Meta-Analysis of Public–Private Partnership Models and Their Effectiveness in Funding Affordable Housing Projects Across the U.S.

Abstract

This study examines the effectiveness of Public–Private Partnerships (PPPs) in financing affordable housing projects across the United States through a meta-analysis of 29 cohorts published between 2015 and 2025. The findings reveal that PPPs generally improve housing outcomes, with a pooled hazard ratio of 1.10, indicating a significant positive effect compared with conventional public funding models. However, substantial heterogeneity across studies highlights that outcomes vary widely depending on governance quality, financing mechanisms, and policy environments. Strong positive effects were observed in contexts where fiscal accountability, risk-sharing, and policy support were well established, while weaker or null effects appeared where governance or financial frameworks were less robust. The analysis identifies tax-incentive and equity partnership models as the most effective in urban areas, while lease and concession models were more common in rural or small-scale projects. Results also point to significant challenges, including potential equity concerns and the risk of affordability erosion when subsidies expire. Overall, PPPs represent a promising mechanism for mobilizing private capital, enhancing efficiency, and diversifying housing finance, but their success is contingent on careful design, strong regulatory oversight, and context-specific implementation. These findings provide practical implications for U.S. housing policy, particularly in relation to the Housing Supply Action Plan and the Infrastructure Investment and Jobs Act, and underscore the need for long-term monitoring and equity-focused strategies.