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Housing Loan Survey

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Some additional research and statistics show the existence of similar trends relating to the improvement of Minneapolis housing stock and increased stability in neighborhoods, as was indicated by our analysis. While no direct correlation can be made, it is still worthwhile to note the following:

The median sale prices of Minneapolis homes rose 55% from 1993 to 2000.17 There is no directly traceable relationship between this increase and the loan/grant activity, except that this price increase occurred at the same time that the loan/grant programs were in effect.

Teamworks made the following conclusion in its evaluation of Phase I NRP impacts, “Between 1990 and 1999, NRP expenditures made a significant difference in the size of increase in homeownership rates in Minneapolis neighborhoods. All neighborhoods together gained more homeowners than they would have without NRP. Neighborhoods with more NRP spending experienced greater increased in homeownership rates.” 18 Their conclusion relates to the impact of all NRP spending, not just NRP loan/grant program expenditures, which is 27.4% of all NRP spending.

As noted in Conclusion I of this report, overall NRP expenditures resulted in an estimated 2,674 additional permits citywide from 1992 to 1997.19

While no conclusive evidence is currently available to determine trends, other research and statistics suggest potential outcomes to monitor. Some data raises questions about the lack of loan/grant program benefits to low income homeowners and to properties in below average condition:

It was noted in the Teamworks' evaluation20 that in a majority of the 16 neighborhoods where The Center for Energy and the Environment (CEE) administered the loan/grant program, the recipients had incomes greater than the neighborhood's median income. As indicated, however, lack of data about homeowners' income made comparison with recipients' income difficult.

Assessors Office statistics about below average housing units raise questions about the impacts (or lack thereof) of NRP loan/grant programs on these units. The percentage of housing units rated as being in below average condition from 1997 to 1999 increased from 20.2 to 21.5% of the total housing stock.21 This represents a 6.5% increase in below average housing units at a time when housing values were soaring and NRP housing investments were at high levels. Figures also show below average housing increasing from 10.1% to 17.5% of all housing units from 1993 to 1996. The Assessors Office advises caution in making conclusions about trends prior to 1997 due to the possibility of using outdated information. The automated valuation system that was initiated in 1997 changed the frequency of assessing these housing condition ratings. As future year statistics about below average housing become available, conditions can be monitored to evaluate if NRP housing funds are having an impact on these units.

17 Source: Minneapolis State of the City Reports, 1996 and 2000

18 NRP Evaluation Report Phase One: 1990-1999 by Teamworks, page 25

19 Source: NRP Evaluation Report Phase One: 1990-1999 by Teamworks, page 25

20 Source: NRP Evaluation Report Phase One: 1990-1999 by Teamworks, pages 75-77

21 Source: Minneapolis City Assessor's Office

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Related Research

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