Low-Wage Workers and Affordable Housing – New York City

For New York City’s working poor, new help in getting out of homeless shelters, By Corinne Ramey, May 18, 2015, Wall Street Journal: “Last summer, a pipe burst in the Bronx apartment where Ayra Garcia lived with her 15-year-old niece. The water damage was so bad that they couldn’t live there anymore. But despite the $31,243 a year that Ms. Garcia then made as a teacher, she didn’t have the savings to pay the three months of rent and a security deposit on a new apartment. With no other options, she and her niece spent five months in homeless shelters…”

Low-income Borrowers – California

In California, a new law helps low-income borrowers build credit, By Teddy Nykiel, August 22, 2014, Christian Science Monitor: “California broadened the reach of nonprofits that target low-income borrowers who lack the credit standing needed to obtain a traditional loan, enacting a law that lets the organizations lend as much as $2,500 interest free without a license. Clients of groups like the San Francisco-based Mission Asset Fund are often unbanked, underbanked or have low credit scores. Under the new law, payments must be reported to companies that create the rankings, such as Experian and Equifax. By repaying in full and on time, borrowers can create the track record they need to qualify for regular loans…”

Credit Score Changes

FICO changes may ease credit access, By Katherine Peralta, August 8, 2014, US News and World Report: “A new calculation of credit scores soon could make it easier for millions of Americans to qualify for car loans and credit cards. The new methodology also could provide easier access to home mortgages after tight post-recession lending standards shut millions of potential new homebuyers, particularly young Americans, out of the market. The Fair Isaac Corp., which issues credit scores used in 90 percent of U.S. consumer lending decisions, said this week that it will give less weight to unpaid medical bills…”