Prime Property Institutions for a Subprime Era: Exploring Innovative Models of Residential Development and Finance

Amnon Lehavi and Benito Arruñada
Authors registered in the RePEc Author Service: Benito Arruñada

No 464, Working Papers from Barcelona School of Economics

Abstract: Revised May 2011 This paper breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and in other types of public financing schemes, this paper suggests extending institutional and financial strategies such as time- and place-based division of property rights, conditional subsidies, and credit mediation toalleviate the systemic risks of mortgage foreclosure. Alongside a for-profit shared equity scheme that would be led by local governments, we also outline a private market shared equity model, one of bootstrapping home buying with purchase options.

Keywords: Property; homeownership; mortgage; finance; local government; subsidy; tax (search for similar items in EconPapers)
JEL-codes: D23 E62 H31 H71 K11 R31 (search for similar items in EconPapers)
Date: 2015-09
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Persistent link: https://EconPapers.repec.org/RePEc:bge:wpaper:464

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