Piece by Piece
Suburban Poverty Rises
Value of Transit Adjacent Homes
For Many Rent = 50% Income
Lenders Still Wary
Troubled Paths to Homeownership
HUD April 2013 Scorecard
Independent Foreclosure Review
Supportive Housing for Vets
Private Capital to Mortgage Financing?
Calendar Items


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Piece by Piece Update

May 23, 2013





Please take note of the following news and calendar updates:


Atlanta Suburbs See Alarming Rise in Poverty 


(Courtesy of WABE): Today, more poor people live in the suburbs (16.4 million of them) than in U.S. cities (13.4 million), despite the perception that poverty remains a uniquely urban problem.  A Brookings Institute study released this week found an average increase in poverty of 64% in the nation's largest 100 metro areas.  In Atlanta, the figure is close to 159%, making it the largest increase of any US city.  MORE 


Read more on this issue from The Atlantic.  
Order the report from Brookings Institute.



Transit Supported Home Prices During Recession


(Courtesy of Urban Land Institute): Homes closer to public transit retained their value better during the recession than their counterparts in auto-dependent areas, according to a recent study. What's impressive is the extent of it: In five metropolitan areas, residential property values performed 42 percent better on average if they were located near public transportation with frequent service.  MORE


More than a Quarter of Working Renters Spend at Least Half of Income on Housing 


(Courtesy of NHC's Housing Landscape 2013): Over the course of the recession, the share of working households spending more than half of their income on housing costs alone rose significantly. Working homeowners saw no relief from these severe housing cost burdens, despite falling home prices and interest rates. Working renters had it even worse, with more than 26 percent spending more than half of their pay on housing, as incomes fell 3 percent and housing costs rose 6 percent from 2008 to 2011.  In Georgia, 25.6% of working families shoulder a severe housing cost burden (higher than the national average of 23.7%).  MORE


Mortgage Lenders Still Wary of Borrowers with Weak Credit


(Courtesy of Housing Matters and Wall Street Journal): Mortgage lenders are starting to relax the standards for borrowers with high credit scores, Federal Reserve data show, but standards for those who represent more risk remain tight. Federal Reserve officials question whether efforts to rein in the lending heyday that led to the recession have gone too far to the other extreme. MORE


Paths to Homeownership for Low-Income and Minority Households



(Courtesy of HUD's "Evidence Matters"): According to the latest article from HUD's "Evidence Matter": 

  • Creditworthy low-income and minority families face significant barriers to sustainable homeownership, a major vehicle for building wealth and economic opportunity; 
  • Access to sustainable homeownership is expanded with fiscal assistance, housing counseling, sound lending, flexible underwriting that ensures the ability to pay, and backing by FHA's mortgage insurance; and
  • Efforts to make homeownership accessible to low-income and minority households ultimately depend on economic recovery, a healthy housing market, and increased protections for consumers, investors, and taxpayers.  MORE

HUD Releases April 2013 Scorecard


(Courtesy HUD): The Administration tracks progress towards stabilizing the nation's housing market with a monthly scorecard issued by HUD and the U.S. Department of Treasury. The latest data show important progress across many key indicators- as home values continue to rise and home sales remained strong in April. The annual increase in home prices is the highest in nearly seven years and sales of existing and new homes are both up over 10 percent from one year ago. Officials caution, however, that the overall recovery remains fragile. MORE


Independent Foreclosure Review Payments Approach $2.2 Billion


(Courtesy of OCC): More than 2.4 million checks related to the Independent Foreclosure Review have been cashed or deposited for nearly $2.2 billion through May 16, 2013.  To date, more than 3.9 million checks, totaling more than $3.4 billion, have been sent to eligible borrowers. The first wave of checks was sent April 12. A final wave of checks that required additional information from the borrower will be issued during the summer.  The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.  MORE




Permanent Supportive Housing Offers Best Solutions for Homeless Veterans; NHC Releases New Best Practices and Policy Guide


(Courtesy of NHC): Veterans are over represented in the nation's homeless population. While around one in ten adults is a veteran, one out of every six homeless adults is a veteran. The reasons for this are complex; service-connected disability, traumatic brain injury, substance abuse problems, mental illness, and military sexual trauma, as well as other non-military factors, all increase a veteran's risk of homelessness. PBP partner the National Housing Conference (NHC) has just released a comprehensive guide - "Veterans Permanent Supportive Housing;  Policy and Practice."  MORE



Housing Experts Offer Ways to Bring Private Capital to Mortgage Finance


(Courtesy of Housing Matters): Testifying at a Senate committee hearing recently, housing experts offered several suggestions for restructuring the U.S. housing finance system so that it relies more on private capital. Among them: ending government guarantees for jumbo mortgages and converting Fannie Mae and Freddie Mac into regulated cooperatives with a smaller role in mortgage financing. MORE




Share your calendar items with us! Please email Susan Adams at sadams@andpi.org with news of your upcoming events.


May 29, 8:30 a.m.-3 p.m., 'Access to Capital' - Workshop presented by AHAND and GSTAND.Take advantage of this learning opportunity designed just for single-family, nonprofit housing developers and register at www.ahand.org.

June 5, 9:30 - 11:45 a.m., Atlanta Regional Housing Forum; Topic: The Future of Affordable Rental Housing in the United States & Metro Atlanta: An examination of the Bipartisan Policy Center's Housing Commission report, its potential long-term impact on our region and the near-term outlook on the rental market in metropolitan Atlanta.


Keynote presentation from Renee Glover, President & CEO of Atlanta Housing Authority and Member of the Bipartisan Policy Center's Housing Commission


Panel discussion to follow including: Renee Glover, James S. Grauley, President and COO; Columbia Residential and Jerry Wilkinson, Founder and Chair, The Wilkinson Companies and 2012 Chair, National Apartment Association.   REGISTER NOW


June 18, Performance Measures workshop, sponsored by AHAND and G-STAND.  This workshop will cover how to develop, write and manage performance measures, including 1) three levels of measures - Results, Intermediate Measures and Operational Measures; 2) difference between an outcome and an output and 3) creation of meaningful measures for funders, investors, board, community stakeholders, and staff.  MUST REGISTER BY FRIDAY, MAY 24! Register at www.ahand.org


September 9 - 12;  2013 Reclaiming Vacant Properties Conference, Philadelphia, PA.  For registration and more details on conference agenda click here.  


September 16-18, the National Housing Conference presents Solutions 2013: National Conference on State and Local Housing Policy is designed to be useful to both newcomers and experienced practitioners and policymakers by offering a comprehensive, highly interactive educational experience over the three-day conference. The conference will include opportunities for peer-to-peer learning, mobile workshops, facilitated discussions, panel discussions, networking receptions and breakfasts, and plenary sessions. MORE



Susan Adams

Piece by Piece Coordinator  



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