Endnotes

1 “Erasing New Jersey’s Red lines,” New Jersey Institute for Social Justice, April 30, 2020, https://d3n8a8pro7vhmx. cloudfront.net/njisj/pages/689/attachments/original/1588358478/Erasing_New_Jersey%27s_Red_Lines_Final. pdf?1588358478. 2 U.S. Census Bureau, American Community Survey, 2019 American Community Survey 1-Year Estimates, Table

S2502, generated by Andre Vasilyev, using data.census.gov. 3 “New Jersey Needs More ‘Missing Middle’ Housing,” New Jersey Future, July 19, 2021, https://www.njfuture. org/2021/07/19/new-jersey-needs-more-missing-middle-housing/. 4 “About NJHMFA, “ NJHMFA, accessed October 23, 2021, https://www.njhousing.gov/dca/hmfa/about/ aboutnjhmfa/index.shtml. 5 Ibid. 6 “Homebuyers,” NJHMFA, accessed October 23, 2021, https://www.njhousing.gov/dca/hmfa/consumers/ homebuyers/index.shtml. 7 Ibid. 8 Ibid. 9 “New Jersey Housing and Mortgage Finance Agency, Governor Murphy Signs Legislation Authorizing

Comprehensive Programs to Address Mortgage Distress in New Jersey,” New Jersey Housing and Mortgage

Finance Agency, News release, (March 9, 2021) 10 Ryan P. Haygood, “America’s Original Sin and it’s Vestiges Belong to its States - Including N.J.,” N.J.COM (August 18, 2019), https://www.nj.com/opinion/2019/08/americas-original-sin-and-its-vestiges-belong-to-its-statesincluding-nj.html. 11 Michael Neal and Daniel Pang, “Newark Housing Pulse, March 2021,” Urban Institute, March 2021, https://www. urban.org/research/publication/newark-housing-pulse-march-2021/view/full_report. 12 Ibid. 13 “American Community Survey 1-Year Estimates,” Tables S2502, U.S Census Bureau, 2010-2019, accessed November 15, 2021, https://data.census.gov.) 14 “American Community Survey 1-Year Estimates,” Tables S2502, U.S Census Bureau, 2010-2019, accessed November 15, 2021, https://data.census.gov. 15 “Guide to Affordable Housing in New Jersey (Rev. April 01, 2016),” New Jersey Department of Community Affairs, accessed November 24, 2021, https://www.nj.gov/dca/divisions/codes/publications/guide.html. 16 “NJHMFA Homeward Bound Homebuyer Mortgage Program with Down Payment Assistance Program

Descriptions,” New Jersey Housing and Mortgage Finance Agency, accessed December 10, 2021, https://www. njhousing.gov/dca/hmfa/consumers/docs/HWB-ConsumerFactSheet.pdf. 17 “Erasing New Jersey’s Red lines,” New Jersey Institute for Social Justice, April 30, 2020, https://d3n8a8pro7vhmx. cloudfront.net/njisj/pages/689/attachments/original/1588358478/Erasing_New_Jersey%27s_Red_Lines_Final. pdf?1588358478. 18 Ryan P. Haygood, “America’s Original Sin and it’s Vestiges Belong to its States - Including N.J.,” N.J.com (August 18, 2019), https://www.nj.com/opinion/2019/08/americas-original-sin-and-its-vestiges-belong-to-itsstatesincluding-nj.html. 19 New Jersey Housing and Mortgage Finance Agency, DPA_Demographics_2016-2020, generated by David Kinsey,

September 12, 2021. 20 Amy Palmer and Jesse Crawford. 2021. “Author Interview with NJHMFA Communications and Outreach

Department,” interview by Lea Hunter, October 20, 2021, Zoom. 21 Two additional FTEs, budgeted at $80,000 per year each. 22 “New Jersey Housing and Mortgage Finance Agency, NJHMFA Seeking Hospitals Interested in $12M Supportive

Housing Partnership,” New Jersey Housing and Mortgage Finance Agency, News release, (November 7, 2018) 23 “New Jersey Housing and Mortgage Finance Agency, Murphy Administration Announces Collaboration with

University Hospital in Newark Under NJHMFA’s Hospital Partnership Subsidy Program,” New Jersey Housing and Mortgage Finance Agency, News release, May 19, 2021. 24 “New Jersey Housing and Mortgage Finance Agency, Murphy Administration, St. Joseph’s Health Announce First

Affordable Rental Development Under Agency’s Hospital Housing Partnership Program,” New Jersey Housing

and Mortgage Finance Agency, News release, July 10, 2019. 25 Ibid. 26 “Foreclosure Assistance Program COVID-19 Expansion,” New Jersey Housing and Mortgage Finance

Agency, 2020, https://www.ncsha.org/wp-content/uploads/New-Jersey-Special-Achievement-COVID-19-

