Community Advantage Program StudyResearch funded by Ford Foundation
The UNC Center for Community Capital has conducted a long-term study of the nearly 50,000 low- and moderate-income (LMI) and minority homeowners to identify specific lending practices and policies that enable or inhibit successful homeownership.
Research Report | March 2014
Community Advantage Panel Study: Sustainable Approaches to Affordable Homeownership
Researchers highlight key findings from the center’s long-term study of nearly 50,000 lower‐income U.S. homeowners to reveal what works in affordable mortgage lending and how to rebuild a sustainable U.S. housing finance system.
The UNC Center for Community Capital has conducted a long-term study of low- and moderate-income (LMI) and minority homeowners to identify specific lending practices that enable and inhibit successful homeownership. Their findings have yielded an extensive collection of reports that provide facts and recommendations policymakers, regulators and the housing finance industry use to safely expand homeownership opportunity in the United States.
The study, launched in 1999, examines data collected since 2003 from homeowners who receive mortgages through the Community Advantage Program (CAP), a path-breaking mortgage initiative of Self-Help, Ford Foundation and Fannie Mae that has funded more than $4 billion of home loans to LMI borrowers.
Self-Help, a community development financial institution, teamed with Ford Foundation and Fannie Mae to provide a secondary market for these affordable mortgage loans. Their goals were two-fold: to expand home lending to LMI households and demonstrate the creditworthiness and market opportunity the households offer the mortgage industry.
The study provided a unique opportunity to examine the performance of an affordable mortgage program before, during and after the one of the most turbulent periods in the nation’s housing history.
Key findings and recommendations are published in the center’s book, Regaining the Dream: How to Renew the Promise of Homeownership for America’s Working Families (Brookings Institution Press, 2011). The book recounts the history of the U.S. housing finance system, which significantly expanded U.S. homeownership and helped build the American middle class but also excluded many Americans from accessing this key wealth-building tool.
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