Matthew Klesta |

Research Analyst

Matthew Klesta, Research Analyst

Matthew Klesta is a research analyst in the Community Development Department of the Federal Reserve Bank of Cleveland. Matt joined the bank in 2007 and became a member of the Community Development team in 2009. His work focuses on urban revitalization, issues affecting low- to moderate-income communities, and the impact of natural resource extraction on rural communities.

Matt earned a bachelor’s degree in urban affairs from Cleveland State University.

Outside the bank, he enjoys backpacking in out of the way places and hopes to one day see Cleveland as the thriving metropolis it once was.

  • Fed Publications
Title Date Publication Author(s) Type


August, 2013 Federal Reserve Bank of Cleveland, working paper no. 13-11 ; Frank Manzo; Francisca G-C Richter; Mark S Sniderman; Working Papers
Abstract: In the aftermath of the Great Recession, many policy analysts are rethinking national housing policies, including affordable housing programs. We review the literature to compare the largest tenant-based (housing choice voucher or HCV) and place-based (low-income-housing tax credit or LIHTC) programs with respect to cost efficiency and access to better quality neighborhoods. We also provide an overview of low-income-rental-housing policy trends and perform a rough comparison of neighborhood quality across programs and counties, focusing on four main urban counties in the Fourth Federal Reserve District (Cuyahoga, Hamilton, and Franklin in Ohio, and Allegheny in Pennsylvania). We find that in spite of relatively stable real rents, affordability in the Ohio counties declined between 2005 and 2009 due to a drop in real incomes. We find that in Allegheny County during 2006-2009, neighborhood quality was comparable for rental units available through each of the two housing programs. We also find evidence that neighborhoods with LIHTC investments placed in service by 2000 in Allegheny County improved their quality by 2006-2009 relative to comparable neighborhoods, but we do not find similar evidence for the Ohio counties. Lacking tenant-level data on LIHTC renters, it is hard to explain these regional differences. Finally, we note that richer data reporting on various aspects of HCV and LIHTC would improve the ability of program administrators and policymakers to design, coordinate, and evaluate programs based on efficiency and effectiveness.



October 30, 2009 A Look Behind the Numbers ; A Look Behind the Numbers
Abstract: Although not directly affected by the boom and bust of the housing market, Appalachia, and more specifically rural Appalachia, might be fighting the current recession's aftershocks for quite some time. This report examines the data to learn how Appalachians in these counties are currently faring. Have they lost what little ground they gained from the late 1970s to the early part of this decade?