Reponse-2020.pdf. 27 “Governor Murphy Announces Effort to Help Renters, Homeowners Threatened by Potential Foreclosure,” New

Jersey Housing and Mortgage Finance Agency, News release, March 19, 2020. 28 “Foreclosure Assistance Program COVID-19 Expansion,” New Jersey Housing and Mortgage Finance

Agency, 2020, https://www.ncsha.org/wp-content/uploads/New-Jersey-Special-Achievement-COVID-19-

Reponse-2020.pdf. 29 Randi Moore, Phone conversation between Randi Moore, Executive Director of The Affordable Housing

Alliance and Sherrod Smith, November 1, 2021. 30 “Governor Murphy Signs Legislation Authorizing Comprehensive Programs to Address Mortgage Distress in

New Jersey,” State of New Jersey, News Release, March 3, 2021. 31 Joshua Burd, “NJBA: New foreclosure prevention law will foster continued ‘pro-housing environment,’” Real

Estate NJ, March 15, 2021, https://re-nj.com/njba-new-foreclosure-prevention-law-will-foster-continued-prohousing-environment/. 32 “Black Homeownership Initiative: Building Black Wealth,” CalHFA, accessed October 30, 2021, https://www. calhfa.ca.gov/community/buildingblackwealth.htm . 33 “Mi hogar,” CHFA, accessed October 30, 2021, https://www.chfainfo.com/mi-hogar/Pages/educacion-vivienda. aspx . 34 Laurie Goodman, Alanna McCargo, Bai Bing, Edward Golding, and Sarah Strochak, “Barriers to Accessing

Homeownership Down Payment, Credit, and Affordability,” Urban Institute, 2018. 35 “Social Media Fact Sheet,” Pew Research Center, April 7, 2021, https://www.pewresearch.org/internet/factsheet/ social-media/?menuItem=4abfc543-4bd1-4b1f-bd4a-e7c67728ab76. 36 “NJHMFA Social Media Toolkit,” NJHMFA, accessed October 30, 2021, https://www.njhousing.gov/dca/hmfa/ about/docs/mktgmaterials/DPA_toolkit.pdf. 37 Estimate based on Colorado HFA reimbursement to nonprofits of $50 per household that completes home buyer education, and CHFA survey which finds that awards to support nonprofit prepurchase education programs range from $7,000 to $60,000. Since the recommendation includes evaluation of the program, we recommend at the high end of this range. See Doug Dylla Consulting LLC, ”Winning Strategies: An Analysis of State Housing Finance Agency Support for Homeownership Education and Counseling Services,” February 2012, https://www.chfainfo.com/news/ResourceLibrary/HFA_HEC_Report_March2012.pdf. 38 Dr. Combs was previously at the Smithsonian’s National Museum of African American History and Culture and taught culture, film, and race and gender courses at Chicago State University, Lewis & Clark College, and

Emory University. 39 Lisa Bates and Stacey Triplett, “Getting Your House in Order: A Model for African-American Financial

Education,” 2014, Urban Studies and Planning Faculty Publications and Presentations, 82. 40 Jacqueline Butts, Sarah Forsthye-Insley, Michelle Puggarana, Portland Housing Center African American

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Working Paper 25943, National Bureau of Economic Research, June 2019, https://www.nber.org/papers/ w25943. 43 Deborah H. Gruenfeld et al., Group Composition and Decision Making: How Member Familiarity and

Information Distribution Affect Process and Performance, 67 Organizational Behav. and Hum. Decision

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December-2020.aspx. 78 New Jersey Community Capital’s ReStart Program Guide for Fund Partnerships, January 29, 2021, filed with author. 79 New Jersey Community Capital, ”ReStart: Home Preservation Program,” accessed November 29, 2021, https://www.newjerseycommunitycapital.org/programs-initiatives/current-programs/restart-homepreservationprogram/. 80 John P. Harding, Eric Rosenblatt, and Vincent W. Yao. “The contagion effect of foreclosed properties.” Journal of

Urban Economics 66, no. 3 (2009): 164–178. 81 Arpit Gupta, “Foreclosure contagion and the neighborhood spillover effects of mortgage defaults.” The Journal of Finance 74, no. 5 (2019): 2249–2301 82 Ibid. 83 John Harding et al. find “almost no statistically significant contagion effect” on home prices beyond 500 feet of the foreclosed home; Gupta finds that spillover foreclosures occur within a 0.1 mile radius (or about 500 feet) of the foreclosed home, noting that “the size of the spillover effect is no longer statistically significant” among “properties 0.10 to 0.15 miles from the resetting home.” 84 Harding et al., 164. 85 Gupta, 2249. 86 Harding et al., 178. 87 U.S. Federal Housing Finance Agency, Enterprise Non-Performing Loan Sales Report, 2020, accessed October 29, 2021, https://www.fhfa.gov/AboutUs/Reports/Pages/Enterprise-Non-Performing-Loan-Sales-Report-

