Making historical preservation in Chicago: discourse and spatiality in neo‐liberal times

This article examines an underground but emergent neo‐liberal initiative in US cities, historic preservation. A focus on Chicago's programme highlights this as a complex cultural project. The focus is on how narrativists of this programme use imagined mental spaces in discourse to constitute a programme‐ and neo‐liberal‐supporting cultural content for common consumption. The results suggst that this neo‐liberal programme offers elaborate renditions of spatially infused heroes, villains, victims and unmistakable forces that function as cultural frame. This constituting, the study concludes, is crucial to bolstering assertions about the importance of this programme and the need for neo‐liberal restructuring     

More than bricks and sticks: Five components of community development corporation capacity

Abstract

Community development researchers, practitioners, and funders have recently begun to emphasize the need for community development corporations (CDCs) to build capacity. However, the practice of using the term capacity without carefully defining it allows for a wide range of meanings to be assigned to the term and hinders efforts to study and measure it. Capacity is often defined narrowly in terms of housing production, oversimplifying a complex concept and process.

To remedy this shortcoming, we create a framework that views capacity more broadly by dividing it into five components: resource, organizational, programmatic, network, and political. We believe that this more concrete way of thinking about capacity will be particularly useful to practitioners, funders, and policy makers. We apply our definitions to CDCs, particularly those that work with local intermediaries called community development partnerships (CDPs), in order to better understand the role of CDPs in the process of building capacity.     

Affordability and mortgage design: Permanent buydowns and buyups

Abstract

A simulation model that mirrors the actual practices of lenders in setting qualification requirements for mortgage loans is used to assess the impact of permanent buydowns and buyups on the maximum sale price that buyers can afford. Buydowns are reductions in the coupon rate traded off against higher discount points; buyups are the reverse. Although buydowns have little effect on afford ability, buyups can have significant effects. Their potential is largely unrealized, however, because of the call risk to lenders of loans carrying premiums. The authors propose a “discount recovery” provision, which would be similar to a prepayment penalty except that the payment upon prepayment would be tied to the amount of the discount foregone by the lender. This would protect lenders against call risk, giving them every reason to offer buyups as a way of expanding demand.     

Market segmentation and lender specialization in the primary and secondary mortgage markets

Abstract

This paper provides a comprehensive evaluation of market segmentation and lender/purchaser specialization in the primary and secondary mortgage markets. It describes and assesses the 1990 Home Mortgage Disclosure Act (HMDA) data, which for the first time provide detailed information on the borrower and neighborhood racial and income characteristics of mortgage loan originations and securitizations in the primary and secondary mortgage markets. Evidence presented in the paper indicates that home purchase loan origination rates for black applicants—and, to a lesser degree, Hispanic applicants—appear to be significantly lower than those of other racial or ethnic groups. Similarly, the HMDA data reveal that home purchase mortgage origination rates in predominantly minority census tracts are significantly lower than those in predominantly white neighborhoods. The HMDA data also indicate a striking reliance of black borrowers on government‐backed forms of mortgage credit.

The paper further reveals that secondary market loan purchase distributions arrayed by borrower and neighborhood characteristics generally reflect those of home mortgage originations. The borrower and locational characteristics of home purchase loans acquired by the Government National Mortgage Association (GNMA) directly reflect that agency's legislated specialization in government‐backed loans, whereas the characteristics of loans acquired by Fannie Mae and Freddie Mac for the most part derive from the borrower and geographic composition of conventional home purchase loan originations. Findings of analyses of HMDA data raise concern regarding the access of minority and low‐income households and neighborhoods to mortgage finance. Those results also raise some question as to whether the federally chartered agencies in the secondary market are adequately promoting the availability of mortgage credit to low‐ and moderate‐income and minority households.     

List of Contributors

Events in eastern Europe have changed the forms of British assistance to other parliaments. Instead of taking advantage of the links of the Commonwealth, the British government now uses the Know How Fund to give non‐partisan assistance to legislatures in the former eastern bloc, and funds the Westminster Foundation for Democracy to help parliamentarians from other countries and to advise political parties. British political parties determine a proportion of the Foundation's activities. Aid to legislatures is part of a general policy for promoting democracy, an important aspect of bilateral assistance and an element in the reorientation of Britain towards Europe. British efforts in this field have been overshadowed by better funded competitors from other countries. But they have nevertheless helped to develop fresh conceptions of ‘political aid’.     

Value Recapture: A Rose by Another Name

The fuel crisis, increased federal funding, and urban center development and redevelopment are all increasing the pressure for rapid transit systems in urban areas. As with other publicly funded developments, such systems often lead to an increase in value of privately owned land near transit stations. This is due to the enhanced commercial, industrial, and residential development potential created by superior access and concurrent generation of intense local activity. Such an increase in value is unearned-a windfall, in essence. Arguably, it should accrue, at least in part, to the public agency which incurred substantial expenditures in developing the public facility-the cause of the value increase in the first place. Such an accrual of value could be offset against the public cost of the improvement. This article deals with several proposed methods of such “value recapture”: “excess” or “supplemental” condemnation, tax assessment, intergovernmental cooperation and air rights development.