୙ື⏘෌⏕◊✲఍ộẼỀẪụểπσ଀ᚨો᪃ᴾ㻌 㻌 㻌 㻞㻜㻝㻡ᖺ㻝㻞᭶㻣᪥ᮾி኱Ꮫබඹᨻ⟇኱Ꮫ㝔㻌 ᐈဨᩍᤵ䠄୙ື⏘ドๆ໬༠఍ᑓົ⌮஦䠅㻌ෆ⸨ఙᾈ
Email䠖naitou@pp.u-tokyo.ac.jpᵮᵰᵣᵍᵤᵫᄂ̲˟ί‫׎‬ʩႾὉிʮ‫ܖٻ‬σ͵ὸᴾ
ᅜᅵ஺㏻┬䛸㻌ᮾி኱Ꮫබඹᨻ⟇኱Ꮫ㝔䛿䚸㻌䛂㻼㻾㻱㻛㻲㻹◊ಟ఍䛃䜢ඹദ䛧䚸㻌㻞㻜㻝㻟䡚㻞㻜㻝㻡ᖺ䛻ィ㻟ᅇᐇ᪋䚹㻝㻞㻠䛾⮬἞య䛛䜙㻝㻢㻤ྡ䛾⫋ဨ䛜ཧຍ䚹㻌䛆◊ಟ఍䛾┠ⓗ䛇㻌䞉㻼㻾㻱䠄බⓗ୙ື⏘䠅䛸㻲㻹䠄᪋タ䝬䝛䝆䝯䞁䝖䠅䛾ྜ⌮໬䞉ຠ⋡໬䛻ྲྀ䜚⤌䜐⮬἞య⫋ဨ䛾▱㆑ඹ᭷䜔䝛䝑䝖䝽䞊䜽ᙧᡂ㻌䞉බⓗ୙ື⏘䜢䜎䛱䛵䛟䜚䛻ά⏝䛧䚸බඹ᪋タ䜢䜎䛱䛵䛟䜚䛻ά䛛䛩㻌ྠ◊ಟ఍䜢㏻䛨䛯▱ぢ䜔኱Ꮫ㝔䛷䛾◊✲ᡂᯝ䜢ᇶ䛻ᣋⴭ䛄ேཱྀῶᑡ᫬௦䛾බඹ᪋タᨵ㠉㻌 㻌䡚䜎䛱䛵䛟䜚䛜䜻䞊䝽䞊䝗䡚䛅䠄᫬஦㏻ಙ♫䠅䜢ᮏᖺ㻠᭶䛻ୖᱻ䚹㻌© Nobuhiro Naito㻌 㻌 㻌 㻌 2

