The Community Development and Regional Outreach Department supports the Federal Reserve System’s economic growth objectives by promoting community development in low- and moderate-income communities and fair and impartial access to credit in underserved markets. The department works closely with financial institutions, nonprofit organizations, and government agencies on public-private partnerships that result in increased affordable housing and community and economic development. The department assists financial institutions to understand their responsibilities under the federal Community Reinvestment Act (CRA).
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Data Tools & Other Resources
Home Mortgage Explorer: This interactive data tool allows users to explore trends in mortgage lending between 2010 and 2017 for national, state, metropolitan, and nonmetropolitan geographies.
Rental Housing Affordability: This interactive tool enables users to examine trends in rental housing affordability in Third District states from 2011 to 2016.
Consumer Credit Explorer (CCE): This interactive tool enables users to look at quarterly changes in credit use indicators from 2005 to mid-2018 and to compare indicators across different areas.
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Publications & Videos
This report finds that opportunity employment — defined as employment accessible to workers without a bachelor’s degree and typically paying above the national annual median wage, adjusted for regional differences in consumer prices — accounts for 21.6 percent of total employment in the metro areas analyzed. The report also illustrates how the local mix of occupations, employers’ educational expectations, and the cost of living combine to expand or limit local opportunity relative to national conditions.
Transportation can pose a barrier to employment for low-income residents unable to afford a car. This report examines access to transit, access to decent-paying jobs not requiring a four-year college degree, and the accessibility of large employment centers across three medium-sized regions in Pennsylvania and New Jersey. The results demonstrate how patterns of employment and public transit affect job access at the neighborhood level, with a particular focus on low- and moderate-income neighborhoods.
This report uses Home Mortgage Disclosure Act (HMDA) data from 2015–2017 to understand how access to conventional home improvement financing varies across different borrower and neighborhood characteristics. Findings suggest that low- and moderate income (LMI) and nonwhite applicants experienced high denial rates during this period, as did women with no coapplicants and applicants from LMI and majority-minority neighborhoods. While the analysis cannot identify the causes of these disparities, it provides insight into which borrower groups may have unmet home improvement financing needs.
This report analyzes the risks of automation and job opportunities for different demographic groups in the U.S. and 11 metropolitan areas in the Third Federal Reserve District. The study, by Lei Ding, Elaine Leigh, and Patrick Harker, attempts to clarify some misunderstanding on how automation impacts jobs.
This report examines the early impacts of a financial aid program that reduces or eliminates tuition and campus fee costs for lower- and middle-income New Jersey residents. The program boosted enrollment among lower-income students, improved students’ perception of college affordability, and reduced student financial stress. However, it is unclear whether first-year improvements in academic performance are attributable to the program.
Browse conference summaries, Special Reports, Discussion Papers, and Cascade.