Mortgage Revenue Bonds: Housing Markets, Home Buyers and Public Policy

Front Cover
D. Durning
Springer Science & Business Media, Nov 30, 1991 - Business & Economics - 276 pages
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This book brings together much of the best policy-oriented research on state and local mortgage revenue bond (MRB) programs. Most of this re search was conducted to evaluate the impact of MRB subsidies on housing markets and potential home buyers. All of the research is concerned with the "so what" question often ignored by economists: it addresses the implications of the research results for public policy decisions concerning MRBs. The need for this book becomes apparent when reading the transcripts of congressional hearings on MRBs. At those hearings, the policy debate seems underinformed. Aside from discussions of the General Accounting Office's periodic evaluations of MRB programs and impassioned rebuttals by MRB proponents, the hearing testimony consists mostly of assertions and anecdotal evidence, with some "yes MRBs work" and "no they don't" exchanges. Although the research in this book may not improve the level of the policy debate on MRBs, it can inform decision makers, experts, and citizens interested in housing policy about issues that should be examined when considering the future of MRBs. Also, it can point other researchers interested in housing policy in the direction of the questions about MRB programs that need additional attention.
 

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Contents

Bonds for the American Dream A Political History of SingleFamily Mortgage Revenue Bond Programs
3
Rationing Eligibility for Mortgage Bond Loans
61
How Effective Are MRB Programs?
73
Economic Policy Analysis of Mortgage Revenue Bonds
75
Policy Instruments and Policy Outcomes Comparing the Arguments for Mortgage Revenue Bonds With Their Policy Results
89
The Value of Mortgage Interest Subsidies to Participants in the SingleFamily Mortgage Revenue Bond Program of a State Housing Finance Agency
113
Program Effectiveness of Mortgage Revenue Bonds in a Changing Economic Environment
125
An Alternative to Mortgage Revenue Bonds An Evaluation of the Mortgage Credit Certificate Program in North Carolina
135
Capitization and Mortgage Revenue Bonds Methodology Empirical Evidence and Policy Implications
163
Behavioral Responses to Mortgage Revenue Bond Subsidies Effects on Efficiency and Distribution
187
Capitalization of the Benefits of Mortgage Revenue Bond Financing Lessons from Empirical Research
211
Mortgage Revenue Bonds and Local Housing Markets
225
What Should the Future of MRBs Be?
240
The Future of Mortgage Revenue Bonds Where Do We Go From Here?
254
References
260
Index
272

The Effects of MRBs on Housing Markets
161

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