Housing Policy in the United States:
The Intersection of the Public and Private Sectors
GSD 5473, Seminar, Spring 

In the twentieth century, housing policy in the United States has crafted a complex finance and delivery system that is the envy of the world. This course examines the origins of that system, the evolving role of government at the federal, state and local level, and emerging issues that will determine the future of housing policy. The class explores the inherent tensions in policy and practice and the ways in which the two inform each other. Based on the instructor's experiences, the course provides students with insights into the formulation and the implementation of housing programs.

The course is predicated on the premise that the nexus between state and market is the defining element of housing policy in the United States, and to understand that policy is to understand the coincidental and conflicting interests of the public and private sectors.

The course is divided into three sections. The first section outlines basic concepts of housing economics and finance and summarize the core issues inherent in a national housing policy. The second section traces the origins and history of the government role in housing finance — public housing, Federal Housing Administration (FHA), Government-Sponsored Enterprises (Fannie Mae, Freddie Mac and Federal Home Loan Banks), assisted-housing, and rental subsidies. The course examines how government addressed fundamental inefficiencies in capital markets and how this intervention has evolved today. While the course focuses on the federal government, there is also a discussion of the increasing roles of state and local government. The last section highlights current policy issues such as the Low Income Housing Tax Credit and the proposed privatization of Government-Sponsored Enterprises.