The Federal Role in the Financing of Multifamily Rental Properties

Multifamily properties provide shelter for approximately one-third of the more than 100 million renters in the United States. Mortgages carrying an actual or implied federal guarantee have been an important source of financing for multifamily properties, particularly after the 2008–2009 recession. This report discusses four broad approaches to modifying the federal government’s role in the multifamily mortgage market.

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Replacing Military Personnel in Support Positions With Civilian Employees

In the Department of Defense, civilian workers in the support occupations that CBO analyzed cost the government as a whole about 30 percent less, on average, than military personnel. Consequently, the department could reduce federal costs by replacing some military personnel in support positions with civilian employees. If it replaced 80,000 military personnel in nondeploying units, it could eventually save $3.1 billion to $5.7 billion annually, depending on how many civilians would be required to replace them.

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Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016

In 2016, low- and moderate-income workers will face an effective marginal tax rate of 31 percent, on average. Federal individual income and payroll taxes will be the main contributors; that estimate also takes into account state individual income taxes and the phaseout, at various income levels, of the Supplemental Nutrition Assistance Program and the cost-sharing subsidies for health insurance. That rate will vary greatly by people’s income and other, nonfinancial characteristics.

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Federal Support for the Development, Production, and Use of Fuels and Energy Technologies

In fiscal year 2015, federal support for energy development, production, and use included an estimated $15.8 billion in tax preferences and $5.4 billion in spending by the Department of Energy. Tax preferences aimed at increasing oil production and at decreasing greenhouse gas emissions have been costly per additional barrel of oil produced and per ton of emissions reduced. DOE’s spending for technology development has had mixed results.

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CBO’s Revenue Forecasting Record

This report examines the accuracy of CBO’s revenue projections since 1982, the earliest year for which the information necessary to assess the forecasts is available. On average, the agency’s projections have been a bit too high—more so for projections spanning six years than for those spanning two—owing mostly to the difficulty of predicting when economic downturns will occur. The overall accuracy of CBO’s revenue projections has been similar to that of the projections of other government agencies.

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The Federal Role in the Financing of Multifamily Rental Properties
Replacing Military Personnel in Support Positions With Civilian Employees
Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016
Federal Support for the Development, Production, and Use of Fuels and Energy Technologies
CBO’s Revenue Forecasting Record