Rationing Eligibility for Mortgage Bond Loans
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The “output side” of mortgage revenue bond (MRB) assistance has been studied extensively.1 That is, much has been written about the financial and demographic characteristics of first-time buyers who receive MRB loans and the extent to which this assistance materially affects home ownership. However, less is known about the “input side” of the equation: how the housing-finance agencies that issue these bonds ration eligibility for MRB loans. Information from this perspective can provide insight into how state and local housing-finance agencies manage these high-demand programs that have had extensive statutory flexibility to determine who may be served.
KeywordsEligibility Requirement Income Limit General Account Office Bond Fund Home Buyer
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