Low-income homeownership as an asset-building tool : what can we tell policymakers?

George C. Galster, Anna M. Santiago

    Research output: Chapter in Book / Conference PaperChapter

    Abstract

    Federal housing policy has for many generations encouraged owner occupancy over rental tenure. Since the 1980s, however, federal policies have explicitly extended this encouragement to households of ever-lower incomes. During the Reagan administration, the U.S. Department of Housing and Urban Development (HUD) piloted a program for selling public housing units to their occupants. In 1991 Congress established goals for Fannie Mae and Freddie Mac for the purchasing of mortgages originated for low-income borrowers and for homes located in traditionally underserved (that is, low-income and minority occupied) urban neighborhoods, in an attempt to ease potential liquidity constraints in these market segments. Substantial results have followed, often spawned by innovations in low down payment mortgage instruments. The Clinton administration set a national homeownership goal, and the Bush administration has placed the expansion of low-income and minority homeownership at the core of HUD's mission.
    Original languageEnglish
    Title of host publicationUrban and Regional Policy and Its Effects. Vol. 1
    EditorsMargery Austin Turner, Howard Wial, Harold Wolman
    Place of PublicationU.S.
    PublisherBrookings Institution Press
    Pages60-108
    Number of pages49
    ISBN (Electronic)9780815701583
    ISBN (Print)9780815786016
    Publication statusPublished - 2008

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