Reports

• Report: "2010 Annual Report - Rapid Rip-Offs: Tax Refund Anticipation Lending in NYC"

  January 2010:  Tax refund anticipation loans drained $54.7 million from New York's working poor families, according to NEDAP's analysis of recently-released IRS data for tax filing year 2007.  RALs carry annual percentage rates typically between 50% and 500%, and though the report shows that the total number of RALs decreased in 2007, the loans remained overwhelmingly concentrated in the City's lowest income neighborhoods.  The report details the neighborhoods hardest hit, and includes maps showing the millions of dollars in fees that RALs extract from NYC neighborhoods of color. 

• Report: "Paying More for the American Dream: Promoting Responsible Lending to Lower-Income Communities and Communities of Color "

• April 2009:  NEDAP, along with California Reinvestment Coalition, Ohio Fair Lending Coalition, Community Reinvestment Association of North Carolina, Massachusetts Affordable Housing Alliance, Empire Justice Center, and Woodstock Institute, released a joint report on the critical role that the Community Reinvestment Act plays in promoting affordable mortgage lending to lower-income borrowers and communities in NYC and nationally.  This report is the third in a series of reports analyzing Home Mortgage Disclosure Act data.

• Report: "Ensuring Access to Fair and Affordable Financial Services: A Survey Report on Barriers Faced by Low Income Immigrants in NYC"

• February 2009:  The report summarizes findings of the NYC Immigrant Banking Survey, which NEDAP designed in collaboration with the NYC Immigrant Financial Justice Network to increase understanding about immigrant New Yorkers’ financial services experiences and needs.

 

• Report: "Paying More for the American Dream: The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities"

• March 2008:  NEDAP, along with California Reinvestment Coalition, Ohio Fair Lending Coalition, Community Reinvestment Association of North Carolina, Massachusetts Affordable Housing Alliance, Empire Justice Center, and Woodstock Institute, released a joint report examining the lending practices of a subset of subprime lenders.  This report is the second in a series of reports analyzing Home Mortgage Disclosure Act data.

• Report: "Paying More for the American Dream: A Multi-State Analysis of Higher Cost Home Purchase Lending"

• March 2007:  An analysis of 2005 Home Mortgage Disclosure Act data, the study shows significant disparities in the pricing of home purchase loans based on race, in New York City.  The report shows that African Americans and Latinos remain significantly more likely to pay higher interest rates on home purchase loans than whites. The report shows similar patterns in five other metropolitan areas across the country:  Chicago, Los Angeles, Boston, Charlotte, NC, and Rochester, NY.  NEDAP issued the report in collaboration with the California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, and the Woodstock Institute.

• Report: "Predatory Tax-Time Loans Strip $324 Million from NY's Poorest Communities"

• January 2007: Using IRS data on RALs, NEDAP documents in this report how RALs extracted approximately $324 million from low income New Yorkers and communities of color, in the four-year period, from 2002 through 2005.   Click here for a list of organizations that offer free tax prep services in NYC.

• Report: "Promoting Financial Justice for Immigrant New Yorkers"

• August 2006: A conference report on how NYC immigrant communities are eliminating barriers to financial justice and pressing for accountability from banks, money transmitters and other institutions.

• Report: "Rapid Rip-Offs: Tax Refund Anticipation Lending in NYC"
• March 2006: Tax time has become a season for gouging the working poor, through so-called tax refund anticipation loans (“RALs”), a usurious product that siphons millions of dollars from the poorest New York families and neighborhoods each year.  Banks, including HSBC, one of the world’s largest financial institutions, make these loans through the hundreds of tax prep sites that serve as their brokers, reaping lucrative profits by taking a bite out of people’s tax refunds and credits.  RALs providers target low-income taxpayers and communities for these under-regulated loans.  This report highlights the impact of RALs on low-income New Yorkers and the neighborhoods in which they live.  New Yorkers lost more than $92 million of their tax refunds and credits through RALs, in 2004.
  • MAP: Percent of tax filings with a RAL, by NYC Neighborhood, 2004
  • MAP: Money drained by RALs, by NYC neighborhood, 2004

   

• Report: "East Harlem Community Banking Study"

  • February 2006: Prepared for Union Settlement Federal Credit Union, this report describes community demographics and summarizes findings from a financial services survey conducted by NEDAP in East Harlem, NY.  The report also includes a map of financial institutions in East Harlem.

• Executive Summary: "Mortgage Lending and Foreclosures in Three New York City Neighborhoods: Bedford-Stuyvesant, Brooklyn; Cypress Hills, Brooklyn; Jamaica, Queens"
  • 2002: The purpose of the research is to create a baseline assessment of prime and subprime mortgage lending in three communities where the New York Mortgage Coalition has funded outreach and organizing under its antipredatory lending project, the Homeownership Stabilization Initiative (HOSI). NEDAP analyzed lending and foreclosure data in relation to neighborhood demographic characteristics, including race, income, and housing composition. NEDAP also created maps showing data findings for New York City and for the three target neighborhoods close-up. This summary serves as a brief narrative guide to maps and charts that follow; it is not intended as a comprehensive report or detailed analysis of neighborhood lending.
    • Maps
    • Charts