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Atlanta Neighborhood Development Partnership, Inc.
ANDP Impact Study and the Homeownership Gap in Metro Atlanta
September 2019
Atlanta Neighborhood Development Partnership, Inc. ANDP Impact Study - - PowerPoint PPT Presentation
Atlanta Neighborhood Development Partnership, Inc. ANDP Impact Study - - PowerPoint PPT Presentation
Atlanta Neighborhood Development Partnership, Inc. ANDP Impact Study and the Homeownership Gap in Metro Atlanta September 2019 510+ Homes Renovated Since 2009 Previous Research: Impact of our Renovations For every $1 spent on rehab of
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Previous Research: Impact of our Renovations
For every $1 spent on rehab of distressed homes in…
Douglas County Values of neighboring homes were lifted by $6 for a $14.6 million impact DeKalb County Values of neighboring homes were lifted by $16 for a $141 million impact
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Creating Homeownership & Economic Opportunity
Study o
- f H
Homeowner er S Sav avings, Ret Reten ention & & Weal ealth Cr Creat eation
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Purchased for $95K, now worth $168K
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Key Takeaways
Hom
- meowners
rship bu build ilds WEALTH a and d ST STABILITY
- Enhances family & neighborhood outcomes
- Lowers student transience
- Increased stake in the neighborhood & community engagement
- Greater protection against gentrification
- Helps restore lost African American wealth and allow for upward mobility
- Importance to Metro Atlanta:
- High segregation, gentrification and racial disparities
- #1 in income inequality, 2nd to last for upward mobility
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Homeownership, Race, and Wealth Divides in Metro Atlanta
% Owner-occupied
Source: ARC, 2018
Wealth % Black
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Homeownership Gap: Nationally Metro Atlanta:
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Median Family Wealth by Race/Ethnicity, 1963-2016 (Source: Urban Institute, 2017)
Closing the homeownership gap is key to closing the wealth gap
By as much as 31%, according to Demos and the Institute for Assets and Social Policy (2016)
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Closing the Homeownership Gap in Metro ATL & Beyond
ANDP NDP-led S d Summit, mmit, A August 2 t 28th
th at
at the e Car Carter Cen Center er
- > 300 attendees
- 22 local and national speakers
- 1) Historical Context
- 2) Research Presentations
- 3) Barriers Impacting Housing Demand
- 4) Addressing the Tight Housing Supply
- 5) Policy Response Needed to Increase Black Homeownership
www.andpi dpi.or
- rg/c
g/cth thg
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Potential Strategies
DEMAND SIDE
- Engage faith-based institutions and HBCUs
- Empower more blacks to become homeowners
- Financial literacy, credit repair, homebuyer counseling
- Develop new mortgage products to meet the needs of
millennials saddled with student debt
- Expand & educate residents about DPA programs
SUPPLY SIDE
- Address shortage of construction workers
- Zoning and regulatory changes
- More affordable & middle missing development
- Secure available land/properties, capital, and subsidies
- NMTC, CDFIs, housing finance agencies, community banks,
Funders Collective/HouseATL, etc.
- Investor nonprofit ownership; lease-purchase, land bank,
land trust, & other strategies
- Create a single-family equivalent to LIHTC
POLICY INTERVENTIONS
- Combat discriminatory policies & lending
practices
- Modernize the FHA loan process & credit scoring
system
- Establish an accountability structure for non-
bank financial institutions (i.e. Quicken Loans)
- Address potential bias in the appraisal market
(where 90% of appraisers are white)
- Protect the Fair Housing Act’s Disparate Impact
doctrine (currently under threat)
- defendcivilrights.org
HOMEOWNER RETENTION
- Post-purchase counseling
- Foreclosure prevention
- Legal assistance in heirs property transfers
- Anti-displacement measures i.e. property tax relief
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