HousingWorks RI released today its latest Issue Brief, which examines the persistent need for long-term affordable rental homes in Rhode Island.

Rhode Island has a higher percentage of renters than any other state in New England – with close to 40 percent of our residents renting their homes. Yet 1 in 4 of those renters is extremely cost burdened – spending 50% or more of their income on housing related expenses. Public investment in long-term affordable rental housing is necessary to ensure that Rhode Islanders, regardless of income, can live in safe, affordable apartments in thriving communities.

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On Thursday, January 26th from 2-3 p.m. EST, join Foreclosure-Response.org and HousingPolicy.org for their first Live at the Forum webinar of 2012!

The webinar, entitled "Where do Families Go After Foreclosure?", will highlight the findings of a recent Urban Institute report on the impact of foreclosures on residential stability. In addition, researchers from Baltimore, New York City and Washington, D.C. will present on studies from each city and the differences that emerged.

Speakers include:

Jennifer Comey, Urban Institute

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On Thursday, January 26th from 2-3 p.m. EST, join Foreclosure-Response.org and HousingPolicy.org for their first Live at the Forum webinar of 2012!

The webinar, entitled "Where do Families Go After Foreclosure?", will highlight the findings of a recent Urban Institute report on the impact of foreclosures on residential stability. In addition, researchers from Baltimore, New York City and Washington, D.C. will present on studies from each city and the differences that emerged.

Speakers include:

Jennifer Comey, Urban Institute

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The Federal Reserve has released a White Paper entitled "The U.S. Housing Market: Current Conditions and Policy Considerations". The report examines specific issues that have hindered a recovery in housing, and outlines suggestions to address these issues.

Some of the issues examined in the report are:

- The large inventory of foreclosed or surrendered properties
- Obstacles limiting access to mortgage credit
- The hidden costs of the foreclosure crisis
- and more

The report concludes that "restoring the health of the housing market is a necessary part of a broader strategy for economic recovery".

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HousingWorks RI today released its annual Fact Book on housing. The 2011 Fact Book features the overwhelming success of the state’s housing bond, also known as Building Homes Rhode Island (BHRI).

Passed in 2006 by majorities of voters in every city and town, the $50 million housing bond resulted in the development of 1,255 long-term affordable homes for Rhode Islanders in 30 communities – that’s 255 more than expected. 80 percent of the long-term affordable homes developed were rental, and 20 percent were home-ownership.

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HousingWorks RI has added new data points to each of our city and town data pages. This year we have expanded our city and town fact sheets to include figures on actual foreclosures in every city and town along with housing affordability figures.

These data points offer a sneak preview to an even more in-depth affordability analysis HousingWorks RI will offer in the 2011 Fact Book on housing, to be released in September. We’re confident these expanded data points will help you understand the complete housing affordability picture for your community.

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A national study released today by the Washington-based Center for Housing Policy shows Rhode Island as one of the most severely cost-burdened housing markets in the country. The report, titled Housing Landscape 2011, provides an in-depth look at housing affordability trends for working households between 2008 and 2009 focusing on the effects of employment, income and housing costs.

In Rhode Island, the report shows that a disproportionate number of working families are spending more than 50 percent of their incomes on housing costs, including mortgage or rent payments, insurance, and utilities. 

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The U.S. Department of Housing and Urban Development (HUD) recently released their American Housing Survey (AHS), a thorough look inside the homes of millions of Americans. The survey represents a comprehensive national sample of the more than 130 million residential housing units and looks at everything from the square footage of the unit to the number of homes with access to public transportation.

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A new study commissioned by Local Initiatives Support Corporation (LISC) and Enterprise Community Partners (Enterprise) shows how developing affordable homes can expand neighborhood spending power, raise surrounding property values and help low-income families stabilize their economic outlook. Enterprise and LISC released this report based on data analysis done by the Furman Center for Real Estate and Urban Policy at New York University and independent consultants. In particular, the study considered the impact that new and rehabbed low-income homes have on residents and the communities in which the homes are built.

There were three clear conclusions from the study:

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Despite falling home prices, loan modifications, and softening rent due to the economic downturn, the number of households spending half or more of their income on housing has climbed to a new high. This analysis is part of the just-released State of the Nation's Housing report from the Joint Center for Housing Studies at Harvard University.

According to the report, after holding steady at 12 percent in both 1980 and 2000, the share of severely burdened househlds (spending more than half their incomes on housing) jumped by a third, to 16 percent, in 2008. A record 18.6 million households faced these high cost burdens that year — up from 13.8 million in 2001.

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