When you are looking at "underserved" tracts, you also need to look at the housing availability. We've seen in some MMT where the rental housing exceeds the owner occupied housing. There are expectations that OO housing will be bought and sold as people move, and have potential for refinances and home improvements. Rental housing however is an investment, and usually not something financed.
As an example, for 13 MM tracts in 2 Florida counties: (rounded)
Total Housing 25,900
Occupied 21,400
Vacant 4,800
Owner Occupied 10,100
Renter Occupied 11,400 (44% of the housing in the tracts)
Out of the 25,900 units, there is minimal possibility for lending in 11,400, therefore cutting down almost in half the potential for lending.
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