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The Differential Impacts of Federally Assisted Housing Programs on Nearby Property Values: A Philadelphia Case Study

Working paper #316
Chang Moo-Lee, Dennis P. Culhane and Susan M. Wachter

• In this study, federally assisted housing units by program type are aggregated by eighth or quarter mile radii around individual property sales, and regressed on sales prices from 1989-1991, controlling for demographic, housing, and amenity variables.
• Results show that public housing developments exert a modest negative impact on property values.
• Scattered site public housing and Section 8 certificates and vouchers have slight negative impacts.
• Federal Housing Administration (FHA) units and public housing homeownership programs have modest positive impacts, as do Section 8 New Construction and Rehabilitation units.
• Low Income Housing Tax Credit (LIHTC) sites have a slight negative effect.
• Overall, the results suggest that homeownership programs and new construction/rehabilitation programs have a more positive impact on property values.

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