Trouble For Multifamily Housing: Its Effects on Conserving Older Neighborhoods. (RE-ANNOUNCEMENT of PB85-126803-see notes field for explanation)

摘要

This paper develops a core of research and demonstration initiatives around which a broader agenda for research can be built to inquire into the nature, magnitude, neighborhood effects, and possible treatments of financial distress in the unassisted multifamily rental market. The analysis begins by explaining the national importance of the multifamily portion of the rental sector, and a brief overview of the multifamily credit market is presented. Next, conditions in the Nation's rental housing market are summarized as of 1975, the latest date for which Annual Housing Survey data are available. The study then focuses on the financial status of the FHA - insured, unsubsidized multifamilyuinventory, for which reasonably good data are available, as a first step inCexamining the distress phenomenon in the conventionally financed stock, for which no comprehensive data set currently exists. The problems of distress in the insured inventory were found to be sufficiently great to suggest that similar problems already plague the conventional sector and that this distress should be a major policy concern. The final section of the paper relates the preceding analysis to HUD's policy needs through the development of a set of applied multifamily research initiatives. The issues examined in this section include the financial status and role of multifamily properties in older neighborhoods, representation in mortgage portfolios of distressed multifamily paper, the status of previously insured projects, and the evaluation of existing multifamily interventions. Tabular data and 36 notes are provided.