The Consequences of Tax Exempt Debt for Private Real Estate Development: The Case of the Villages

Abstract | Several states, especially those where large master-planned communities are common, have legislation permitting the sale of tax exempt debt to support infrastructure development. Typically, the debt is issued by a special district that exercises many of the powers of a local government. While the particular legal structure may vary across the states, these special districts are often instrumentalities tied to a private real estate developer able to take advantage of the resources made available through bond financing.

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