Affordable Housing Finance (Palgrave Macmillan Studies in Banking and Financial Institutions)

This text explores the vexing problem of housing exclusion and the related financial fallout, which has come into sharp relief since the onset of the housing-led global credit crisis. The book looks at the dimensions of affordable housing finance, compares current policy approaches in the US, UK and Australia, and works towards solutions. Housing access has important implications for the economy and society. Lack of affordable housing for essential workers close to the inner city restricts labour supply and housing instability harms the educational prospects of children. The absence of fully developed pricing benchmarks for accessible housing places a corner solution on capital market efficiency. Research to date into affordable housing finance has been scattered and unsystematic. Moreover, there has been insufficient cross-fertilization of ideas between countries. This book outlines the nature of 'housing stress' and explains why capital markets need to be an essential part of the solution. It considers new investment tools, provides case studies, and concludes with directions for future research and policymaking Housing access has important implications for the economy and society. Lack of affordable housing for essential workers close to the inner city restricts labour supply and housing instability harms the educational prospects of children. The absence of fully developed pricing benchmarks for accessible housing places a corner solution on capital market efficiency. Research to date into affordable housing finance has been scattered and unsystematic. Moreover, there has been insufficient cross-fertilization of ideas between countries. This book outlines the nature of 'housing stress' and explains why capital markets need to be an essential part of the solution. It considers new investment tools, provides case studies, and concludes with directions for future research and policymaking.--Résumé de l'éditeur Front Matter....Pages i-xix Introduction....Pages 1-5 Housing Stress: Nature, Causes, and Consequences....Pages 6-25 The Financial Dimension....Pages 26-48 Affordable Housing Finance in the US....Pages 49-68 Affordable Housing Finance in the UK....Pages 69-83 Affordable Housing Finance in Australia....Pages 84-102 Capital Market Solutions....Pages 103-126 Retail Finance Solutions....Pages 127-144 Public Sector Solutions....Pages 145-159 Future Directions....Pages 160-163 Back Matter....Pages 164-180