GCI Working Paper Series - Community Development
Optimal Leverage in
Real Estate Investment with Mezzanine Lending
John F. McDonald
Professor Emeritus, Economics
Director, Center for Urban Real Estate
University of Illinois at Chicago
January 2007
GCP-07-02
The paper presents a theoretical analysis of the optimal leverage for
the purpose of investing in real estate under the condition that borrowing
in excess of a standard amount such as 70 to 80 percent of the purchase
price must be accomplished through a mezzanine loan with a high rate
of interest. The conditions under which a mezzanine loan is used are
derived. It is shown that a larger mezzanine loan is used the greater
is the required expected after-tax rate of return to equity. Investors
who choose greater risk require a higher expected after-tax return to
equity and therefore borrow more and purchase more real estate with
a given equity investment.
The
New Chicago School - Not New York or L.A.,
and Why It Matters for Urban
Social Science
Terry Nichols Clark
University of Chicago
September 2006
GCP-06-04
Michael Dear et al’s “LA School” builds on a critique
of the old Chicago school. This paper extends the discussion by incorporating
broader theories about how cities work, stressing culture and politics.
New Yorkers lean toward class analysis, production, inequality, dual
labor markets, and related themes--deriving for some from a secular
Marxism. LA writers are more often individualist, subjectivist, consumption-oriented;
some are also postmodernist. Chicago is the largest American city with
a heavily Catholic population, which heightens attention to personal
relations, extended families, neighborhoods, and ethnic traditions.
These in turn lead observers to stress culture and politics in Chicago,
as these vary so heavily by subculture. The paper outlines seven axial
points for a New Chicago School.
Urban
Aesthetics and the Excess of Fact
Helen Liggett
Professor, Maxine Goodman Levin College of Urban Affairs
Cleveland
State University
October 2006
GCP-06-05
The “excess of fact” describes the complexity and crowded
nature of un-staged photography, where many factors aside from the single
subject interact to create meaning. This essay examines the ways in
which three modes of “excess of fact” in urban life—echoes,
encounters and exchange—create an urban aesthetics. Taking back
the right to the city and dialogic occasions are explored in this discussion
of the construction of meaningful urban existence.
So Called Girl-on-Girl Violence
is Actually Adult-on-Girl Violence
Laurie Schaffner
Assistant Professor, Department of Criminal Justice
College of Liberal Arts and Sciences, University of Illinois at Chicago
Great Cities Institute Faculty Fellow 2003-2004
November 2005
GCP-05-03
This research briefly explores the idea of girl-on-girl violence and
argues that young women are indeed experiencing violence, but not necessarily
from each other, as much as from the effects of racism, sexism, misogyny,
homophobia, and poverty.
Principles and Practices
for Creating Systems Reform in Urban Workforce Development
Discussion Paper for The Brookings Institution Casey
Jobs Initiative Policy Retreat
Joan Fitzgerald
July 1999
GCP-99-2
This paper presents a framework for analyzing how to create effective
urban workforce development systems that are closely linked to economic
development initiatives. The paper identifies several key issues that
will have to be addressed in thinking through systems change.
Changing the
Way We Do Things Symposium
Summary Report
Thomas J. Lenz & Kimberly Gester
January 1998
GCP-98-2
This paper reports on the symposium titled, “Changing the Way
We Do Things,” conducted on the future of community development
in the Chicago region. This report details what was planned, what happened,
and what the participants thought about it.
Future Directions
of the Chicago Metropolitan Housing Development Corporation
Thomas J. Lenz
June 1996
GCP-96-9
This report addresses the goals of an affiliate corporation of the Chicago
Housing Authority (CHA) and the Chicago Metropolitan Housing Development
Corporation (CMHDC). It outlines a mission and a set of operating strategies
for the CMHDC, to support the development of programmatic initiatives.
Lessons from
the Field: Three Case Studies of Mixed-Income Housing Development
Michael F. Schubert & Alison Thresher
April 1996
GCP-96-4
This report presents case studies of mixed-income housing development
in three cities: Montgomery Count, Maryland; Atlanta, Georgia; and Boston,
Massachusetts. The studies examine local market conditions, the degree
of political support, and the financing and subsidy opportunities in
each city. The case studies seek to determine challenges and goals integral
to the provision of quality housing in urban areas.
Creating Mixed-Income Neighborhoods: A
Challenge to Chicago’s Leadership
Workshop Proceedings
April 1996
GCP-96-7
The conference agenda focused on the relationship of public housing
to mixed-income neighborhoods. The conference brought together national
experts, Chicago policy makers, developers, financial institutions,
neighborhood and civic leaders, and others.
Don’t Throw it Away! Documenting and Preserving Organizational
History
Sandra Florand Young
September 1995
GCP-95-1
This guide is intended to assist large and small organizations maintain
and preserve records and historically important documents. It offers
practical advice on records security and how to set up in-house archives,
as well as factors to consider should an organization want to archive
records at an outside institution
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