Home Loans as Public Policy

Paper Summary:

This paper provides a thorough history of the manner in which United States government has developed public policies that aims to increase opportunities for home ownership through direct housing grants, loan guarantees, and targeted tax breaks. It looks at the different laws and legislation which have been passed, discussing the advantages and disadvantages of each. The writer concludes that implementing a comprehensive home loan program targeted at low-income families would prove to be an efficient, cost-effective tool to help place all families within reach of the American dream.

From the Paper:

"Increasing low-income homeownership needs public assistance to succeed. While the federal government already allocates billions of dollars to housing, this money does not successfully promote low-income homeownership. It is largely targeted through the tax code to high-income homeowners through $58 billion of homeownership deductions and to low-income renters through HUD grants and the LIHTC programs. These rental assistance programs fulfill serve an important need but fail to successfully increase homeownership or build family assets. "

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