Housing Policy, Mortgage Policy, and the Federal Housing Administration
Housing Policy, Mortgage Policy, and the Federal Housing Administration
To further the goal of increasing homeownership, federal housing policy makes extensive use of credit and tax incentives. These activities involve substantial federal cost and risk. This chapter reviews these risks and estimates the value of indirect and off-budget activities supporting homeownership. The analysis emphasizes the Federal Housing Administration's (FHA) mortgage insurance programs, and revisits their rationale and future role in light of the rapid rise and subsequent fall of the subprime market. Federal housing policy is executed through a complex array of institutions and programs, including the tax code, the FHA, and the Veterans Administration (VA). A comprehensive look at these programs reveals that off-budget policies primarily provide subsidies for middle- and upper-income homeowners and home purchasers, whereas programs subject to Congressional budget appropriations are directed toward lower-income and rental households.
Keywords: housing policy, federal cost, off-budget activities, homeownership, subprime market, tax code
Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.