December-2020.aspx. 88 Joe Tyrell, “ReStart Shore Salvages Underwater Mortgages in Struggling Counties,” NJ Spotlight News,

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SFLS2021DSNYSalesResultsSummary5-6-21Final.pdf. 90 “Housing Rehabilitation Loan & Grant Programs,” County Health Rankings & Roadmaps, accessed October 25, 2021, https://www.countyhealthrankings.org/take-action-to-improve-health/what-works-for-health/ strategies/housing-rehabilitation-loan-grant-programs. 91 Bev Wilson and Shakil Bin Kashem, “Spatially Concentrated Renovation Activity and Housing Appreciation in the City of Milwaukee, Wisconsin,” Journal of Urban Affairs 39, no. 8 (November 17, 2017): 1085–1102, https:// doi.org/10.1080/07352166.2017.1305766. 92 “U-M Study on Detroit’s Make It Home Repair Program Links Home Repairs, Housing Stability,” University of Michigan Poverty Solutions, February 4, 2021, https://poverty.umich.edu/2021/02/04/u-m-study-ondetroitsmake-it-home-repair-program-links-home-repairs-housing-stability/. 93 “Mount Laurel Doctrine,” Fair Share Housing Center, accessed October 29, 2021, https://fairsharehousing.org/ mount-laurel-doctrine/. 94 Peter A. Angelides, “New Jersey Affordable Housing Need and Obligations” (Econsult Solutions, 2017), accessed

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99 Andrew Howard Nichols and J. Oliver Schak, “Degree Attainment for Black Adults: National and State Trends,”

The Education Trust, 2017, https://edtrust.org/wp-content/uploads/2014/09/Black-Degree-Attainment_

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Rates,” National Center for Education Statistics, February 2017, https://nces.ed.gov/programs/raceindicators/ indicator_red.asp. 101 Amy Traub et al., “The Racial Wealth Gap Why Policy Matters,” Demos, June 21, 2016, https://www.demos.org/ research/racial-wealth-gap-why-policy-matters. 102 Jung Hyun Choi and Laurie Goodman, “Why Do Black College Graduates Have a Lower Homeownership Rate

Than White People Who Dropped Out of High School?,” Urban Institute, February 27, 2020, https://www. urban.org/urban-wire/why-do-black-college-graduates-have-lower-homeownership-rate-white-peoplewho-dropped-out-high-school. 103 “Freed From Debt: A Racial Justice Approach to Student Loan Reform in New Jersey,” New Jersey

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A%20Racial,who%20were%20already%20bearing%20the. 104 Ibid. 105 Michael Mitchell, Michael Leachman, and Matt Saenz, “State Higher Education Funding Cuts Have Pushed

Costs to Students, Worsened Inequality,” Center on Budget and Policy Priorities, October 24, 2019, https:// www.cbpp.org/sites/default/files/atoms/files/10-24-19sfp.pdf. 106 “Freed From Debt: A Racial Justice Approach to Student Loan Reform in New Jersey,” New Jersey

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A%20Racial,who%20were%20already%20bearing%20the. 107 Ibid. 108 “Understanding Loan Options,” Consumer Financial Protection Bureau, accessed December 1, 2021, https:// www.consumerfinance. gov/owning-a-home/loan-options/. 109 Ibid. 110 “APPENDIX 1.0 – MORTGAGE INSURANCE PREMIUMS,” U.S. Department of Housing and Urban

Development, 2016, https://www.hud.gov/sites/documents/15-01MLATCH.PDF. 111 “MORTGAGE PROGRAM POLICY AND PROCEDURES FOR PARTICIPATING LENDERS,” New Jersey Housing and Mortgage Finance Agency, April 2021, https://www.njhousing.gov/dca/hmfa/lenders/docs/len_ sellerguide.pdf. 112 Melanie Hanson, “Average Law School Debt,” Education Data Initiative, December 5, 2021, https:// educationdata.org/average-law-school-debt. 113 “See Your Federal Student Loan Repayment Options with Loan Simulator,” U.S. Department of Education, accessed December 1, 2021, https://studentaid.gov/loan-simulator/. 114 “Mortgagee Letter 2021-13,” U.S. Department of Housing and Urban Development, June 17, 2021, https://www. hud.gov/sites/dfiles/OCHCO/documents/2021-13hsgml.pdf. 115 Ibid. 116 “Early Professionals Loan Program,” Cadence Bank, accessed December 9, 2021, https://cadencebank.com/ personal/mortgages/early-professionals-loan-program. 117 “New Jersey Home Values,” Zillow, accessed December 9, 2021, https://www.zillow.com/nj/home-values/. 118 Vonetta Hawkins, interview with Leah Hazard, October 14, 2021. 119 “Becoming a Landlord: Take the Test,” Readynest by MGIC, accessed November 18, 2021, https://www. readynest.com/homebuyer-resources/landlord-test. 120 Vonetta Hawkins, interview with Leah Hazard, October 14, 2021. 121 Ibid. 122 “Passaic County NJ Rental Listings,” Zillow, accessed November 22, 2021, https://www.zillow.com/passaiccounty-nj/rentals/. 123 Laurie Goodman and Jung Hyun Choi, “Black and Hispanic Landlords Are Facing Great Financial Struggles because of the COVID-19 Pandemic. They Also Support Their Tenants at Higher Rates,” Urban Wire: The blog of the Urban Institute, September 4, 2020, https://www.urban.org/urban-wire/black-and-hispanic-landlordsare-facing-great-financial-struggles-because-covid-19-pandemic-they-also-support-their-tenants-higherrates. 124 Ibid. 125 “Community Land Trusts,” Grounded Solutions Network., accessed December 9, 2021, https:// groundedsolutions.org/strengthening-neighborhoods/community-land-trusts. 126 “Tracking Growth and Evaluating Performance of Shared Equity Homeownership Programs During

