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444 Simons, Magner and Baku Ongoing benefit items can be divided into three groups. First is the property tax, modeled out thirty years into the future. For direct property tax from the rehabbed units, the assessed value after the rehab was estimated and multiplied by the city share of the property tax rate. Interestingly enough, not all rehab expenses were translated into value (due to the investment instead into maintenance activities), so only about half of the rehab amount translated into an increased assessment. Calculating indirect property taxes from nearby units that were expected to experience an increase in value was more straightforward: the results of the Ding, Simons and Baku study (2000) were applied as stated above. The next item, also straightforward, was the calculation of loan repayments. Any principal and interest payments, according to the loan agreement, were modeled and assumed to be paid back. For default rates, an assumption was made that the loan would be paid back, unless there was information from the CDC or city administrator to the contrary. For deferred mortgages, local experience was relied upon as to forgiveness rates, which were generally quite high. The third type of benefit item .features ongoing taxes to be paid over time by new occupants to the city who reside in newly refurbished homes. These taxes include local income tax and local sales tax, if charged by the municipality. Because some occupants of units were already city residents, each CDC was asked about the proportion of new residents and only the fiscal benefits were applied to newcomers, on the basis of "increasing the size of the (fiscal) pie." Another assumption made was that households would not have moved to the city if not for the housing rehabilitation program, due to either to a lack of funding or a lack of supply of quality affordable housing. Economic (rather than fiscal) factors included non -budget items in the general economy outside the city budget. Economic benefits were tracked as one-time or ongoing effects. There are two broad groups. The first group is linked to fiscal benefits, including jobs created, retail sales and property value increases (which generate income tax, sales tax and property tax, respectively). The second group includes economic benefits such as abandoned units refurbished, new homeownership (and its associated benefits discussed earlier) and minority contractor participation. These items are identified but not linked directly to budgetary matters. Results of the Analysis Although the sample of ten case studies is not directly generalizable to house - rehabbing members of the Neighborhood Reinvestment Network or CDCs in general, taken as a body, the case material does provide some interesting insights as to the popularity of not-for-profit rehab programs. A few line items (administrative cost subsidies, property tax revenues) are examined in more detail. 24