices
Approve home financing
Educate pre-& post-purchase
Interact with mortgage lenders
Intervene in delinquencies
Intervene in foreclosures
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STEWARDSHIP MATTERS
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Homeownership is entered & sustained
Stewardship matters
CLTs provide a better way to do homeownership
IMPLICATIONS
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QUESTIONS?