User Perspectives on Location Efficient Mortgages & Car Sharing

A burgeoning population seeking relatively affordable housing is placing high demands on outlying, auto-dependent residential markets. Simultaneously, public policies addressing housing, transportation, and land use aim to increase homeownership, decrease drive-alone travel, and harness outlying development. A relatively new mortgage lending procedure aims to address each of these public policy aims synergistically by allowing low- and moderate-income households the opportunity to purchase homes in transit-accessible neighborhoods that would otherwise be unobtainable because of cost. The goal of this research is to evaluate this initiative, as well as position it within the broader goals of smart growth, describe its application, and comment on its prospects. This report constitutes a primer of the current state of knowledge about these unique loan programs.