ᾟᾡᾔᵍᾕᾜ৆ဦᴾ඲୙ື⏘䛾⣙4ศ䛾䠍䜢༨䜑䜛බⓗ୙ື⏘䛾⏕⏘ᛶྥୖ䜢ᅗ䜛© Nobuhiro Naito㻌 㻌 㻌 㻌 3πஊ‫ע‬᩿ᆢίɢᶆᵿὸỉਖ਼ᆆᴾ

297.9

201.8

1975

212.9

212.9

217.4

1980

1985

1990

309.0

226.7

1995

2000

බ᭷ᆅ䛾ቑຍ䠄䠍䠕䠕䠌䳑䠎䠌䠌䠓ᖺ䠅䠕䠎୓䡄䠽咑㮵ඣᓥ┴䛾㠃✚2007

ฟᡤ䠖䛄ᖹᡂ21ᖺ∧ ᅵᆅⓑ᭩䛅ᅗ⾲2-2-6䠷බ᭷ᆅ㠃✚䛾᥎⛣䠹䜘䜚సᡂ䚹ㄪ䛃䛻䜘䜚䚸ᅜᅵ஺㏻┬䛷㞟ィ䚹
㏻┬䛷㞟
ཎ㈨ᩱ䠖㈈ົ┬䛂ᅜ᭷㈈⏘ቑῶཬ䜃⌧ᅾ㢠⥲ィ⟬᭩䛃䚸⥲ົ┬䛂බඹ᪋タ≧ἣㄪ䛃䛻䜘䜚䚸ᅜᅵ஺㏻┬䛷㞟ィ䚹ᆅ䛻䛴䛔䛶䛿 ᅜᅵ஺㏻┬䛜ㄪᰝ䛧䛯ྜィ㠃✚
ὀ1䠖ᅜබ᭷ᆅ䛿䛂㈈ᨻ㔠⼥⤫ィ᭶ሗ䛃ཬ䜃䛂බඹ᪋タ≧ἣㄪ䛃䛛䜙ồ䜑䚸⚾᭷ᆅ䛻䛴䛔䛶䛿䚸ᅜᅵ஺㏻┬䛜ㄪᰝ䛧䛯ྜィ㠃✚㻌㻌 㻌 㻌 䛛䜙ᅜබ᭷ᆅ䜢ᕪ䛧ᘬ䛔䛯ṧ䜚䛸䛧䛶䛔䜛䚹
ὀ2䠖㠃✚䛿䚸ྛᖺᗘ䛸䜒ᖺᗘᮎ䠄3᭶31᪥䠅䛾ᩘ್䛷䛒䜛䚹
ὀ3䠖ᅜᅵ㠃✚䛸䛧䛶䚸䛣䛾௚䛻㐨㊰➼䛜⣙580୓ha䛒䜚䚸ᅜᅵ㠃✚඲య䛷3,779୓ha䛸䛺䛳䛶䛔䜛䠄ᖹᡂ18ᖺ䠅䚹© Nobuhiro Naito㻌4 㻌 㻌 㻌 4ଐஜỉɧѣငỉᚸ̖᫇ể৑ஊɼ˳ᴾ୙ື⏘䠄඲య䠅㻌 ⣙2,400඙෇䠄ὀ䠍䠅㻌㻌௻ᴗ୙ື⏘㻌 ⣙470඙෇㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 䠄ὀ2䠅཰┈୙ື⏘㻌㻌 ⣙㻞㻜㻤඙෇㻌㻌 㻌 㻌 㻌 㻌 㻌 㻌 䠄ὀ㻟䠅㻌බⓗ୙ື⏘㻌 ⣙570඙෇
㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 䠄ὀ4䠅ᆅ᪉බඹᅋయ㻌ᡤ᭷୙ື⏘㻌㻌 ⣙㻠㻞㻜඙෇䠄ὀ㻡㸧䠘ฟᡤ䠚ᅜᅵ஺㏻┬㈨ᩱ䠄䛂୙ື⏘ドๆ໬ᡭἲ➼䛻䜘䜛බⓗ୙ື⏘ 35(䠅䛾ά⏝䛾䛒䜚᪉䛻㛵䛩䜛᳨ウ఍䛃䠅䜢䜒䛸䛻సᡂ䠄ὀ䠅ᅜẸ⤒῭ィ⟬䠄ᖹᡂᖺᗘ☜ሗ䠅䠄ὀ㻞䠅ᅵᆅᇶᮏㄪᰝ䛻ᇶ䛵䛟᫬౯䝧䞊䝇䛾㔠㢠䠄ᖹᡂ㻞㻜ᖺ㻝᭶㻝᪥᫬Ⅼ䠅㻌䠄ὀ䠅358'(17,$/5($/(67$7(,19(67256䇿$%LUG VH\H9LHZRI*OREDO(VWDWH0DUNHV䠖XSGDWH䇿䠄෇᥮⟬䠅䠄ὀ䠅ᅛᐃ㈨⏘ཬ䜃ᅵᆅ䛾⥲㢠䠄ᖹᡂᖺᮎ᫬Ⅼ䠅䠄ὀ䠅ᆅ᪉බඹᅋయ䛜ᡤ᭷䛩䜛୙ື⏘䛾ᅛᐃ㈨⏘䛾⥲㢠䛿䚸୍⯡ᨻᗓ䛾ᡤ᭷䛩䜛ᅛᐃ㈨⏘䜢⥲ᅛᐃ㈨ᮏᙧᡂ䛾⣼ィ㢠䠄© Nobuhiro Naito㻌5 㻌 㻌 㻌 5‫עם‬৑ஊɼ˳Кỉ‫עܡ‬᩿ᆢᵆᶆᵿᵇểлӳᵆᵃᵇᴾฟᡤ䠖ᅜᅵ஺㏻┬ᅵᆅ䞉ᘓタ⏘ᴗᒁᅵᆅᕷሙㄢ䛄ᖹᡂ24ᖺᗘᅵᆅᡤ᭷䞉฼⏝ᴫἣㄪᰝሗ࿌᭩㻌 ⾲2-(9)-䐠䛅䜘䜚సᡂ© Nobuhiro Naito㻌6 㻌 㻌 㻌 6ἡἅἴἠỉዜਤሥྸỆỊ࡫ᚨᝲỉᵏᵌᵐ῍ᵐᵌᵓ̿ầ࣏ᙲᴾ䛆ᙜึᘓタ㈝㻩㻝䛸䛧䛯ሙྜ䛾䚸㻠㻜ᖺ㛫䛺䛔䛧㻢㻡ᖺ㛫䛻ᚲせ䛺㻌 㻌㻌 ᭱ᑠ㝈䠆䛾㐠Ⴀ⟶⌮䞉⥔ᣢಟ⧋㈝⣼ィ㢠䛇㻌㻌 㻌 䠆䛯䛰䛧㻢㻡ᖺ฼⏝䛾ሙྜ䚸㻠㻜ᖺ┠䛻኱つᶍᨵಟ䜢ᐇ᪋㻌ฟᡤ㸸┒ᒸᕷࡲࡕ࡙ࡃࡾ◊✲ᡤࠗᖹᡂᖺᗘ◊✲ሗ࿌᭩㸦ᖹᡂᖺ᭶㸧࠘ᅗ⾲ࢆࡶ࡜࡟సᡂ࠙ཎ㈨ᩱὀ㔘ࠚ ࣭ᴫ⟬⏝ࢹ࣮ࢱ࣮࣋ࢫ㸦஦ົᡤBᙧB&DVH㸧ࡢಟ⧋ࢥࢫࢺࢆᇶ࡟㸪ᆅᇦูಖ඲㈝ᣦᩘࡣᮾ໭ࡢ್ࢆ㸪୍⯡ᆅᇦᕤ஦㈝ᣦᩘࡣ┒ᒸࡢ್ࢆ౑⏝ࡋ⟬ฟࠋ ࣭኱つᶍᨵಟࡣࠊᖺ┠࡟ࠊ᪂⠏᫬ࡢ⣙๭⛬ᗘ㈝⏝࡛ᨵಟࡍࡿ࡜௬ᐃࠋ ࣭኱つᶍᨵಟࡢ㝿ࡣࠊ&DVH㸸ࠕࡍ࡭ࡁ㸩ᮃࡲࡋ࠸㸩஦ᚋಖ඲ࠖࡢಟ⧋ࢥࢫࢺࢆ౑⏝ࠋࡑࢀ௨እࡢ᫬ᮇࡢಟ⧋ࢥࢫࢺࡣࠕࡍ࡭ࡁࠖࡢࡳࢆ౑⏝ࠋ ฟ඾ᅜᅵ஺㏻┬኱⮧ᐁᡣᐁᗇႠ⧋㒊┘ಟ㸪㈈ᅋἲேᘓ⠏ಖ඲ࢭࣥࢱ࣮⦅㞟࣭Ⓨ⾜㸪㈈ᅋἲே⤒῭ㄪᰝ఍Ⓨ⾜ࠗᘓ⠏≀ࡢࣛ࢖ࣇࢧ࢖ࢡࣝࢥࢫࢺ࠘ ᖹᡂᖺ    ࡼࡾసᡂ© Nobuhiro Naito㻌 㻌 㻌 7˖ಅɧѣငỉዮӳႎễஇஊјМဇίᾒᾡᾔ৆ဦὸᴾᵡᶍᶐᶎᶍᶐᵿᶒᶃᴾᵰᶃᵿᶊᴾᵣᶑᶒᵿᶒᶃᾉᵡᵰᵣᴾ
ἠὅἅỴ᝻ငᴾ٥ҲᴾͺѦ‫ן‬጑ᴾἅỴ᝻ငᴾ䝁䜰㈨⏘ஊјМဇὉᾕᾜᴾ23© Nobuhiro Naito㻌 㻌 㻌 㻌 8ᾟᾡᾔ৆ဦểᾕᾜ৆ဦᴾ㻼㻾㻱䠄㻼㼡㼎㼘㼕㼏㻌㻾㼑㼍㼘㻌㻱㼟㼠㼍㼠㼑䠅ᡓ␎㻌䛂බⓗ୙ື⏘䛻䛴䛔䛶䚸බඹ䞉බ┈ⓗ䛺┠ⓗ䜢㋃䜎䛘䛴䛴䚸⤒῭䛾㻌 㻌 㻌άᛶ໬ཬ䜃㈈ᨻ೺඲໬䜢ᛕ㢌䛻䚸㐺ษ䛷ຠ⋡ⓗ䛺⟶⌮䚸㐠Ⴀ䜢㻌᥎㐍䛧䛶䛔䛣䛖䛸䛩䜛⪃䛘᪉䛃䠄䛄㻼㻾㻱ᡓ␎䜢ᐇ㊶䛩䜛䛯䜑䛻ᡭᘬ᭩䛅䠅㻌㻲㻹䠄㻲㼍㼏㼕㼘㼕㼠㼥㻌㻹㼍㼚㼍㼓㼑㼙㼑㼚㼠䠅ᡓ␎䛂௻ᴗ䚸ᅋయ➼䛜䚸⤌⧊άື䛾䛯䜑䛻᪋タ䛸䛭䛾⎔ቃ䜢⥲ྜⓗ䛻㻌௻⏬䚸⟶⌮䚸ά⏝䛩䜛⤒Ⴀ䛃ᡓ␎䠄䛄⥲ゎㄝ䝣䜯䝅䝸䝔䜱䝬䝛䝆䝯䞁䝖䛅䠅㻌 㻌㻌㻌 ㈨⏘ᛶ㻌 㻌 㻌 㻌 㻌㻼㻾㻱㻌 㻌 㻌 㻌 㻌 㻌㻲㻹㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 ฼౽ᛶ9
© Nobuhiro Naito㻌 㻌 㻌 㻌 8

ᵮᵰᵣᵍᵤᵫ৆ဦỉఋ࣎ᴾ㻼㻾㻱㻛㻲㻹ᡓ␎䛿䚸䠍䠊⾜ᨻ䛾ព㆑ᨵ㠉䠄᭱ᑠ䛾⤒㈝䛷᭱኱䛾ຠᯝ䜢ᣲ䛢䜛䠅㻌 㻌㻌 䛆ᆅ᪉⮬἞ἲ➨㻞᮲㻝㻠㡯䛇㻌㻌㻌 ᆅ᪉බඹᅋయ䛿䚸䛭䛾஦ົ䜢ฎ⌮䛩䜛䛻ᙜ䛴䛶䛿䚸ఫẸ䛾⚟♴䛾ቑ㐍䛻ດ䜑䜛䛸䛸䜒䛻䚸᭱ᑡ䛾⤒㈝䛷᭱኱䛾ຠᯝ䜢ᣲ䛢䜛䜘䛖䛻䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹㻌㻌䠎䠊ఫẸ䛾ព㆑ᨵ㠉䠄᪋タ䍴䡷䡬䢇䢚䡹䚸㈇ᢸ⪅ᕷẸ䛾⮬ぬ䠅㻌 㻌㻌 䐟䛂᪋タ䠙䝃䞊䝡䝇䠄౽┈䠅䛃䛷䛿䛺䛔䛣䛸㻌㻌 䐠฼⏝⪅ᕷẸ䛻㈇ᢸ⪅ᕷẸ䛸䛧䛶䛾⮬ぬ䜢ಁ䛩㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌䠏䠊䜎䛱䛾ᵓ㐀ᨵ㠉䠄ேཱྀῶᑡ᫬௦䛾᪂䛧䛔䜎䛱䛵䛟䜚䠅㻌㻌 㻼㻾㻱㻛㻲㻹ᡓ␎䛿䚸㒔ᕷ䞉ᆅᇦ䛜䜑䛦䛩䜉䛝᪉ྥ䜢ඛྲྀ䜚䛧䚸䛭䛣䛻㐍䜐䛯䜑䛾ྲྀ⤌䜏䛷䛒䜛䛣䛸䜢᫂♧䛩䜛䛣䛸䛜䚸ఫẸ䛾⌮ゎ䞉ᨭ᥼䛻䛴䛺䛜䜛㻌10© Nobuhiro Naito㻌 㻌 㻌 㻌 9ỿὊὁὊἛỊḙộẼỀẪụḚᴾ⾜㈈ᨻᨵ㠉䛸ᕷẸ฼౽䛾⥔ᣢቑ㐍䜢୧❧䛩䜛᪉ἲ© Nobuhiro Naito㻌 㻌 㻌 㻌 10

