Introduction

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Data

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Analysis

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Results

NMTC Diff-In-Diff Models

Socioeconomic SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_SES with treat, post and cbsa (formula: SVI_FLAG_COUNT_SES ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and moderate proportion of variance (R2 = 0.18, F(50, 7187) = 32.37, p < .001, adj. R2 = 0.18)

The effect of treat × post is statistically significant and negative (beta = -0.42, 95% CI [-0.73, -0.12], t(7187) = -2.72, p = 0.007; Std. beta = -0.03, 95% CI [-0.05, -8.08e-03])

Since the effect of treat x post is statistically significant, we can conclude that the NMTC program had a measurable impact on socioeconomic status-related social vulnerability and economic outcomes.

Household Characteristics SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_HHCHAR with treat, post and cbsa (formula: SVI_FLAG_COUNT_HHCHAR ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and weak proportion of variance (R2 = 0.06, F(50, 7187) = 9.16, p < .001, adj. R2 = 0.05)

The effect of treat × post is statistically non-significant and negative (beta = -0.06, 95% CI [-0.29, 0.17], t(7187) = -0.51, p = 0.608; Std. beta = -5.87e-03, 95% CI [-0.03, 0.02])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on household characteristics-related social vulnerability and economic outcomes.

Racial and Ethnic Minority SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_REM with treat, post and cbsa (formula: SVI_FLAG_COUNT_REM ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.34, F(50, 7187) = 74.72, p < .001, adj. R2 = 0.34)

The effect of treat × post is statistically non-significant and negative (beta = -0.05, 95% CI [-0.13, 0.04], t(7187) = -1.02, p = 0.309; Std. beta = -9.74e-03, 95% CI [-0.03, 9.01e-03])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on racial and ethnic minority status-related social vulnerability and economic outcomes.

Housing and Transportation SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_HOUSETRANSPT with treat, post and cbsa (formula: SVI_FLAG_COUNT_HOUSETRANSPT ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.31, F(50, 7187) = 65.39, p < .001, adj. R2 = 0.31)

The effect of treat × post is statistically non-significant and negative (beta = -0.03, 95% CI [-0.24, 0.19], t(7187) = -0.26, p = 0.795; Std. beta = -2.54e-03, 95% CI [-0.02, 0.02])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on housing and transportation access-related social vulnerability and economic outcomes.

Overall SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_OVERALL with treat, post and cbsa (formula: SVI_FLAG_COUNT_OVERALL ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.27, F(50, 7187) = 52.77, p < .001, adj. R2 = 0.26)

The effect of treat × post is statistically non-significant and negative (beta = -0.56, 95% CI [-1.17, 0.05], t(7187) = -1.80, p = 0.072; Std. beta = -0.02, 95% CI [-0.04, 1.62e-03])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on socioeconomic, household characteristics, racial and ethnic minority status, and housing and transportation access-related social vulnerability and economic outcomes.

Median Income Economic Outcomes

We fitted a linear model (estimated using OLS) to predict MEDIAN_INCOME with treat, post and cbsa (formula: MEDIAN_INCOME ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and weak proportion of variance (R2 = 0.09, F(50, 7185) = 13.83, p < .001, adj. R2 = 0.08)

The effect of treat × post is statistically non-significant and positive (beta = 0.06, 95% CI [-7.16e-03, 0.14], t(7185) = 1.76, p = 0.078; Std. beta = 0.02, 95% CI [-2.22e-03, 0.04])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on Median Income-related social vulnerability and economic outcomes.

Median Home Value Economic Outcomes

We fitted a linear model (estimated using OLS) to predict MEDIAN_HOME_VALUE with treat, post and cbsa (formula: MEDIAN_HOME_VALUE ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.73, F(50, 6737) = 362.45, p < .001, adj. R2 = 0.73)

The effect of treat × post is statistically significant and positive (beta = 0.11, 95% CI [5.76e-03, 0.22], t(6737) = 2.07, p = 0.039; Std. beta = 0.01, 95% CI [6.80e-04, 0.03])

Since the effect of treat x post is statistically significant, we can conclude that the NMTC program had a measurable impact on Median Home Value-related social vulnerability and economic outcomes.

House Price Index Economic Outcomes

We fitted a linear model (estimated using OLS) to predict HOUSE_PRICE_INDEX with treat, post and cbsa (formula: HOUSE_PRICE_INDEX ~ treat + post + treat * post + cbsa) where treat represents NMTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.32, F(45, 1974) = 20.40, p < .001, adj. R2 = 0.30)

The effect of treat × post is statistically non-significant and positive (beta = 0.05, 95% CI [-0.13, 0.23], t(1974) = 0.55, p = 0.583; Std. beta = 0.01, 95% CI [-0.03, 0.05])

Since the effect of treat x post is not statistically significant, we cannot conclude that the NMTC program had a measurable impact on House Price Index-related social vulnerability and economic outcomes.

