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Impacts of the Community Reinvestment Act on Neighborhood Change and Gentrification

John Fitzgerald and Samuel P. Vitello
Authors registered in the RePEc Author Service: John D. Fitzgerald () and John M. Fitzgerald ()

Housing Policy Debate, 2014, vol. 24, issue 2, 446-466

Abstract: The Community Reinvestment Act (CRA) encourages bank lending in low- and moderate-income areas. We use a regression discontinuity design that exploits the relative-income threshold that distinguishes CRA-eligible from ineligible neighborhoods (census tracts) and find little evidence that CRA has contributed to neighborhood changes associated with gentrification in eligible areas. Over the 1989-1999 period, we find that eligible tracts had greater increases in mean income relative to ineligible tracts, but we find little evidence that the CRA caused decreases in the proportion of long-term residents or increases in the proportion of White or college-educated residents.

Date: 2014
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