• Growing a Well-Functioning Homebuyer Ecosystem for Low-Median Income Detroiters

    Author(s):
    David Palmer
    Date:
    2022
    Group(s):
    MSU EDA University Center: Regional Economic Innovation
    Subject(s):
    Economic development, Housing, Michigan--Detroit, Mortgage loans--Marketing
    Item Type:
    Report
    Tag(s):
    #Equity, #Economic, #Development, #EconomicDevelopment, #EconomicDevelopmentAdministration, #EDA, #DetroitMichigan
    Permanent URL:
    https://doi.org/10.17613/ed5d-br88
    Abstract:
    There is a long-term, largely unmitigated, affordable housing crisis in the City of Detroit, with a long history of housing segregation, redlining, and their historic impact on. Focusing on the period from 2015 to 2019, data makes clear that the traditional mortgage market does not serve the needs of Detroiters. This Innovation Fellowship will build upon 2021 research to seek solutions to a systems level market failure. There are incredibly limited avenues for low-median income Detroiters to become homeowners. This project will become a natural outgrowth of the paper David Palmer authored in 2014, with support from Prior 2020 Innovation Fellow Angela Barbash’s, “Community Based Investing: Crowdfunding and the Michigan Invests Locally Exemption” project. Palmer’s project will expand upon the actors Barbash mapped in 2020, as well as add to the “Community Capital Accelerant” project that Chris Miller established in his 2021 Innovation Fellowship. The economic development challenge addressed with this project will address a specific systems failure in the City of Detroit, leveraging the tools and building upon the work of Barbash, Miller, and many others to develop solutions not currently available in the marketplace.
    Metadata:
    Status:
    Published
    Last Updated:
    9 months ago
    License:
    Attribution

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