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Outperforming the market

Outperforming the market. Emily Thaden, Ph.D. Research & Policy Development National CLT Network. Low rates of Foreclosure in U.S. community land trusts. History of u.s. housing values. Foreclosure filings on u.s. properties by year. 1 in 45 housing units. 1 in 45 housing units.

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Outperforming the market

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  1. Outperforming the market Emily Thaden, Ph.D. Research & Policy Development National CLT Network Low rates of Foreclosure in U.S. community land trusts

  2. History of u.s. housing values

  3. Foreclosure filings on u.s. properties by year 1 in 45 housing units 1 in 45 housing units RealtyTrac.com

  4. 2009 Homeownership rates by income quartile Economic Policy Institute, 2011

  5. 2004 & 2011 Homeownership rates by income RACE www.infoplease.com

  6. Before the crisis… ForSale 1 of 2 low-income or minority households do not maintain homeownership for 5 years

  7. “Homeownership is not for everyone.”

  8. Proportion of Wealth from Homeownership in 2000 Homeownership matters • Herbert & Belsky, 2008; McCarthy, Van Zandt, & Rohe, 2001

  9. “Homeownership needs to be done differently.”

  10. 15 units, Seattle shared equity homeownership 2,820 units, New York Montgomery County, MD Resale-restricted, owner-occupied housing for lower income households that remains affordable in perpetuity.

  11. The primary models of shared equity homeownership • Community Land Trusts Capital Manor Coop 102 units, Washington D.C. Single-family homes Albuquerque, NM • Deed-restricted Housing Programs Armstrong Townhomes 102 units, San Francisco Limited Equity Housing Cooperatives

  12. What Shared equity homeownership achieves • Increased access to homeownership Wealth creation for households • Permanent affordability of homes (i.e. sustained public investment)

  13. 1. Increased access to homeownership Temkin, Theodos, & Price, 2011

  14. 2. Wealth Creation Temkin, Theodos, & Price, 2011

  15. % of Median Income needed for first purchase % of Median Income needed for subsequent purchases 3. Permanent affordability Temkin, Theodos, & Price, 2011

  16. Access increased Wealth built Is homeownership sustained? Affordability preserved

  17. v. MBA loans National research studies Of community land trusts

  18. CLT LOANS outperform the market

  19. Clt loans Outperform all loan types

  20. Stewardship matters

  21. Stewardship matters

  22. Homeownership is entered & sustained • Stewardship matters • CLTs provide a better way to do homeownership implications

  23. Questions?

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