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Do Housing Rehabs Pay Their Way? A National Case Study

Author

Listed:
  • Robert A. Simons

    () (Cleveland State University, Cleveland, OH 44115)

  • A. J. Magner

    () (ICI-Delux Paints Real Estate, Cleveland, OH 44115)

  • Esmail Baku

    () (Neighborhood Reinvestment Corporation, Washington, DC)

Abstract

This research focuses on if housing rehabilitation by community development corporations pays its own way. The recent experience of ten local housing organizations in the Neighborhood Reinvestment Corporation network is examined. These organizations assist homeowners in rehabbing existing units and acquire, rehab and transfer units to new occupants. The findings indicate that rehabbed housing units provide substantial benefits to the local economy. The rehabbed units return $0.55, on average, for every local government dollar invested. In addition, economic benefits such as increased property values and tax base, and construction jobs and permanent jobs were created and sustained.

Suggested Citation

  • Robert A. Simons & A. J. Magner & Esmail Baku, 2003. "Do Housing Rehabs Pay Their Way? A National Case Study," Journal of Real Estate Research, American Real Estate Society, vol. 25(4), pages 431-462.
  • Handle: RePEc:jre:issued:v:25:n:4:2003:p:431-462
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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