πσ଀ᚨો᪃ểộẼỀẪụᴾ♫఍ⓗ⫼ᬒ䛸ㄢ㢟㈈ᨻ㞴䜲䞁䝣䝷䞉බඹ᪋タ䛾⪁ᮙ໬ᣑᩓ䛧䛯ᕷ⾤ᆅᆅ⌫⎔ቃၥ㢟ேཱྀῶᑡ㧗㱋໬䝁䝭䝳䝙䝔䜱ᶵ⬟䛾⾶㏥

බඹ᪋タ䛾෌⦅䞉⤫ᗫྜ䜢㏻䛨䛯
㇏䛛䛷ᣢ⥆ྍ⬟䛺䜎䛱䛵䛟䜚© Nobuhiro Naito㻌 㻌 㻌 㻌 11ᵮᵰᵣ෇ဇởπσᵤᵫί଀ᚨἰ἟ἊἳὅἚὸỆӼẬẺ‫׎‬ỉ଀ሊᴾ¾ 䛄㻼㻾㻱ᡓ␎䜢ᐇ㊶䛩䜛䛯䜑䛾ᡭᘬ᭩䛅䠄ᅜ஺┬䠅䛆ᖹᡂ㻞㻝ᖺ㻡᭶䛇㻌㻌
¾ 䛄䜲䞁䝣䝷㛗ᑑ࿨໬ᇶᮏィ⏬䛅䠄䜲䞁䝣䝷⪁ᮙ໬ᑐ⟇䛾᥎㐍䛻㛵䛩䜛㛵ಀ┬ᗇ㐃⤡఍㆟䠅䛆ᖹᡂ㻞㻡ᖺ㻝㻝᭶䛇㻌㻌
¾ 䛄බඹ᪋タ➼⥲ྜ⟶⌮ィ⏬䛅䛾⟇ᐃ䜢඲⮬἞య䛻せㄳ䠄⥲ົ┬䠅㻌㻌 㻌 䛆ᖹᡂ㻞㻢ᖺ㻠᭶䛇㻌㻌
¾ 䛄䜎䛱䛵䛟䜚䛾䛯䜑䛾බⓗ୙ື⏘䠄㻼㻾㻱䠅᭷ຠά⏝䜺䜲䝗䝷䜲䞁䛅㻌 㻌 㻌㻌 㻌 䠄ᅜ஺┬䠅㻌 䛆ᖹᡂ㻞㻢ᖺ㻠᭶䛇㻌㻌¾ ᨵṇ㒔ᕷ෌⏕≉ูᥐ⨨ἲୖ䛾බⓗ୙ື⏘ά⏝䛾ດຊ⩏ົ㻌㻌 䛂❧ᆅ㐺ṇ໬ィ⏬䛾సᡂ䛻ᙜ䛯䛳䛶䛿䚸䞉䞉䞉ᕷ⏫ᮧ䛾ᡤ᭷䛩䜛ᅵᆅ䜎䛯䛿ᘓ⠏≀䛜᭷ຠ䛻ά⏝䛥䜜䜛䛣䛸䛸䛺䜛䜘䛖ດ䜑䜛䜒䛾䛸䛩䜛䛃䠄ྠἲ➨㻤㻝᮲➨㻝㻟㡯䠅㻌 㻌 㻌 㻌 㻌13© Nobuhiro Naito㻌 㻌 㻌 㻌 12ộẼỀẪụểπσ଀ᚨỉ᧙̞ᴾྵ‫נ‬ỉࡨᧈỂỊễẪẆẝụẺẟ‫ۋ‬ử੨ẨẆẸủửܱྵẴỦ૾ඥửᎋảỦᴾ
䐟⌧≧䛾ᢕᥱ䜎䛱䛾≧ἣ᪋タ䛾≧ἣྛ䜶䝸䜰䠄⏕άᅪ䛒䜛䛔䛿Ꮫᰯ༊➼䠅䛾ேཱྀᩘ䞉ேཱྀᐦᗘ䞉ᖺ㱋㝵ᒙᵓ㐀䚸஺㏻ᡭẁ䛾ศᢸ⋡䚸බඹ஺㏻ᶵ㛵䛾⤒Ⴀ≧ἣ➼䛾ᢕᥱ䠍䠅බඹ᪋タ䛾✀㢮䛚䜘䜃ᥦ౪䛩䜛㒔ᕷᶵ⬟䛤䛸䛾⥲౪⤥㔞䛚䜘䜃ྛ䜶䝸䜰䛾㓄⨨≧ἣ䛸䚸䛭䛾ぢ䛘䜛໬䠄㻳㻵㻿➼䜈䛾ⴠ䛸䛧㎸䜏䠅䠎䠅බඹ᪋タ䛾✀㢮ู䛚䜘䜃ಶู᪋タ䛾䝁䝇䝖≧ἣ䠄≀ⓗ⥔ᣢ⟶⌮㈝䛸䝃䞊䝡䝇஦ᴗ㐠Ⴀ㈝䠅䛸฼⏝≧ἣ䠄⌧ᅾ㟂せ䠅䛾ᢕᥱ䠏䠅බඹ᪋タ䛾⪁ᮙ໬䛾≧ἣ䛸᭦᪂㈝䛾᥎ᐃ䠐䠅ྛ✀Ẹ㛫䝃䞊䝡䝇䛾ྛ䜶䝸䜰䛾ᥦ౪䠄❧ᆅ䠅≧ἣྛ䜶䝸䜰䛾ேཱྀືែண 䠄ேཱྀᩘ䞉ேཱྀᐦᗘ䞉 ேཱྀືែண 䛻ᇶ䛵䛔䛶䚸බඹ᪋タ䛚䜘䜃Ẹ㛫᪋䐠⌧ᅾ䛾ᘏ㛗⥺ୖ䛛䜙᥎ ᖺ㱋㝵ᒙᵓ㐀➼䛾᥎ィ䠅タ䛻䛛䛛䜛㒔ᕷᶵ⬟ู䛾ᑗ᮶㟂せ䠄ᚲせ䠅㔞䜢᥎䛥䜜䜛ᑗ᮶䛾ぢ㏻䛧䠄ᑗ䛩䜛䚹᮶㟂せ㔞䛾ண 䠅䐡ㄢ㢟䛾᳨ウ䞉ᢳฟேཱྀᩘ䞉ேཱྀᐦᗘ䞉ᖺ㱋㝵ᒙᵓ㐀➼䛾᥎ィ್ බඹ᪋タ䛚䜘䜃Ẹ㛫᪋タ䛻䛛䛛䜛ྛ✀㒔ᕷᶵ⬟䛻䛴䛔䛶䚸㒔ᕷ䞉⮬἞య䛚䜘䜃ྛ䜶䝸䜰䛾ᣢ⥆ 䛾ᑗ᮶㟂せ㔞䛸⌧ᅾ䛾౪⤥≧ἣ䜢ᑐ↷䛧䛶䚸ᑗ᮶ྍ⬟ᛶ➼䛾ほⅬ䛛䜙䚸ၥ㢟Ⅼ䜔ㄢ㢟䜢᳨ウ䞉 ⏕䛨䜛㟂⤥䜼䝱䝑䝥➼䚸ྛ✀㒔ᕷᶵ⬟䛻㛵䛩䜛ㄢᢳฟ䛩䜛䚹㢟䜢᳨ウ䞉ᢳฟ䛩䜛䚹䐢ᨻ⟇௦᭰᱌䛾ᥦ♧䐡䛷᳨ウ䞉ᢳฟ䛧䛯ㄢ㢟䜢ゎỴ䞉ᨵၿ䛩䜛䛯䜑䛻䚸䜎䛱䛵䛟䜚䛸බඹ᪋タ⤒Ⴀᨵ㠉䜢㐃ᦠ䛥䛫䛯ᨻ⟇௦᭰᱌䜢᳨ウ䛧ᥦ♧䛩䜛䚹ྛᨻ⟇௦᭰᱌䜢ᐇ᪋䛧䛯ሙྜ䛻ᮇᚅ䛥䜜䜛䚸㒔ᕷ䜔ྛ䜶䝸䜰䛾ேཱྀືែ䛾ኚ໬䜔ྛ✀㒔ᕷᶵ⬟䛻䛛䛛䜛㟂⤥䜼䝱䝑䝥䛾ᨵၿ≧ἣ䜢᥎ᐃ䛩䜛䚹঺ыỉᦆử੮Ủᐯ඙˳᧓Ὁࢫ৑ϋỉᡲઃᴾ䖩኱ᆺᰯ䛾⤥㣗タഛ䛾వ๫䜻䝱䝟䝅䝔䜱䜢฼⏝䛧䛯ᑠᆺᰯ䜈䛾㓄㣗䜢⾜䛖ぶᏊ᪉ᘧ䜢௻ᅗ9኱ᆺᰯ䛾ᙜヱ⤥㣗᪋タ䛿ᘓ⠏ᇶ‽ἲୖ䛂ᕤሙ䛃䛸䛺䜚䚸䜒䛧኱ᆺᰯ䛜ఫᒃᑓ⏝ᆅᇦ䛻❧ᆅ䛧䛶䛔䛯ሙྜ䚸⏝㏵ᆅᇦไ㝈䛻᢬ゐ䛩䜛䛯䜑䚸≉ᐃ⾜ᨻᗇ䠄୰ᑠつᶍ䛾ᕷ⏫ᮧ䛷䛿㒔㐨ᗓ┴䠅䛾チྍ䛜ᚲせ䛸䛺䜛䠄ྠἲ➨48᮲䛚䜘䜃➨87᮲䠅
