从政府直接提供到PPP——美国保障房的实践及借鉴

From Direct Government to PPP:Learning from the Affordable Housing in USA

一向直接政府提供的社会领域基础设施服务,为何以及如何转向私人出资并递送的PPP模式,是当下PPP推广应用中待解的难占、。本文介绍了美国保障房PPP演变的历史及经验。直接政府以及之后的政府出资、私人递送的间接政府模式的相继失败,导致了向PPP模式转变。PPP模式通过私人进行项目权益投资、政府提供付费流、资金无成本进入项目方式,成功解决了低现金流下的私人投资回报问题;同时通过"特殊目的实体"构建私人投资商和私人开发商之间的长期风险共担机制,从而为公私合作构建了稳固的私人合作伙伴。美国保障房PPP实践对中国有重要的启发及借鉴。

That why and how to change infrastructure- based human services,such as affordable housing and nursing home,from direct government provision to privately- financed and delivered PPP is a key question waiting to be fully answered in current run of PPP movement in China.For that purpose,this paper introduces the experience of affordable housing in the US.The affordable housing provision in the USA went onto the path of PPP largely due to the failure of public housing and then federal- subsidized private owned rental housing.The logic beneath the transition is in line with a shift towards the new governance mode.But how to help the private providers get reasonable return under low cash flow while the provision still satisfying public goods function？This is achieved through the private investing in equity,government providing return through tax credit,and investment going into the project at no cost,all three at once.Besides,the two private sides,i.e.,the financers and the developers are consolidated with risk sharing and skill complementary through the single purpose vehicle,so as to provide a solid private partner for PPP.The US affordable housing lends important lessons to PPP practices in China.