How Does the NMTC Program Affect Local Housing Markets

Brief

How Does the NMTC Program Affect Local Housing Markets

Abstract

To understand how NMTC investments affect local housing markets, we estimate the effects of different types of NMTC projects on home prices and residential mortgage lending. We find that home prices rise and residential lending increases in neighborhoods after an NMTC project (for projects expected to have a positive impact on the housing market). However, these results do not weaken as we look further away from the project. This may be because NMTC projects enter neighborhoods that are already growing or improving and because NMTC projects spur this development further.

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