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You may have noticed some changes in Community Investments this
year. Our first two issues each contained in-depth articles focused
solely
on a specific topic—our nine-state Environmental Assessments
(in January) and Asset Building (in May). We've shifted to this
format in part because of the recent addition of an in-house research
group
that is providing us with the analytic talent to drill into issues,
synthesize available data and information, and present findings in
what we hope is an accessible manner.
This
publication continues the single-topic
trend by looking at the issue of affordable housing in high cost
areas. Our Environmental Assessments identified affordable housing
as a top
community development priority in much of the Federal Reserve's
12th District, where many of the country's most expensive and
fastest growing real estate markets are creating acute community
development challenges. As we seek solutions, we've asked ourselves
what the drivers of the affordability crisis in high cost housing
markets
might be, and what roles various stakeholders should play in addressing
the problem.
This issue's introductory article probes these
questions and lays the groundwork for a subsequent series of articles
which explore
potential solutions for creating affordable housing in expensive
real estate markets. We look at the various tools used by state
and local
governments and even private investors to fill the gap left by
declining federal dollars, such as housing trust funds and workforce
housing
funds. We also examine local regulatory initiatives, such as community
land trusts and inclusionary zoning, which can be used to promote
affordable housing. Also highlighted are some creative techniques
being employed
to reduce construction or operating costs, including manufactured
housing and green design.
We hope you find this information useful
in your work
and we look forward to finding ways to work together to highlight
innovative solutions, leverage available resources, and build
new public/private
partnerships. As always, please don't hesitate to contact
us with your feedback and your ideas for collaboration.
Jack Richards
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