Brief How Does the NMTC Program Affect Local Housing Markets
Brett Theodos, Christina Plerhoples Stacy, Daniel Teles, Christopher Davis, Ananya Hariharan
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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.

Research Areas Neighborhoods, cities, and metros
Tags Federal urban policies Job opportunities Community and economic development
Policy Centers Metropolitan Housing and Communities Policy Center