9ྠチྍ䛻䛿฼ᐖ㛵ಀ⪅䜈䛾බ㛤䛻䜘䜛ពぢ⫈ྲྀ䛚䜘䜃ᘓ⠏ᑂᰝ఍䛾ྠព䛜ᚲせ䠄ྠἲ➨48᮲➨14㡯䠅
9㒔㐨ᗓ┴䛾ᘓ⠏ᑂᰝ఍䜢ື䛛䛩䛾䛿ᕷ⏫ᮧ䛻䛸䛳䛶኱䛝䛺䝝䞊䝗䝹䛷䛒䜚䚸ᡭ㛫ᬤ䜒䛛䛛䜛䚹ᕷ⏫ᮧ䛸㒔㐨ᗓ┴䚸⾜㠉䞉⟶㈈㒊ᒁ䛸䜎䛱䛵䛟䜚㒊ᒁ䛾㐃ᦠ䛜㔜せ䛸䛺䜛
© Nobuhiro Naito㻌 㻌 㻌 㻌 14ዮ᣽ЪถỆӼẬẺφ˳ႎễᚘဒሊ‫ܭ‬ồỉُᴾ¾ ⥲ㄽ䛛䜙ᐇ᪋ィ⏬⟇ᐃ䜈䛾ቨ䠄⥲ㄽ㈶ᡂ䞉ྛㄽ཯ᑐ䠅㻌㻌㻌බඹ᪋タ䛾ྜ⌮໬䜢⥲ㄽ䛸䛧䛶䛖䛯䛖⮬἞య䛿ከ䛔䛜䚸㻌ලయⓗ䛺๐ῶ┠ᶆ䜔බඹ᪋タ෌㓄⨨ィ⏬䛻⮳䛳䛶䛔䜛䛸䛣䜝䛿䜎䛰ᑡ䛺䛔䚹㻌 㻌 㻌 㻌㻌¾ ඛ㐍ⓗ⮬἞య䛷䛿බඹ᪋タ䛾⥲㔞๐ῶ┠ᶆ䜢タᐃ㻌㻌㻌㻌㻌㻌 㻌 ⛙㔝ᕷ䠄⚄ዉᕝ䠅䠖㻠㻜ᖺ㛫䛷㻞㻜㻡㻜ᖺ䜎䛷䛻᭦᪂ᮇ䜢㏄䛘㻌㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 䜛᪋タ䛾⥲ᗋ㠃✚䜢㻟㻝㻑๐ῶ㻌㻌 㻌 ὾ᯇᕷ䠄㟼㻌ᒸ䠅㻌 䠖ᖹᡂ㻞㻞ᖺ䛛䜙㻠ᖺ㛫䛷᪋タᩘ䜢㻞㻡㻚㻢䠂㻌㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 㻌 䠄㻟㻤㻟᪋タ䠅๐ῶ㻌㻌 㻌 すᑿᕷ䠄ឡ㻌▱䠅㻌 䠖㻟㻜ᖺ㛫䛷⥲ᗋ㠃✚䜢㻝㻢㻑๐ῶ㻌 㻌㻌㻌
16
6© Nobuhiro Naito㻌 㻌 㻌 㻌 15ൟ᧓ỉჷऔể᝻᣿ỉ෇ဇᴾබඹ䝃䞊䝡䝇ᥦ౪䛻฼┈㏣ồືᶵ䜢ᑟධ䛧Ẹ㛫䛾▱ᜨ䛸ດຊ䜢ᘬ䛝ฟ䛩© Nobuhiro Naito㻌 㻌 㻌 17ൟ᧓ỉ᝻᣿ὉἠỸἡỸỉ෇ဇᴾ

㦵ኴ䛾᪉㔪䠄䠎䠌䠍䠏䠅䜘䜚䛄䜲䞁䝣䝷䛾⪁ᮙ໬䛜ᛴ㏿䛻㐍ᒎ䛩䜛୰䚸䛂᪂䛧䛟㐀䜛䛣䛸䛃䛛䜙䛂㈼䛟౑䛖䛣䛸䛃䜈䛾㔜Ⅼ໬䛜ㄢ㢟䛷䛒䜛䚹௒ᚋ䛿䚸Ẹ㛫䛾㈨㔠䞉䝜䜴䝝䜴䜢ά⏝䛩䜛䛣䛸䛻䜘䜚䚸䜲䞁䝣䝷䛾㐠Ⴀ䞉᭦᪂➼䛾ຠ⋡໬䚸䝃䞊䝡䝇䛾㉁ⓗྥୖ䚸㈈ᨻ㈇ᢸ䛾㍍ῶ䛜ᅗ䜙䜜䜛஦ᴗ䛻䛴䛔䛶䛿䚸PPP/PFI䜢✚ᴟⓗ䛻ά⏝䛩䜛䚹㻌 䛅㻌 㻌㻌 㻌 PPP䠖Public Private Partnership㻌 㻌 PFI䠖Private Finance Initiative© Nobuhiro Naito㻌 18㻌 㻌 㻌 18ᛡỉấ᣿ửᛡỉẺỜỆ̅ạỉẦᴾே䛜᭱䜒ៅ㔜䛛䛴┿๢䛻ྲྀ䜚⤌䜐䛾䛿䚸䛹䛾ሙྜ䛛䠛z⤒㦂๎䛷䛿䚸⮬ศ䛾䛚㔠䜢⮬ศ䛾䛯䜑䛻౑䛖䛸䛝䛻ே䛿᭱䜒┿๢䛻᣺䜛⯙䛖䚹㻌zᢞ㈨䛾ୡ⏺䛷䚸䝣䜯䞁䝗䝬䝛䝆䝱䞊䛻⮬ᕫ㈨㔠䜢୍⥴䛻㐠⏝䛩䜛⩏ົ䜢ㄢ䛩㻌䠄䇾㼕㼚㻛㼛㼚㻌㼠㼔㼑㻌㼟㼍㼙㼑㻌㼎㼛㼍㼠䇿䠅䛾䛿䛭䛾䛯䜑䚹㻌
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⮬ศ㻌

