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19 Profilehousing constructed with low-income housing tax credits had no impact on property values in the Milwaukee metropolitan area, and led to an appreciation of property values in Madison.42 Mixing more affordable housing types with higher-end residen- tial development also can generate concerns about property values—such as the perception that multifamily housing will have negative effects on the property values of neighboring single-family homes. However, there is no evidence that multi- family communities have led to a devaluation of single-family homes nearby. In fact, according to the American Housing Survey, there is no evident difference in the appreciation of value of single-family homes located near apartments or condo- miniums and those that are not. For example, between 1997 and 1999, the average annual appreciation rate for single-family homes located within 300 feet of multifamily buildings was 2.9 percent compared with 2.7 percent for single-family homes hav- ing no apartments or condominiums within 300 feet.43 The Impact of Affordable Family Rental Housing on Home Values in the Twin Cities A study conducted in the Twin Cities by Maxfield Research examined how affordable rental tax-credit developments affected adjacent property values. The Family Housing Fund,a Minneapolis-based nonprofit organization that supports the creation of affordable housing in the Twin Cities,sponsored the study. The research concluded: “There is little or no evidence to support the claim that the tax-credit family rental developments in [the] study eroded surrounding home values.” More specifically,the study included the fol- lowing findings: •In general,homes in the subject areas around the 12 affordable tax-credit developments studied exhibited similar or stronger market performance after the affordable properties were built than before,as well as stronger or comparable home sales from a control group. •The markets surrounding the tax-credit develop- ments became stronger as a group compared with the Twin Cities overall. •The selling time on the market for nearby proper- ties varied comparably before and after develop- ment of the affordable rental housing. •As a group,the subject areas—with both town- houses and single-family homes—had a signifi- cantly higher average annual per-square-foot appreciation after the affordable rental devel- opments were built than before.45