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Erschienen in:
2021 | OriginalPaper | Buchkapitel
How Many Low Income Housing Tax Credit Projects Will Be Preserved by Government at Year 30 and Beyond?
verfasst von : Zhengxu Zhu, Botong Song, Xiaoqiang Gong
Erschienen in: Proceedings of the 24th International Symposium on Advancement of Construction Management and Real Estate
Verlag: Springer Singapore
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Abstract
Low Income Housing Tax Credit (LIHTC) is the largest federal Housing program of all. In 1989, congress extended service life of LIHTC projects to 30 years. About 100,000 projects will end service annually from this year. This paper regards government behavior as exogenous variable and constructs a tripartite evolutionary game model from the perspective of irrational person to explore the evolutionary behavior of the owner group after the service expiration of LIHTC project. The results suggest that there may be multiple evolutionary stabilization strategies for project owners. The government can control the difference between subsidies and development costs to affect the income of participating LIHTC, adjust the difference between fair market rent and the actual market rental to affect the income of choosing the rental vouchers, and finally influence the proportion of the owners choosing certain strategy.