New Takes on Old Issues:Housing and Community Development

South Central AssemblyApril 15, 2015

Theresa Y. SingletonVice President,

Community Development Studies and Education

Panel Overview

• Our Panelists– Bryce Maretzki, Policy Director, Pennsylvania Housing

Finance Agency– Jane Vincent, Regional Administrator, US Department of 

Housing & Urban Development– Craig Zumbrun, Executive Director, York County Housing

Authority

• Our Goal

• Our Approach• Data• Questions• Discussion

Panel Overview

Homeownership

Purchase Mortgage Applications

Source: Author’s Calculations based on Home Mortgage Disclosure Act data

6

2007 2008 2009 2010 2011 201240

50

60

70

80

90

100

U.S. PA Philadelphia Metro

Homeownership Rates

Source: Census Bureau/Haver Analytics

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201458%

60%

62%

64%

66%

68%

70%

72%

74%

76%

78%

64.5%

69.7%

0.67

U.S. PA Philadelphia Metro

7

– In the wake of the foreclosure crisis, how does the homeownership market look in your communities? What has been the level of demand for homeownership, particularly among low and moderate income consumers? (Craig)

– Do consumers have access to mortgage credit and are they able to purchase affordable homes in this region? (Bryce)

– What are the counseling needs?  Has counseling been effective in fostering sustainable homeownership? (Jane)

– What policies or programs are available and/or needed to make homeownership more accessible in the current environment? (Jane) (everyone)

Questions - Homeownership

Rental Housing

Rental Population in Major Cities

Source: Renting in America’s Largest Cities, NYU Furman Center/Capital One

10

Multifamily Housing Development, U.S.

Source: Mind the GAP: A High-level Review of the Need for – and Supply of – Affordable Multifamily Rental Housing, Mortgage Banker Association

11

Cost Burdened Renters

Source: 2000 Census and 2013 American Community Survey

In the State of Pennsylvania between 2000 and 2013, median gross rents increased by 15%, while median renter income declined by 9%. (figures adjusted for inflation)

U.S. PA0%

10%

20%

30%

40%

50%

60%

2000 2013

Share of Cost-Burdened Renters (paying over 30% of income for rents)

12

– How would you characterize demand for rental units in your communities? How are these issues playing out for special needs populations? (Craig)

– What is the quality of the region’s existing affordable rental housing stock? How can we most effectively address repair/renovation needs?  (Bryce)

– What additional programs/resources are needed to meet the rental housing needs in your communities? (Craig)

– Are there opportunities on the horizon for new multifamily development or additional resources? (Jane) (everyone)

Questions – Rental Housing

Community Revitalization

Source: Wardrip, Keith. “Fiscal Stress in the Small Postindustrial City: Causes, Consequences, and Implications for Community Development.” Special Report, Philadelphia, PA: Federal Reserve Bank of Philadelphia, 2014. Estimates were derived from data provided by Merritt Research Services, LLC, accessed using CreditScope software.

Per capita difference in revenues and expenses (adjusted for inflation to 2012)

* FY2008–10 in gray; FY2011 in greenNote: Revenues reported as capital grants and contributions, as well as nonrecurring revenues (e.g., net transfers, special items), are excluded.

Wilm

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n

Bethleh

em

Allento

wn

Wilk

es-B

arre

Readin

g

Lanca

ster

Altoona

York*

Scranto

n

Harrisb

urg($600)

($500)

($400)

($300)

($200)

($100)

$0

$100

$200

$300

FY2008–11 FY2012

15

– How can we overcome the structural fiscal challenges facing communities in this region and across the state?  (Bryce)

– What strategies can communities employ to effectively address blight and vacant properties?  (Craig)

– Which stakeholders do we need to further engage in programmatic and policy discussions to move these issues forward?  How can we foster greater collaboration? (Jane)

Questions – Community Revitalization