H2020Индивидуална стипендия2015–2018

REINVEST · Financing Affordable Housing Under Localism

„Хоризонт 2020“ — Действия „Мария Склодовска-Кюри“

Период: 2015-09-01 → 2018-08-15
Финансиране от ЕС: 183 455 €
Участници: 1
Схема: MSCA-IF-EF-ST

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Накратко на български

Финансирането на евтини жилища чрез частни инвестиции и неправителствени организации се анализира чрез примери от Ню Йорк, Лондон и Амстердам. Това помага да се разбере как финансовите институции могат да запълнят недостига на социални жилища при намаленото държавно финансиране.

Този кратък обзор е генериран от изкуствен интелект

Кратко обяснение, генерирано от езиков модел по текста на CORDIS. Оригиналът е по-долу.

Резултати накратко

Financing Affordable Housing Under Localism

The project addressed the European urban governance challenge of motivating private investment to increase affordable rental housing supply under state austerity and localism. The high-pressure rental markets of New York, London and Amsterdam provided study sites, generating insights from both US and European experience. Currently, demand for affordable rentals in Europe’s cities is escalating, with severe shortages in global cultural and financial centres. Low and moderate-income renters are being priced out amidst growing social vulnerability, with implications for social justice, socio-spatial cohesion and urban economic development. While traditional forms of social and public housing remain vital to meeting housing need, neoliberal reforms have scaled back their resources. These reforms, which mirror earlier developments in US cities, have also promoted ‘localism’, asking civil society and commercial actors to help meet local community needs. The research examined emerging supply strategies that hinge on community-based not-for-profits developing affordable rentals with less state funding, and more private finance. The target investors are large financial institutions, ostensibly motivated by both steady long-term returns and opportunities for local social impact. Yet little is known about how these new investment opportunities connect to investors’ internal motives and organisational structures. The role of social impact investment objectives, for example, is not yet clear, nor are the long-term societal implications of this shift to private finance. The overarching objective of the study was to build understanding on how investment opportunities in affordable rental projects connect to investors’ structures and logics, and how drivers for investment differ in US and European cities. To this end, the study: (1) took a comparative approach to learn how local institutions in different cities help connect projects to finance (2) developed a conceptual approach to understanding investment relationships, using theories of organisational hybridity to explain how they balance societal and commercial aims, and (3) used cross sectoral partnerships to disseminate findings and inform both academic research and housing practice.

Текст от CORDIS, на английски · Данни: CORDIS, © Европейски съюз

Цел на проекта

This project explores the urban governance challenge of motivating institutional investment in affordable rental housing for low-middle income households. The high pressure rental markets of US and European urban financial centres, New York, Amsterdam and London, provide sites for the study. The proposers' prior approach to studying hybrid strategies balancing social and commercial aims in housing organizations is extended to institutional investment. This takes us beyond existing studies of financial incentive structures in institutional investment by recognizing the conflicting logics of profit and affordability, and the potential balancing role of localism. Work Package 1 reviews US experience of innovation to attract institutional investment through tax credit incentives and community reinvestment regulation; and uses stakeholder interviews in two European urban centres to identify key local contextual factors and case study sites. Theories of corporate social responsibility, both discretionary and negotiated, are used to develop an evaluation framework for institutionally-funded affordable housing projects. Work Package 2 explores the negotiation and terms of a sample of case study projects using a structured evaluation methodology. Interviews with investors, policymakers and civic stakeholders reveal actor interpretations of governance arrangements that help connect these projects to finance. Investment decisions are related back to the internal logics and structures of investors and to external incentive structures. Governance models are assessed, drawing on concepts of power and legitimacy. Work Package 3 harnesses a partnership with CECODHAS; the leading European social housing umbrella, to convene an expert panel to apply case study findings to European contexts and to achieve impacts beyond the case study settings. This will help to uncover the potential for urban policy to empower civic actors to negotiate finance for local affordable housing projects.

Оригинален текст от CORDIS (на английски).

Участници

THE UNIVERSITY OF BIRMINGHAM · BirminghamКоординаторОбединеното кралство