䐟㻌㈈ᨻᨭฟ㻌䐠㻌ឿၿ஦ᴗ䞉ᐤ௜㻌䝣䜯䞁䝗䝬䝛䝆䝱䞊㻌

PPP/PFI⮬ศ㻌㻔䐢ᶓ㡿䞉⫼௵㻕㻌䐡㻌ᢞ㈨䞉ᾘ㈝㻌
䝣䜯䞁䝗䝬䝛䝆䝱䞊䛜㻌⮬ศ䛾䛚㔠䜒ᢞ㈨㻌

© Nobuhiro Naito㻌 㻌 㻌 㻌 19ᾟᾟᾟ὾ᾟᾕᾘỉỿὊἯὅἚᴾ䠍Ẹ㛫㈨㔠ᢞ㈨䛻䜘䜛฼┈㏣ồ䠎ᛶ⬟Ⓨὀ䠄䠇➇தⓗᑐヰ䠅㻌䠏㻌 㻌 タィ䞉ᘓ⠏䞉㐠Ⴀ⟶⌮䛾୍యⓎὀẸ㛫䛾▱ᜨ䛸ດຊ䜢ᘬ䛝ฟ䛧䛶䚸බඹ᪋タ䛾䢓䡮䢈䡷䡮䡴䢕䡶䡹䢀䠄LCC䠅䜢᭱ᑠ໬
20
20ᾟᾕᾘỆấẬỦᾁếỉɼᙲễʙಅ૾ࡸί৑ஊ࢟७ὸᴾ
¾㻌 䠞䠫䠰᪉ᘧⅬᚨᚘ∝࡫ᚨ଺Ⅽ‒Ⅼᢃփ∝ዜਤሥྸ଺Ⅽ‒Ⅼʙಅኳʕ଺Ⅽ‒Ẹ㛫Ẹ㛫බඹ㑅ᐃ஦ᴗ⪅䛜᪋タ䜢タィ䞉ᘓタ䚹㑅ᐃ஦ᴗ⪅䛜᪋タ䜢ᡤ᭷䛧䚸බඹ䝃䞊䝡䝇䜢ᥦ౪䚹஦ᴗ⤊஢ᚋ䚸ᑐ㇟᪋タ䜢බඹ㒊㛛䛻ㆡΏ䚹

¾㻌 䠞䠰䠫᪉ᘧⅬᚨᚘ∝࡫ᚨ଺Ⅽ‒Ẹ㛫බඹ㑅ᐃ஦ᴗ⪅䛜᪋タ䜢タィ䞉ᘓタ䛧䚸᏶ᕤᚋ䛻බඹ㒊㛛䛻ㆡΏὀ䠖ෆ㛶ᗓ䛂ᖹᡂ20ᖺᗘPFI䡭䢂䡩䡭䢕䢖䢊䢛䡬䢀䛃䜘䜚సᡂⅬᢃփ∝ዜਤሥྸ଺Ⅽ‒

Ⅼʙಅኳʕ଺Ⅽ‒

බඹබඹබඹ䝉䜽䝍䞊䛜ᡤ᭷䛩䜛᪋タ䜢㑅ᐃ஦ᴗ⪅䛜㐠Ⴀ䛧䚸බඹ䝃䞊䝡䝇䜢ᥦ౪㑅ᐃ஦ᴗ⪅䛾㐠Ⴀᶵ㛵⤊஢䚹᪋タ䛾ᡤ᭷ᶒ䛻ኚ໬䛺䛧21© Nobuhiro Naito㻌 㻌 㻌 㻌 21ᾟᾕᾘỉஜଓỆஇờẦễạỉầᵠᵭᵲ૾ࡸᴾ䠬䝥䝷䜲䝧䠉䝖䠄Private䠅䛺䠢䝣䜯䜲䝘䞁䝇䠄Finance䠅䛜䠥䜲䝙䝅䜰䝏䝤䠄Iinitiative䠅䜢ᥱ䜛୰㛗ᮇⓗ᪋タ㐠Ⴀ䛻䜘䜚ᢞ㈨ᅇ཰

ᾑᾞᾣ૾ࡸίᾑᵘ࡫ሰᴾ ᾞᾉᢃփᴾ ᾣᾉᆆ᠃ὸᴾ22© Nobuhiro Naito㻌 㻌 㻌 㻌 22ẐπσЎ᣼ồỉൟ᧓᝻᣿‫ݰ‬λẑỉᨣែίࢼஹỉᜭᛯὸᴾẐൟỉ᝻᣿ἅἋἚỊ‫ܫ‬ợụờ᭗ẟẑểẟạᛐᜤᴾᅜ䠄ᆅ᪉䠅䛾ಙ⏝䝸䝇䜽䠘௻ᴗ䛾ಙ⏝䝸䝇䜽බമ䛾ㄪ㐩䝁䝇䝖

䠘௻ᴗ䛾㈨㔠ㄪ㐩䝁䝇䝖♫఍㈨ᮏᩚഛ䛻Ẹ㛫㈨㔠䜢ᑟධ䛩䜛䛣䛸䛷䚸䛛䛘䛳䛶ᅜẸ㈇ᢸ䛜኱䛝䛟䛺䜛
23© Nobuhiro Naito㻌 㻌 㻌 㻌 24ἰἁἿႎỆỚẺ᝻᣿ἅἋἚỊ૎ࡅờൟ᧓ờӷẳᴾ¾බമ䛾ඖ฼ൾ㑏㔠䛾㈈※䛿᭱⤊ⓗ䛻䛿⛯㔠䚹㻌
¾⛯䛾㈇ᢸ⪅䛷䛒䜛Ẹ㛫㒊㛛䛾㐓ኻ฼┈䠄⛯䛾ᶵ఍㈝⏝䠅䜢⪃៖䛧䛯ሙྜ䚸ᐁẸ䛾㈨㔠䝁䝇䝖䛿䝬䜽䝻ⓗ䛻䛿ྠ䛨䚹㻌 㻼㻼㻼㻛㻼㻲㻵䛷䛿䚸䛭䜜䛜㢧ᅾ໬䛩䜛䛰䛡䚹㻌ᐙィ௻ᴗ䠄㈨㔠ᥦ౪⪅䠅㈨㔠㐠⏝⪅ぢ䛘䛦䜛䝁䝇䝖ᨻᗓ⛯䛾㐠⏝⪅ᮇᚅ฼₶䠄䜶䜽䜲䝔䜱䛾䝁䝇䝖䠅

