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Full-Text Articles in Public Policy
Property Value Impacts Of Foreclosed Housing Acquisitions Under Uncertainty, Michael P. Johnson Jr., Senay Solak, Rachel B. Drew, Jeffrey Keisler
Property Value Impacts Of Foreclosed Housing Acquisitions Under Uncertainty, Michael P. Johnson Jr., Senay Solak, Rachel B. Drew, Jeffrey Keisler
Michael P. Johnson
Community development corporations seek to stabilize neighborhoods affected by the recent foreclosure crisis through acquisition and redevelopment of distressed properties. One rationale for this work is the alleviation or avoidance of negative foreclosure impacts. We estimate the lost value to proximate properties associated with a single foreclosure through a Markov chain representing probabilistic transitions between foreclosure stages. We apply our model to a case study of foreclosure properties in Chelsea, MA. A rank ordering by estimated property value impacts indicates significant potential gains in social value as compared to current community development practice. We extend our basic model to address …
What Is A Strategic Acquisition? Decision Modeling In Support Of Foreclosed Housing Redevelopment, Michael P. Johnson Jr., Rachel B. Drew, Jeffrey Keisler, David Turcotte
What Is A Strategic Acquisition? Decision Modeling In Support Of Foreclosed Housing Redevelopment, Michael P. Johnson Jr., Rachel B. Drew, Jeffrey Keisler, David Turcotte
Michael P. Johnson
This paper describes and develops a model for calculating location-based strategic values of foreclosed properties considered for acquisition and redevelopment by community development corporations (CDCs). A property’s strategic value refers to its proximity to site-specific neighborhood amenities and disamenities (e.g. schools, public transit, distressed properties), given the relative importance of that proximity to CDC organizational and community objectives. We operationalize the concept of strategic value, and apply this concept to a salient public sector decision problem. Using data and value assessments from a CDC engaged in foreclosed housing redevelopment, we compute measures of strategic value for a set of acquisition …
National Science Foundation Funded Project: "Collaborative Proposal: Decision Models For Foreclosed Housing Acquisition And Redevelopment", Michael Johnson, Jeffrey Keisler, Senay Solak, David Turcotte
National Science Foundation Funded Project: "Collaborative Proposal: Decision Models For Foreclosed Housing Acquisition And Redevelopment", Michael Johnson, Jeffrey Keisler, Senay Solak, David Turcotte
Michael P. Johnson
The recent housing foreclosure crisis has had devastating impacts on individuals and their communities. To mitigate some of these impacts a number of community-based organizations are acquiring foreclosed properties in efforts to support neighborhood stabilization and revitalization. Examples of actions taken on these foreclosed properties include: land-banking, rehabilitation, demolition and re-sale or/re-rental. These actions have the potential to minimize blight, reduce unanticipated housing mobility, and provide affordable housing opportunities. However, the cost of pursuing any or all of these strategies to their fullest extent far exceeds the resources available to typical community-based organizations. In this research project, the PIs will …