Abstract
Housing rehabilitation investments funded through programs such as the Community Development Block Grant (CDBG) have been shown to increase property values; however, whether the same market value returns to these investments is realized for racial minority homeowners has lacked empirical scrutiny. This article examines the impact of housing rehabilitation services, funded through the CDBG program, on changes in property values in Dallas County, Texas, between 2004 and 2020. Based on a prediction of the homeowner's race/ethnicity, we estimate the impact of these investments on property values using a Generalized Synthetic Control model. The results highlight that while the program is effective and enhances outcome equality, with no significant difference in property value effects between estimates for different race/ethnicity groups, outcome equity is not achieved. This goal imposes higher standards than efficiency or equality for policymakers wishing to pursue racial outcome equity requiring governments to tailor programs to overcome historical discrimination.