New Updates on The Edge - 12/10/2013

New on The Edge

In Practice:
Sustainable Housing in Indy's Smart Growth District
The recently completed 16 Park Apartments, a redevelopment of the aging Caravelle Commons affordable housing complex, offers green, affordable housing in the Near Northside of Indianapolis. The redevelopment provides an increased number of units with energy-efficient appliances and green infrastructure to promote lower utility bills. The project also supports the city’s redevelopment plan goals by improving road connectivity and walkability along one of Indianapolis’ main corridors.

Partner Report:
The Kresge Foundation’s Social Impact Transactions
In recent years, many states have adopted innovative funding models, such as Social Impact Bonds (SIBs), in an effort to attract new investment for services that have proven to generate positive outcomes. A recent report from the Kresge Foundation discusses the benefits of social impact transactions, which include SIBs as well as other funding models that focus on outcomes, and outlines how the public sector can promote successful pay-for-performance structures.

Policy Update:
Models for Affordable Housing Preservation
Property owners, nonprofits, and governments working to preserve the stock of affordable housing units face numerous obstacles, including difficulty obtaining necessary financing and efficiently identifying at-risk properties. Preservation compacts, which are collaborative, grant-based initiatives, and state housing trust funds, which offer a dedicated public source of revenue, are two notable approaches to addressing some of the key challenges in affordable housing preservation.

Statistical Reports:
Housing Scorecard November 2013
The November 2013 Housing Scorecard shows continued progress as the purchase of new homes and home prices remains strong and foreclosures are down. As of September 2013, the Federal Housing Finance Agency (FHFA) Purchase-Only Housing Index rose 8.5 percent from last year and ticked up 0.3 percent (seasonally adjusted) from August; home values are now on par with prices in early 2005. The S&P/Case-Shiller 20-City Home Price Index for September posted returns of 13.3 percent over the past 12 months and was up 0.7 percent (not seasonally adjusted) over August, showing home values at the same level as in mid-2004. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 3.8 million proprietary modifications through September. Although there is much good news, officials caution that the overall recovery remains fragile.