During the late 1930s, the Home Owners’ Loan Corporation (HOLC) developed a series of area descriptions with color-coded maps of cities that summarized mortgage lending risk. We analyze the maps to explain the oft-noted fact that black neighborhoods overwhelmingly received the lowest rating. Our results suggest that racial bias in the construction of the HOLC maps can explain at most 4 to 20 percent of the observed concentration of black households in the lowest-rated zones. We also provide evidence that the Federal Housing Administration had its own mapping strategies when evaluating mortgages and relied relatively little on the HOLC maps.

中文翻译：

---

HOLC 地图：种族和贫困如何影响 20 世纪 30 年代房地产专业人士对贷款风险的评估

20 世纪 30 年代末，房主贷款公司 (HOLC) 开发了一系列区域描述，其中包含城市的颜色编码地图，总结了抵押贷款风险。我们分析地图来解释一个经常被注意到的事实，即黑人社区绝大多数获得最低评分。我们的结果表明，HOLC 地图构建中的种族偏见最多可以解释观察到的评分最低区域中黑人家庭集中度的 4% 到 20%。我们还提供证据表明，联邦住房管理局在评估抵押贷款时有自己的绘图策略，并且对 HOLC 地图的依赖相对较少。