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What is the Economic Impact of a Neighborhood Revitalization Housing Program?

Abbreviated Question: 
What is the Economic Impact of a Neighborhood Revitalization Housing Program?
Answer: 

The primary issue you have identified is the shortage of houses, especially those priced below $150,000. Since there is not enough information to evaluate the entire situation, let's make a few assumptions and discuss how the tax rebate policy may play out under each of those scenarios.