FFIEC missing data

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  • #66005
    Elliott Balsley
    Participant

    I am searching for a home in priority areas, using the data from FFIEC. What should I do if FFIEC has incorrect or missing data? For example this address:
    108 W 2nd St, Los Angeles, CA 90012
    FFIEC shows the estimated income for this tract as $0. This is surely an error, but would this location qualify?

    I downloaded the entire FFIEC dataset and built a web app integration with Redfin to make it easier to search. Using this method, I actually found 60 tracts within LA County that show zero income. I’m curious how this happened.

    #66022
    TTrumble
    Member

    Hello @llamafilm,

    Unfortunately, only the FFIEC or more likely the Census Bureau can answer that question. Just for reference, that address is the Higgins Building, a mixed-use commercial and condo building in downtown L.A.

    I can only take a guess that there may not be enough data for that Census Tract to have calculated a median income since the area is much more commercial than residential, but again that’s only a guess.

    I’m going to do a little digging to see what I can find out about how we would handle that, and I’ll update this thread when I learn something.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 2 years, 6 months ago by TTrumble.
    #66245
    Elliott Balsley
    Participant

    That particular building has a few condos for sale, that’s how I found it on Redfin. There seem to be at least several dozen homes in this tract. I’m actually not interested in this location myself; the question just came up as I was building my application, and I was just curious how it would be handled. I suppose maybe NACA would look at this kind of location on a case by case basis.

    #66272
    TTrumble
    Member

    Hello llamafilm,

    After consulting with one of the regional directors, I was advised that we would take that “zero” median income literally!

    Our system probably wouldn’t take the zero figure and we would have to enter it as 1%, but it would be considered without question a priority area under 80% of the median income for the MSA.

    That location isn’t far at all from landmarks such as the Westin Boanventure Hotel, 7th & Figueroa with it’s mall and farmers market, and of course LA Live and the Staples Center. Might actually be worth considering!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66313
    TheLongJourneyHome
    Participant

    Can you share this app?

    #66322
    TTrumble
    Member

    Hello TheLongJourneyHome,

    It’s actually websites, for the Federal Financial Industry Examination Council (FFIEC) and Census Bureau:

    http://www.ffiec.gov
    http://www.census.gov

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66372
    Elliott Balsley
    Participant

    Yes I’m happy to share. Let me know if you find any problems with it. This shortcut works with the Redfin iOS app only. I may try to add a computer web browser option in the future if I have time. To clarify, this is my own work and is not affiliated with NACA in any way. I’m using US Census data to geocode the address and then look it up in the FFIEC database.

    Instructions:

    1. If you have never used iOS Shortcuts before, you may need to open the Settings app and allow untrusted shortcuts.
    2. Click this link on your iOS device and follow the prompt to “add untrusted shortcut” https://www.icloud.com/shortcuts/c09841427d8b4033a15fd8afc48d7ae4
    3. Find a house in the Redfin app and tap Share
    4. Tap More Options
    5. Tap NACA Lookup
    6. Wait a few seconds and you will see a notification. Deep press that to see a map, which is useful to make sure it found the right house.

    P.S. For some reason this forum keeps deleting my post. Maybe because I’m trying to include a screenshot.

    #66380
    Peapod0609
    Member

    I don’t have an iPhone but that is really cool! I am sure that will help members a lot. Anyone else able to use this tool that @llamafilm made?

    #66441
    TheLongJourneyHome
    Participant

    My ipad is outdated so it wont work right now, I’ll try it again later

    #66445
    Elliott Balsley
    Participant

    For anyone using a regular computer, you can access it here in a web browser. Just paste in either a Redfin URL or a street address

    http://home.llamafilm.com:43080/naca_web.php

    #66457
    Peapod0609
    Member

    I just tried it and it worked! That is very cool!


    @TTrumble
    , has NACA ever considered using something like this to assist members and agents in finding priority areas? This seems to be an extremely useful tool.

    At the very least I think @llamafilm should get some volunteer credits out of this, because this could help a ton of NACA members.

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