Abstract
State housing fmance agencies (SHFAs) have emerged over the last two decades as state governments’ major vehicles for promoting subsidized low-and moderate-income housing. The agencies use the net proceeds from their tax-exempt bond issues to make both multi-family and single-family mortgage loans at subsidized interest rates to developers and low-to-moderate income, first-time home buyers.1 In the 1980s, SHFAs issued large amounts of mortgage revenue bonds (MRBs) to fmance the purchase of houses. The large-scale use of MRBs has attracted the attention of scholars and policymakers to issues of the efficiency and equity of these bonds.
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