Developed a website to provide location efficient values for each census tract in Los Angeles County providing an overview of densely populated areas. Individuals residing in these areas may qualify for up to $50,000 mortgage increases by eliminating potential transportation expenses from the mortgage requirement budget. The funds are guaranteed by the Fannie Mae Corporation, but no actual contact between Fannie Mae and the individual buyer is made. Contractor has installed a website which allows potential purchasers to determine the mortgage amount available based upon their particular data. (www.scag.ca.gov)
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Initially, Los Angeles County is the primary beneficiary. Orange County locations are expected to become available in 2001.
Until the lenders and buyers begin utilizing the LEM program, reduction in private automobile usage is impossible to calculate. The potential for shifting home buyers to the mass transit system should result in less vehicle use. Encouragement to buy in areas where pedestrian traffic is available will also reduce the use of mass transit. When more counties are added to the program, it will be an enormously effective use of public monies.
Program summary and conclusions, detailed area maps and statistical data of LEM targeted areas.