2023 Theses Master's
Public-Private Partnership in Affordable Housing, Comparing Current Practices in Jinhua, China and New York City
This thesis aims to investigate the roles of public-private partnerships (PPP) in the affordable housing industry. This thesis examines the “Agent Construction System” (ACS) business model in affordable housing development in China, the Low-Income Housing Tax Credit (LIHTC) system for affordable housing in United States, and more specifically, the New York City Housing Authority’s Permanent Affordability Commitment Together (NYCHA PACT) program to bring private partners into public housing in New York City.
Conscious of the difference in the local social, political and economic environment, and hence the vast varieties in the practices of PPP in housing, the literature review will provide an overview of the concept of PPP in affordable housing, and its practice in different countries. Current literature includes discussion on the application of PPP in housing in cities including Kolkata, India, and Hong Kong, as well as broader discussions on such us in countries including Malaysia and Nigeria.
In China, the “Agent Construction System” (ACS) is a line of business that gained increasing attention over the past several years in the real estate industry. The ACS was first officially defined by The State Council of the People's Republic of China in 2004 in the “Circulars on Investment Modes Reform”, which defined it as a process in which by means of bidding, a professional project management unit is selected to be responsible for construction, implementation, in order to strictly control project investment, quality and duration, and is responsible to hand over to the user after completion acceptance in non-profit government investment projects.
In United States, LIHTC has been used as the most prevalent funding source for affordable housing since the late 1980s. This research will examine the background of its establishment, and explore the reasons behind its effectiveness and longevity. In New York City, NYCHA PACT was launched to bring in more private involvement to provide funding for major renovation of the NYCHA housing stock. The program has been successful generating additional funding for NYCHA but also faces controversy. This research will also explore the different facets of the success and challenges in NYCHA PACT.
The research method will be primarily qualitative and include case studies, and interviews with professionals and scholars. It includes a history on the development of the Agent Construction System, and examples of how it has been implemented, from one case study of a project by Greentown Management. It will include a discussion on the role of public-perception and comparable precedents that those companies in China model from, notably from the public/affordable housing model in Hong Kong and Singapore. It will also include a discussion on the use of LIHTC in affordable housing, its advantages and shortcomings, success and challenges through NYCHA PACT, and the role of non-profit in the affordable housing industry in United States.
The research will discuss on the definition of success, the local conditions that seem facilitating to the development, and the specific strategies implemented by the public sector and the private firm to ensure the double bottom-line return, achieving both financial feasibility and social benefits.
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This item is currently under embargo. It will be available starting 2025-06-26.
More About This Work
- Academic Units
- Urban Planning
- Thesis Advisors
- Bou Akar, Hiba
- Degree
- M.S., Columbia University
- Published Here
- August 16, 2023