Housing Market Fluctuations,” Lincoln Institute of Land Policy, April 15, 2019, https://www.lincolninst.edu/ publications/working-papers/tracking-growth-evaluating-performance-shared-equity-homeownership. 127 Ibid. 128 Shelterforce Staff, “Q: Does Shared-Equity Homeownership Build Assets?,” Shelterforce (blog), October 10, 2012, https://shelterforce.org/2012/10/10/answer_170_seh_builds_assets/. 129 Emily Thaden, “Stable Home Ownership in a Turbulent Economy,” Lincoln Institute of Land Policy, July, 2011, https://www.lincolninst.edu/publications/working-papers/stable-home-ownership-turbulent-economy. 130 Myungshik Choi, Shannon Van Zandt, and David Matarrita-Cascante, “Can Community Land Trusts Slow

Gentrification?,” Journal of Urban Affairs 40, no. 3 (April 3, 2018): 394–411, https://doi.org/10.1080/07352166.2 017.1362318. 131 Interview with Harold Simon, former publisher at Shelterforce Magazine and Board Chair at Essex Community

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Neighborhood Knowledge, May 20, 2021, https://escholarship.org/uc/item/9ph523vd.) 158 Ibid. 159 New Jersey Housing State and Finance Agency, virtual call conversation with agency, November 15, 2021. 160 Vonetta Hawkins and Lisa Mathews, video conferencing call with both individuals, October 11, 2021. 161 Many government agencies, including HUD, have already transitioned to digital services such as DocuSign for signatures. 162 “How CRM Can Help Bring Government Technology Into the 21st Century,” Salesforce, accessed November 24, 2021, https://www.salesforce.com/solutions/industries/government/resources/crm-helping-governmenttechnology/. 163 Amy Cui, Program Manager, Stanford Impact Labs, conversation with individual on Salesforce omplementation in the non-profit context, Stanford Impact Labs, November 23, 2021. 164 Conversations between authors and lenders in New Jersey, November 10-12, 2021. 165 “FHFA Announces Two Measures Advancing Housing Sustainability and Affordability,” Federal Housing

Finance Agency, October 18, 2021, https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-

TwoMeasures-Advancing-Housing-Sustainability-and-Affordability.aspx. 166 Michael Neal et al., “How Automated Valuation Models Can Disproportionately Affect MajorityBlack

Neighborhoods,” Urban Institute, December 2020, https://www.urban.org/sites/default/files/ publication/103429/how-automated-valuation-models-can-disproportionately-affect-majorityblackneighborhoods_1.pdf.) 167 “Eligibility Quick Check,” Iowa Finance Authority, accessed December 6, 2021, https://www.iowafinance.com/ eligibility/. 168 “Check your Eligibility,” Idaho Housing and Finance Association, accessed December 6, 2021, http://lender. ihfa.org/ CheckEligibility/Qualify1.aspx?_gl=1*1lvp0n0*_ga*OTI0MjcwNjcuMTYzNTUzMzI2Nw..*_ga_

CC89ZHTCQB*MTYzNTUzMzI2Ny4xLjEuMTYzNTUzMzYzNi4w&_ga=2.264840655.1587021807.16355332679 2427067.1635533267. 169 “CallHFA Preferred Loan Officers,” California Housing Finance Agency, accessed December 1, 2021, https:// www.calhfa.ca.gov/apps/PLO/. 170 Mayor Edward B. Murray, “Executive Order 2014-02: Race and Social Justice Initiative,” City of Seattle, April 3, 2014, http://murray.seattle.gov/wp-content/uploads/2014/04/RSJI-Executive-Order1.pdf.)