An Analysis of the Neighborhood Impacts of a Mortgage Assistance Program: A Spatial Hedonic Model

Autor/inn/en	Di, Wenhua; Ma, Jielai; Murdoch, James C.
Titel	An Analysis of the Neighborhood Impacts of a Mortgage Assistance Program: A Spatial Hedonic Model
Quelle	In: Journal of Policy Analysis and Management, 29 (2010) 4, S.682-697 (16 Seiten) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0276-8739
DOI	10.1002/pam.20530
Schlagwörter	Neighborhoods; Program Effectiveness; Financial Support; Housing; Ownership; Real Estate; Municipalities; Economic Impact; Texas + Suchen Sie Ihr Suchwort? Neighbourhoods; Nachbarschaft; Finanzielle Förderung; Unterkunft; Eigentum; Grundstück; Magistrat; Ökonomische Determinanten
Abstract	Down payment or closing cost assistance is an effective program in addressing the wealth constraints of low-and moderate-income homebuyers. However, the spillover effect of such programs on the neighborhood is unknown. This paper estimates the impact of the City of Dallas Mortgage Assistance Program (MAP) on nearby home values using a hedonic model of home sales from 1990 to 2006. We define neighborhoods of 1,000 feet around each sale and estimate the average differences in sales prices between neighborhoods with various numbers of MAP properties before and after their appearance. We find that MAP properties tend to locate in neighborhoods with lower property values; however, unless a concentration of MAP properties forms, the infusion of MAP properties has little detrimental impact on neighboring property values. Moreover, low concentration of MAP properties has a modest positive impact on surrounding property values. (Contains 4 tables and 11 footnotes.) (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10