Nonprofit housing investment and local area home values
In the wake of the recent mortgage crisis, interest in neighborhood stabilization and redevelopment has shown renewed vigor. Decaying neighborhoods have been part of the urban landscape for decades, but their problems recently have been exacerbated by foreclosed and vacated properties, especially in low- and moderate-income areas. ; Edmiston analyzes the impact of housing investments in low- and moderate-income neighborhoods on neighborhood quality by estimating the effect of that investment on the value of nearby houses. Property values are a good measure of overall neighborhood impacts because they show the willingness of homeowners (or investors) to pay for neighborhood attributes. ; The analysis provides evidence that housing investments in low- and moderate-income neighborhoods generally increase the values of nearby homes, which in turn suggests that the investments engender quality improvements in the neighborhood.
Volume (Year): (2012)
Issue (Month): Q I ()
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References listed on IDEAS
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- Esteban Rossi-Hansberg & Pierre-Daniel Sarte & Raymond Owens III, 2008.
NBER Working Papers
14369, National Bureau of Economic Research, Inc.
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- Power, Anne, 2008. "Does demolition or refurbishment of old and inefficient homes help to increase our environmental, social and economic viability?," Energy Policy, Elsevier, vol. 36(12), pages 4487-4501, December.
- Baum-Snow, Nathaniel & Marion, Justin, 2009. "The effects of low income housing tax credit developments on neighborhoods," Journal of Public Economics, Elsevier, vol. 93(5-6), pages 654-666, June.
- James Harvey & Kenneth Spong, 2007. "Home financing in Kansas City and its contribution to low and moderate income neighborhood development," Financial Industry Perspectives, Federal Reserve Bank of Kansas City, issue Feb.
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- Shanti Gamper-Rabindran & Ralph Mastromonaco & Christopher Timmins, 2011. "Valuing the Benefits of Superfund Site Remediation: Three Approaches to Measuring Localized Externalities," NBER Working Papers 16655, National Bureau of Economic Research, Inc.
- Kelly D. Edmiston, 2011. "Low-income housing tax credit developments and neighborhood property conditions," Research Working Paper RWP 11-10, Federal Reserve Bank of Kansas City.
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