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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
A tax increment reinvestment zone (TIRZ) is a political subdivision of a municipality or county in the state of Texas created to implement tax increment financing.They may be initiated by the city or county or by petition of owners whose total holdings in the zone consist of a majority of the appraised property value.
A Cleveland Plain Dealer investigation found that "The City of Cleveland has aggravated its vexing foreclosure problems and has lost millions in tax dollars by helping people buy homes they could not afford." The newspaper added that these problem mortgages "typically came from local banks fulfilling federal requirements to lend money in poorer ...
Sowell, a Senior Fellow at the Hoover Institution, explores political and economic causes of the American housing crisis.For example, he links the Community Reinvestment Act to decreased lending standards that resulted in an increase of subprime mortgages, as the law forced banks to set up quotas of lending to minorities.
Gale Cincotta (December 28, 1929 – August 15, 2001), a community activist from the Austin neighborhood of Chicago, led the national fight for the US federal Home Mortgage Disclosure Act (HMDA) of 1975 and the Community Reinvestment Act (CRA) of 1977. [1]
Other, larger nonprofit loan funds have typically invested nearly $2 billion per loan fund (as of 2017) including Low Income Investment Fund, Boston Community Capital, Reinvestment Fund, Capital Impact Partners, Local Initiatives Support Corp and Self-Help. Within the field, only a handful of CDFIs have achieved an investment grade rating from ...
The Neighborhood Reinvestment Corporation, doing business as NeighborWorks America, is a congressionally chartered nonprofit organization that supports community development in the United States and Puerto Rico. The organization provides grants and technical assistance to more than 240 community development organizations.
Median cost to purchase a home by U.S. state Median cost to purchase a home by U.S. metro area Fig. 1: Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2nd ed. [1] Shiller shows that inflation-adjusted U.S. home prices increased 0.4% per year from 1890 to 2004 and 0.7% per year from 1940 to 2004, whereas U.S. census data from ...