Abstract
In recent mortgage credit has become scarce, especially for low-to-middle income LMI individuals, including the working class and minorities. This has limited the ability for many of these individuals to purchase in sustainable, transportation accessible urban locations. This paper explores location efficient mortgages (LEM), their effectiveness in encouraging home ownership in highly connected urban locations with access to non-motorized transportation, and their viability in urban markets in the US. Cases are evaluated using inferential and descriptive statistics to evaluate potential opportunities for LEMs and building on these cases, additional strategies are suggested and discussed that could increase the efficacy of LEM tools. These included: 1) integration of shared responsibility LEMs; 2) utilizing local tax structures; 3) exploring community-based finance programs. These tools could be useful in allowing LMI buyers purchase in sustainable and high-cost, urban environments.
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