ᢞ⼥㈨䜈䛾ᮇᚅ್䠄ᐙィ䛾㈨㔠䝁䝇䝖䠅ᶵ఍㈝⏝䠄Ẹ㛫㒊㛛䛾㐓ኻ฼┈䠅೉ධ㔠฼䠄䝕䝑䝖䛾䝁䝇䝖䠅බമ㔠฼䠄↓䝸䝇䜽㈨㔠䛾᫬㛫䝁䝇䝖© Nobuhiro Naito㻌 㻌 㻌 㻌 26ஜ఍ႎễൟ᧓᝻᣿෇ဇử̟ᡶẴỦਜ਼ፗᴾ¾๭㧗䛻ぢ䛘䜛Ẹ㛫㈨㔠ά⏝㻌 ᨻᗓ䠄ᅜ䞉⮬἞య䠅䛿ணỴ⟬䛷⛯䛾ᶵ఍㈝⏝䠄Ẹ㛫䛾㐓ኻ฼┈䠅䜢㻌ィୖ䛧䛺䛔䛾䛷䚸Ẹ㛫㈨㔠ά⏝䛜๭㧗䛺⾜Ⅽ䛻ᛮ䛘䛶䛧䜎䛖䚹㻌㻌 Ẹ㛫㈨㔠䜢㛗ᮇ㛫ά⏝䛩䜛㻮㻻㼀᪉ᘧ䛾䠬䠢䠥䛷䛿≉䛻๭㧗䛻ぢ䛘䜛䚹䛣䜜䛜㻼㻲㻵Ⓨ⚈ᅜ䛾䜲䜼䝸䝇䛷䛿୺ὶ䛾㻮㻻㼀᪉ᘧ䛜᪥ᮏ䛷䛿䛒䜎䜚㻌᥇⏝䛥䜜䛺䛔せᅉ䛾୍䛴䛻䛺䛳䛶䛔䜛䚹㻌¾VFMィ⟬䛻䛚䛡䜛ᐁẸ㈨㔠䝁䝇䝖䛾ྠ➼ᢅ䛔㻌 タィ䞉ᘓタ䞉㐠Ⴀ⟶⌮䛾୍యⓎὀ䠄notᚑ᮶ᆺⓎὀ䠅䜒PFIᑟධ䛾㻌㝼㊰䛸䛺䛳䛶䛔䜛䛣䛸䛻㚷䜏䜜䜀䚸ᑡ䛺䛟䛸䜒PFI䛾VFMィ⟬䛷䛿䚸ᐁẸ䛾㈨㔠䝁䝇䝖䛿ྠ䛨Ỉ‽䛸䜏䛺䛩䛣䛸䜢ཎ๎䛸䛩䜉䛝䚹㻌¾≉䛻๭㧗䛻ぢ䛘䜛BOT᪉ᘧ䜈䛾䜲䞁䝉䞁䝔䜱䝤㻌㻌 䜎䛯BOT᪉ᘧ䛾䝃䞊䝡䝇㉎ධᆺPFI஦ᴗ䛻䛿䚸⮬἞య䛻ᑐ䛧䛶㈈ᨻ
ᨭ᥼䠄䜲䞁䝉䞁䝔䜱䝤䠅䜢୚䛘䜜䜀䚸ᅜ䛸䛧䛶䛾඲య᭱㐺䛜ᅗ䜙䜜䜛䚹㻌© Nobuhiro Naito㻌 㻌 㻌 㻌 27ἀἵἕἩἧỳὅἙỵὅἂᴾ᮲௳୙฼ᆅᇦ䛻䛚䛔䛶䜒Ẹ㛫䛾▱ᜨ䛸㈨㔠䜢ᘬ䛝ฟ䛩᪉ἲ© Nobuhiro Naito㻌 㻌 㻌 28ẐἏἧἚễʖምСኖẑỉբ᫆ໜᴾ䝋䝣䝖䛺ண⟬ไ⣙බⓗ㒊㛛䛜⤒Ⴀ䛩䜛♫఍ⓗ౽┈䛿㧗䛔䛜ప᥇⟬䛺஦ᴗ
䠄ex.៏ᛶ㉥Ꮠ䛾බ❧⑓㝔䜔බႠఫᏯ䠅䛷⏕䛨䜛ᦆኻ䛾஦ᚋⓗ⿵ሸ䠄㉥Ꮠ䛾✰ᇙ䜑䠅㠀ຠ⋡⤒Ⴀ䛚䜘䜃♫఍ⓗ౽┈䜢㉸䛘䜛ᐁ㈝ᢞධ♫఍ⓗ౽┈䠄እ㒊⤒῭䠅

ᐁ㈝䛻䜘䜛
㉥Ꮠ⿵ሸ
⥲㈝⏝
⥲཰┈
© Nobuhiro Naito㻌 12㻌 㻌 㻌 29

ᵥᵿᶎᴾᶄᶓᶌᶂᶇᶌᶅỆợỦẐἡὊἛễʖምСኖẑồỉ᠃੭ᴾ㻳㼍㼜㻌㼒㼡㼚㼐㼕㼚㼓㻌䛷䚸Ẹ㛫⤒Ⴀ䛻䜘䜛㈝⏝๐ῶ䞉཰┈ቑ䜢㏣ồ⥲཰┈♫఍ⓗ౽┈䠄እ㒊⤒῭䠅⥲㈝⏝බⓗ⿵ຓ䠄gap funding䠅© Nobuhiro Naito㻌 㻌 㻌 㻌 30

ᵥᵿᶎᴾᶄᶓᶌᶂᶇᶌᶅỉᛢ᫆ᴾ¾ 㻳㼍㼜㻌㼒㼡㼚㼐㼕㼚㼓㻌䛻䜘䛳䛶බ㈝䜢ᢞධ䛩䜛௨ୖ䚸Ẹ㛫䛾⤒Ⴀຊ䜔஦ᴗ䛾ᣢ⥆ྍ⬟ᛶ䜢⾜ᨻ䛜ぢᴟ䜑䜛ᚲせ䛜䛒䜛䚹㻌
㻌
¾ 䛧䛛䛧⾜ᨻ䛾ᑂᰝ䛷䛿䚸୰❧ᛶ䞉ᐈほᛶ䠄ㄝ᫂㈐௵䠅➼䛾せㄳ䜔⤒Ⴀ⤒㦂䛾ᑡ䛺䛥䛛䜙䚸䛭䜜䜙䜢ホ౯䛩䜛䛣䛸䛜ᅔ㞴㻌㻌¾ ⡿ᅜ䛻䛿䚸䛣䛖䛧䛯⾜ᨻᑂᰝ䛾㝈⏺䜢䚸⛯㢠᥍㝖ไᗘ䛸ドๆ໬ᡭἲ䛾฼⏝䛻䜘䛳䛶ᕦ䜏䛻⿵䛖᪉ἲ䛜䛒䜛䠄㼑㼤㻚㻸㻵㻴㼀㻯䠅䚹© Nobuhiro Naito㻌 㻌 㻌 㻌 31⡿ᅜLow Income housing Tax Credit⛯㢠᥍㝖䛸ドๆ໬฼⏝䛻䜘䜛
ᢞ㈨ᐙ䜢㏻䛨䛯⿵ຓ㔠䛾஺௜