LIHTC Diff-In-Diff Models

Socioeconomic SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_SES with treat, post and cbsa (formula: SVI_FLAG_COUNT_SES ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and moderate proportion of variance (R2 = 0.18, F(50, 7187) = 32.37, p < .001, adj. R2 = 0.18)

The effect of treat × post is statistically significant and negative (beta = -0.42, 95% CI [-0.73, -0.12], t(7187) = -2.72, p = 0.007; Std. beta = -0.03, 95% CI [-0.05, -8.08e-03])

Since the effect of treat x post is statistically significant, we can conclude that the LIHTC program had a measurable impact on socioeconomic status-related social vulnerability and economic outcomes.

Household Characteristics SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_HHCHAR with treat, post and cbsa (formula: SVI_FLAG_COUNT_HHCHAR ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and weak proportion of variance (R2 = 0.06, F(50, 7187) = 9.16, p < .001, adj. R2 = 0.05)

The effect of treat × post is statistically non-significant and negative (beta = -0.06, 95% CI [-0.29, 0.17], t(7187) = -0.51, p = 0.608; Std. beta = -5.87e-03, 95% CI [-0.03, 0.02])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on household characteristics-related social vulnerability and economic outcomes.

Racial and Ethnic Minority SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_REM with treat, post and cbsa (formula: SVI_FLAG_COUNT_REM ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.34, F(50, 7187) = 74.72, p < .001, adj. R2 = 0.34)

The effect of treat × post is statistically non-significant and negative (beta = -0.05, 95% CI [-0.13, 0.04], t(7187) = -1.02, p = 0.309; Std. beta = -9.74e-03, 95% CI [-0.03, 9.01e-03])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on racial and ethnic minority status-related social vulnerability and economic outcomes.

Housing and Transportation SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_HOUSETRANSPT with treat, post and cbsa (formula: SVI_FLAG_COUNT_HOUSETRANSPT ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.31, F(50, 7187) = 65.39, p < .001, adj. R2 = 0.31)

The effect of treat × post is statistically non-significant and negative (beta = -0.03, 95% CI [-0.24, 0.19], t(7187) = -0.26, p = 0.795; Std. beta = -2.54e-03, 95% CI [-0.02, 0.02])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on housing and transportation access-related social vulnerability and economic outcomes.

Overall SVI

We fitted a linear model (estimated using OLS) to predict SVI_FLAG_COUNT_OVERALL with treat, post and cbsa (formula: SVI_FLAG_COUNT_OVERALL ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.27, F(50, 7187) = 52.77, p < .001, adj. R2 = 0.26)

The effect of treat × post is statistically non-significant and negative (beta = -0.56, 95% CI [-1.17, 0.05], t(7187) = -1.80, p = 0.072; Std. beta = -0.02, 95% CI [-0.04, 1.62e-03])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on socioeconomic, household characteristics, racial and ethnic minority status, and housing and transportation access-related social vulnerability and economic outcomes.

Median Income Economic Outcomes

We fitted a linear model (estimated using OLS) to predict MEDIAN_INCOME with treat, post and cbsa (formula: MEDIAN_INCOME ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and weak proportion of variance (R2 = 0.09, F(50, 7185) = 13.83, p < .001, adj. R2 = 0.08)

The effect of treat × post is statistically non-significant and positive (beta = 0.06, 95% CI [-7.16e-03, 0.14], t(7185) = 1.76, p = 0.078; Std. beta = 0.02, 95% CI [-2.22e-03, 0.04])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on Median Income-related social vulnerability and economic outcomes.

Median Home Value Economic Outcomes

We fitted a linear model (estimated using OLS) to predict MEDIAN_HOME_VALUE with treat, post and cbsa (formula: MEDIAN_HOME_VALUE ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.73, F(50, 6737) = 362.45, p < .001, adj. R2 = 0.73)

The effect of treat × post is statistically significant and positive (beta = 0.11, 95% CI [5.76e-03, 0.22], t(6737) = 2.07, p = 0.039; Std. beta = 0.01, 95% CI [6.80e-04, 0.03])

Since the effect of treat x post is statistically significant, we can conclude that the LIHTC program had a measurable impact on Median Home Value-related social vulnerability and economic outcomes.

House Price Index Economic Outcomes

We fitted a linear model (estimated using OLS) to predict HOUSE_PRICE_INDEX with treat, post and cbsa (formula: HOUSE_PRICE_INDEX ~ treat + post + treat * post + cbsa) where treat represents LIHTC program participation, post is the year of 2020 after starting period of 2010, and cbsa controls for metro-level effects.

The model explains a statistically significant and substantial proportion of variance (R2 = 0.32, F(45, 1974) = 20.40, p < .001, adj. R2 = 0.30)

The effect of treat × post is statistically non-significant and positive (beta = 0.05, 95% CI [-0.13, 0.23], t(1974) = 0.55, p = 0.583; Std. beta = 0.01, 95% CI [-0.03, 0.05])

Since the effect of treat x post is not statistically significant, we cannot conclude that the LIHTC program had a measurable impact on House Price Index-related social vulnerability and economic outcomes.

Discussion and Recommendations

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References

R Version

Analyses were conducted using the R Statistical language (version 4.3.2; R Core Team, 2023) on Windows 10 x64 (build 19045).

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Readings

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