CRA - Home Prices

Posted By: Still Learning

CRA - Home Prices - 03/01/22 06:05 PM

Does anyone have a resource that we can use to show the homes we have provided funding for will benefit LMI individuals?

We have a link to compare market rentals to what our borrower are charging.

We need a similar to compare the list price to a Median home sale price.

Any help or guidance would be greatly appreciated.
Posted By: rlcarey

Re: CRA - Home Prices - 03/08/22 12:35 PM

I guess I am not quite sure what you are trying to prove here. Providing funding to whom, buyers. builders. etc.? What does a list price under the Median home sales price have to do specifically with benefiting LMI individuals?
Posted By: Rocky P

Re: CRA - Home Prices - 03/08/22 06:04 PM

Also, don't get confused with LMI individuals and wealth.

A branch manager was commenting that she was in a moderate income neighborhood (So. FLA), but the people had "paid for" $400K condos, drove $100K Mercedes and had $250k in CD's in the branch. As it was a retirement area, I explained that their "income" was social security and interest from the CD's, and not a matter of wealth.
Posted By: Inherent_Risk

Re: CRA - Home Prices - 03/08/22 07:47 PM

I am guessing they are trying to get credit for a community development loan to create more affordable housing in their Assessment Area for housing being created to be sold as opposed to rented.

Our examiners pointed us towards HUD limits. I believe this was what they were referencing.