A new look at creative finance
| Autor: | Diane K. Levy, William M. Rohe, Roberto G. Quercia |
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| Rok vydání: | 2000 |
| Předmět: | |
| Zdroj: | Housing Policy Debate. 11:943-972 |
| ISSN: | 2152-050X 1051-1482 |
| DOI: | 10.1080/10511482.2000.9521393 |
| Popis: | In his seminal work, Stegman contended that creative finance is an inefficient means of financing low‐income housing production. As evidence, he cited the high transaction costs associated with the complex financing structures that make a low‐income housing development feasible. In this article, we extend Stegman's work by examining the impacts of creative finance over time. We rely on data gathered as part of an evaluation of 36 housing developments sponsored by nonprofits. The data indicate that most of the developments in our study remained financially viable in part because of their reliance on creative finance. We find evidence supporting three positive impacts of creative finance: the establishment of long‐term partnerships, the increased community acceptance of low‐income housing developments, and the improved technical skills of organization staff. We also find that none of the long‐term negative impacts are inherent in creative finance and offer four suggestions on minimizing them. |
| Databáze: | OpenAIRE |
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