30
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 32©©
Nobuhiro㻸㻵㻴㼀㻯䠄㻸㼛㼣㻌㻵㼚㼏㼛㼙㼑㻌㼔㼛㼡㼟㼕㼚㼓㻌㼀㼍㼤㻌㻯㼞㼑㼐㼕㼠䠅䛸䛿¾ LIHTC䠄䝷䜲䝔䝑䜽䠅䛿䚸పᡤᚓ⪅⏝㈤㈚ఫᏯ䜢Ẹ㛫㒊㛛䛻౪⤥䛥䛫䜛䛯䜑䛾⿵ຓ䝥䝻䜾䝷䝮¾ 1987ᖺ䛛䜙᫬㝈ⓗ䛻ᐇ᪋䛥䜜䚸1993ᖺ䛛䜙ᜏஂ໬¾ 㐃㑥ᨻᗓ䛜ᕞᨻᗓ䜢㏻䛨䛶䚸ᘓタ㈝➼䠄ᅵᆅ௦䜢ྵ䜎䛺䛔䠅䛾70䠂䜢ୖ㝈䛻䝕䝧䝻䝑䝟䞊䛻⿵ຓ
䠄Gap funding䠅¾ ᪂⠏䛾௚䚸኱つᶍᨵಟ䜔䝁䞁䝞䞊䝆䝵䞁䜒ᑐ㇟¾ 䝝䝸䜿䞊䞁䞉䜹䝍䝸䝘䛺䛹䛻䜘䜛⿕⅏ᆅ᚟⯆஦ᴗ䛻䜒ά⏝Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 33©©
Nobuhiro㻸㻵㻴㼀㻯䠄㻸㼛㼣㻌㻵㼚㼏㼛㼙㼑㻌㼔㼛㼡㼟㼕㼚㼓㻌㼀㼍㼤㻌㻯㼞㼑㼐㼕㼠䠅䛸䛿¾ 㻝㻥㻤㻣ᖺ䛛䜙㻞㻜㻜㻤ᖺ䜎䛷䛻⣼ィ⣙㻝㻢㻣୓ᡞ䜢౪⤥㻌㻌㻌 㻌㻌 㻌 䠄㼏㼒㻚බႠఫᏯ䝇䝖䝑䜽䛿⣙㻝㻝㻡୓ᡞ䠅㻌¾ ఫᏯ䛾⏝㏵䛿䚸ᐙ᪘ྥ䛡䛜⣙㻡๭䚸䝅䝙䜰ྥ䛡䛜⣙㻟๭䚸䛭䛾௚䛜⣙㻞๭㻌ฟ඾䠖U.S. Department of Housing and Urban Development䇺Updating the LIHTC Database䇻2003䠉2007ᖺ㞟ィ䝕䞊䝍䛻ᇶ䛵䛝సᡂ

32
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 34©©
Nobuhiroᢞ㈨ᐙ䜢㏻䛨䛯⿵ຓ㔠䛾஺௜䠄㻸㻵㻴㼀㻯䛾≉ᚩ䠅୍⯡䛾⿵ຓ㔠䠄୍ᣓ┤᥋஺௜䠅ᨻᗓ⌧㔠䠄⿵ຓ㔠䠅⿕⿵ຓ஦ᴗ⪅

LIHTC䛻䜘䜛⿵ຓ䠄ศ๭㛫᥋஺௜䠅ᨻᗓ

TAX CREDIT䠄10ᖺ㛫䠅

ᢞ㈨ᐙ

పᡤᚓ⪅⏝
㈤㈚ఫᏯ
䝕䝧䝻䝑䝟䞊

䴼ᡭᙧ๭ᘬ
33
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 35©©
Nobuhiroᢞ㈨ᐙ䛻䜘䜛䝕䝧䝻䝑䝟䞊䛸㛤Ⓨ䝥䝻䝆䜵䜽䝖䛾ᑂᰝᨻᗓἧỳὅἛᴾᆋ᫇੘ᨊᴾ㓄ᙜ฼┈䝕䝧䝻䝑䝟䠉పᡤᚓ⪅⏝㈤㈚ఫᏯ

ᴾ ᴾ ᴾ Ј᝻ί৲᝻ὸᴾ

ᑂᰝ

ᢞ㈨ᐙ

㻌
䛆ᢞ㈨ᐙ䛜ཝ䛧䛟ᑂᰝ䛩䜛⌮⏤䛇㻌
¾ ᢞ㈨ᐙ䛿䚸⛯㢠᥍㝖䛸㓄ᙜ฼┈䛻䜘䛳䛶䚸ᢞ㈨䜢ᅇ཰䛧฼┈䜢☜ಖ䛧䛺䛡䜜䜀䛺䜙䛺䛔㻌¾ 䜒䛧䝕䝧䝻䝑䝟䞊䛜⿵ຓ᮲௳䜢Ᏺ䜙䛺䛔䛸䚸ᢞ㈨ᐙ䛿ᨻᗓ䛛䜙⛯㢠᥍㝖䛾㏉㑏䜢ồ䜑䜙䜜䜛
34
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 36©©
Nobuhiro㻸㻵㻴㼀㻯䛻䜘䜛⿵ຓ䛾≉ᚩ䠄ศ๭㛫᥋஺௜䠅㻌㻌㻌¾ ẖᖺ䛾㼀㻭㼄㻌㻯㻾㻱㻰㻵㼀䛾㔠㢠䠄⛯㢠᥍㝖㢠䠅䛿䚸㻝㻜ᖺ㛫䛾⌧ᅾ౯್ྜィ䛜ᘓ⠏㈝➼䛾㻣㻜䠂䛻䛺䜛䜘䛖䛻タᐃ䚹⌧ᅾ䛿㻥䠂㻛ᖺ䛻ᅛᐃ㻌㻌 ⌧ᅾ౯್ྜィ㻌㻌㻣㻜㻑㻌㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻥㻑㻌㻌㻌㻌㻌㻌¾ 㻞㻜㻜㻣ᖺ䛿䚸⣙㻣㻡㻘㻜㻜㻜ᡞ䜢ᑐ㇟䛻⣙㻢㻘㻟㻜㻜൨෇䠄80෇/$䠅䜢㓄ศ䠄㼀㼍㼤㻌㻯㼞㼑㼐㼕㼠䛾㻝㻜ᖺྜィ᥮⟬䠅㻌㻌
35
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 37©©
Nobuhiro㻸㻵㻴㼀㻯䛻䛚䛡䜛㼀㻭㼄㻌㻯㻾㻱㻰㻵㼀䛾ὶ䜜㻌
㐃㑥ᨻᗓ

ᢞ㈨ᐙ

ᕞ䛾⥲ேཱྀ䜢ᇶ‽䛻ᕞ䛤䛸䛻ẖᖺᗘTax Credit⥲ᯟ䜢௜୚

Limited Partner
䠄99䠂䠅

TAX CREDIT

ᕞᨻᗓ/Housing Agencies
ಶู㛤Ⓨ஦ᴗ䜈䛾Tax Credit ๭ᙜ䠄䠙ᘓ⠏㈝➼䛾70%┦ᙜ䛾⿵⿵ຓ䠅

TAX CREDIT㻝㻜ᖺ㛫ẖᖺ䚸ᘓ⠏㈝➼䛾㻥䠂㻌䠄㻥䠂䛾⌧ᅾ౯್ྜィ䠙㻣㻜㻑䠅㻌

ᢞ㈨ᐙ䛻⛣㌿䛧䛯Tax Credit䛾ᑐ౯㻌 䠄䠙ᐇ㉁ⓗ䛻⿵ຓ㔠㻌 䛯䜛Credit Equity䠅ฟ㈨咁⣧ฟ㈨䠇⿵ຓ㔠咂TAX CREDIT䝟䞊䝖䝘䞊䝅䝑䝥⏦ㄳ䝕䝧䝻䝑䝟䞊
General Partner
䠄1䠂䠅

పᡤᚓ⪅⏝
㈤㈚ఫᏯ㛤Ⓨ36© NobuhiroNaito㻌
Naito 㻌 㻌 㻌 38
© Nobuhiro㻸㻵㻴㼀㻯䝣䜯䞁䝗㻌
10~100൨෇つᶍFUND䠄ぶ䝟䞊䝖䝘䞊䝅䝑䝥䠅
ᢞ㈨ᐙ

LPฟ㈨

Limited Partner(99%䠅

TAX
CREDIT䝅䞁䝆䜿䞊䝍䞊
General Partner(1%)

