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Target Efficiency of State Home Ownership Programs

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  • Mark Lewis Matulef

    (National Association of Housing and Redevelopment Officials, Washington, DC)

Abstract

The United States government has promoted home ownership for over 50 years. The U. S. tax code provides a tax exemption on income earned on state and local mortgage revenue bonds issued to finance home ownership subsidy programs. The president's tax proposals to Congress would eliminate federally tax-exempt mortgage revenue bonds (MRBs). A total of 45 state housing finance agencies (HFAs) issue MRBs and impose income limits on program participants even without a federal requirement to do so. In 1983, a U.S. General Accounting Office report concluded that most MRB-financed single-family housing programs aided higher-income households in the majority. This author's study found, however, that the majority of assistance went to low- and moderate-income households. One-third of the HFAs did provide a majority of assistance to higher-income households. The study conducted for this article determined that the income limit imposed on program participants was an effective control on the degree to which low- and moderate-income households were program beneficiaries. The existence of legislative and executive oversight powers did not, however, have a significant impact on single-family program performance. National income limits or income-limit guidelines could result in greater target efficiency in home ownership programs.

Suggested Citation

  • Mark Lewis Matulef, 1986. "Target Efficiency of State Home Ownership Programs," Evaluation Review, , vol. 10(6), pages 715-756, December.
    • Handle: RePEc:sae:evarev:v:10:y:1986:i:6:p:715-756
    DOI: 10.1177/0193841X8601000601
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    References listed on IDEAS

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    1. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
    2. Barry Weingast, 1984. "The congressional-bureaucratic system: a principal agent perspective (with applications to the SEC)," Public Choice, Springer, vol. 44(1), pages 147-191, January.
    3. John Weicher, 1980. "Housing: Federal Policies and Programs," Books, American Enterprise Institute, number 650583, September.
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