New Takes on Old Issues: Housing and Community Development South Central Assembly April 15, 2015 Theresa Y. Singleton Vice 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

Homeownership Rates Source: Census Bureau/Haver Analytics 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) 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, 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 green Note: Revenues reported as capital grants and contributions, as well as nonrecurring revenues (e.g., net transfers, special items), are excluded. FY2008 – 11FY

– 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