دانلود مقاله ISI انگلیسی شماره 49904
ترجمه فارسی عنوان مقاله

قیمت بازار از اعتبار مالیاتی خانه سازی کم درآمد

عنوان انگلیسی
The market price of Low-Income Housing Tax Credits
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
49904 2009 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Urban Economics, Volume 66, Issue 2, September 2009, Pages 141–149

ترجمه کلمات کلیدی
سیاست خانه سازی - هزینه های مالیاتی - عرضه مسکن
کلمات کلیدی انگلیسی
R31; R51; H25; H71Housing policy; Tax expenditures; Housing supply
پیش نمایش مقاله
پیش نمایش مقاله  قیمت بازار از اعتبار مالیاتی خانه سازی کم درآمد

چکیده انگلیسی

The Low-Income Housing Tax Credit (LIHTC) program awards a subsidy to private developers who construct and operate housing units with income-targeted rent controls for at least 15 years. The program allocated $6.6 billion to developers in 2006, and over 1.6 million units have been subsidized under the program since its inception in 1987. A historical literature suggests place-based housing subsidies, such as the LIHTC program, will be more expensive in providing the same level of housing support to the poor than tenant-based strategies (i.e., housing vouchers). This paper uses an administrative data series of LIHTC subsidized properties in California to show the program encourages developers to construct housing units that are an estimated 20% more expensive per square foot than average industry estimates. It is additionally shown that due to liquidity constraints faced by LIHTC primary developers in how the subsidy is allocated, virtually all developers sell the tax credits at a substantial discount below their statutory value immediately after construction. This price is estimated to be $0.73 per $1 of tax credit, or $1.8 billion annually, as compared to alternatively allocating a lump sum grant to developers.