LP

ฟ
㈨

LP
TAX
CREDITฟ㈨ᶵ㛵ᢞ㈨ᐙ
䠄㖟⾜䞉ಖ㝤➼䠅LP
TAX
CREDITฟ㈨

TAX
CREDIT䡱䢉䢛䢖䡬䡿䡤䢙䡴䢚䞉䢆䢛䡬䢀䢁䡬䡸䡫䢈䢛䡱䢉䢛䢖䡬䡿䡤䢙䡴䢚䞉䢆䢛䡬䢀䢁䡬䡸䡫䢈䢛䡱䢉䢛䢖䡬䡿䡤䢙䡴䢚䞉䢆䢛䡬䢀䢁䡬䡸䡫䢈䢛䝕䝧䝻䝑䝟䞊䠝
General Partner䝕䝧䝻䝑䝟䞊䠞
General Partner䝕䝧䝻䝑䝟䞊䠟
General Partnerపᡤᚓ⪅⏝㈤㈚ఫᏯ㛤Ⓨపᡤᚓ⪅⏝㈤㈚ఫᏯ㛤Ⓨపᡤᚓ⪅⏝㈤㈚ఫᏯ㛤Ⓨ䝁䝭䝳䝙䝔䜱෌ᢞ㈨ἲ䛷䚸㖟⾜䛻䛿♫఍ᢞ㈨䛜
ዡບ䛥䜜䚸༙䜀⩏ົⓗ䛻䛺䛳䛶䛔䜛䚹㻸㻵㻴㼀㻯䝣䜯䞁䝗䛿䛭䛾᭱䜒Ᏻ඲᭷฼䛺ᢞ㈨᪉ἲ
䛸䛧䛶ேẼ䛜㧗䛔䚹㻌

37
Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 39©©
Nobuhiro⾜ᨻ䛸ᢞ㈨ᐙ䛻䜘䜛஧㔜䛾ᑂᰝ䞉䝰䝙䝍䝸䞁䜾㻌ᕞᨻᗓ/ᕷ䞉䜹䜴䞁䝔䜱ィ⏬

㐠Ⴀ

Public Housing Agencies

ᢞ㈨ᐙ/䝅䞁䝆䜿䞊䝍䞊䞉ᕞ䛾ศ㓄ィ⏬䛸㐺ྜⓗ䛛䞉ᒃఫỈ‽ᇶ‽䜢‶䛯䛧䛶䛔䜛䛛䞉㈝⏝ぢ✚䜒䜚䛿ጇᙜ䛛䞉஦ᴗィ⏬䛿ጇᙜ䛛䞉䝕䝧䝻䝑䝟䞊䛿ಙ㢗䛷䛝䜛䛛䞉䝕䝧䝻䝑䝟䞊䛾䝬䞊䜿䝔䜱䞁䜾⬟ຊ䛿༑ศ䛛䞉䜸䝨䝺䞊䝍䞊䛿ಙ㢗䛷䛝䜛䛛䞉஦ᴗ䛾䝣䜱䝆䝡䝸䝔䜱䞊䛿☜䛛䞉ሗ࿌⩏ົ䜢䛿䛯䛧䛶䛔䜛䛛䞉ᇶ‽䜢‶䛯䛩పᡤᚓ⪅䜢䚸ᑐ඲ఫᡞᩘᇶ‽๭ྜ௨ୖ䛾ఫᡞ䛻ධᒃ䛥䛫䛶䛔䜛䛛
䞉㈤ᩱỈ‽䛿ᇶ‽್௨ୗ䛛䞉ධᒃ⋡䜔㈤ᩱ䛜ィ⏬䛹䛚䜚☜ಖ䛷䛝䛶䛔䜛䛛䞉ᚲせ䛺䝃䞊䝡䝇Ỉ‽䛜⥔ᣢ䛥䜜䛶䛔䜛䛛䞉つไᇶ‽䜢‶䛯䛧䛶䛔䜛䛛‽๎䛻๎䜚䚸タィ䞉㐠Ⴀ䛥䜜䛶䛔䜛䛛䝕䝧䝻䝑䝟䞊పᡤᚓ⪅⏝㈤㈚ఫᏯ㛤Ⓨ஦ᴗ䛜ୖᡭ䛻㐠Ⴀ䛥䜜䛶䚸ᡂຌ䛩䜛䛛୰❧ᛶ䞉ᐈほᛶ䛜ᙉ䛟せㄳ䛥䜜䜛⾜ᨻᑂᰝ䛾㝈⏺䜢ᢞ㈨ᐙ䛜⿵᏶
38© Nobuhiro Naito 㻌 㻌 㻌 㻌 40⿵ຓ㔠䛾┤᥋஺௜䛸ẚ䜉䛯㻸㻵㻴㼀㻯䛾฼ⅬḞⅬ䕿ᕷሙつᚊ䠄㼙㼍㼞㼗㼑㼠㻌㼐㼕㼟㼏㼕㼜㼘㼕㼚㼑䠅䛻䜘䛳䛶䚸⿵ຓ஦ᴗ䛾㑅ู䛚䜘䜃㛤Ⓨ䞉㐠Ⴀ䛾ຠ⋡໬䜢ᅗ䜛䛣䛸䛜䛷䛝䜛฼Ⅼ䕿ᜏஂ⛯ไ䛻ᇶ䛵䛟⿵ຓไᗘ䛾䛯䜑䚸ᖺᗘண⟬㓄ศ䛻䜘䛳䛶ᕥྑ䛥䜜䜛⿵ຓ㔠䛻ẚ䜉䛶Ᏻᐃⓗ䛷䛒䜚䚸䝕䝧䝻䝑䝟䞊䛿Ᏻᚰ䛧䛶䝥䝻䝆䜵䜽䝖䛾௙㎸䜏䛜⾜䛘䜛䚹䕿䜒䛧䝕䝧䝻䝑䝟䞊䜔䜸䝨䝺䞊䝍䞊䛜⿵ຓᇶ‽䛻཯䛧䛯ሙྜ䛻䜒䚸䝨䝘䝹䝔䜱䛿ᢞ㈨ᐙ䛜㈇䛖䛯䜑䚸పᡤᚓ⪅ྥ䛡㈤㈚ఫᏯ䛾⤒Ⴀ䛜ᅔ㞴䛻䛺䛳䛶ධᒃ⪅䛜୙฼┈䜢⿕䜛ྍ⬟ᛶ䛜ప䛔䚹䕿௙⤌䜏䛜㠀ᖖ䛻」㞧䛷䛒䜚䚸䝅䝇䝔䝮䞉䝁䝇䝖䜔䝇䝖䝷䜽䝏䝱䝸䞁䜾䞉䝁䝇䝖䛜኱䛝䛔

ḞⅬ䕿୙ἣ䛷ᢞ㈨ᐙ䛜㉥Ꮠ䛻㝗䜛䛸⛯㢠᥍㝖䛾䝯䝸䝑䝖䛜ኻ䜟䜜䚸⿵ຓไᗘ䛜ᶵ⬟䛧䛺䛟䛺䜛䠆ᐇ㝿䛻䚸䝃䝤䝥䝷䜲䝮䝻䞊䞁ၥ㢟䛻䜘䜚䚸LIHTC䝣䜯䞁䝗䛾୺䛯䜛ᢞ㈨ᐙ䛷䛒䜛㖟⾜䛜㌺୪䜏㉥Ꮠ䛻㝗䛳䛯䛯䜑䚸䝣䜯䞁䝗䜈䛾㈨㔠౪⤥䛜䝇䝑䝖䝥䛧䛯䚹䛣䜜䛻ᑐฎ䛩䜛䛯䜑㐃㑥ᨻᗓ䛿Tax Credit 䜢⌧㔠⿵ຓ䛸஺᥮䛩䜛ไᗘ䜢ᑟධ䛧䛯䚹
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Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 41©©
Nobuhiro᪥ᮏ䜈䛾䜲䞁䝥䝸䜿䞊䝅䝵䞁¾ 㻸㻵㻴㼀㻯䛿䚸㻳㼍㼜㻌㼒㼡㼚㼐㼕㼚㼓䜢㏻䛨䛶䛂Ẹ㛫䛾▱ᜨ䛸㈨㔠䛃䜢
ᘬ䛝ฟ䛩䛯䜑䛾௙⤌䜏䛷䜒䛒䜚䚸పᡤᚓ⪅⏝ఫᏯ䜔㻌㧗㱋⪅⏝ఫᏯ➼䛾ᩚഛ䞉᭦᪂䛻Ẹ㛫㈨㔠䜢ά⏝䛩䜛᪉ἲ䛸䛧䛶䚸᪥ᮏ䛷䜒᳨ウ䛻್䛩䜛䚹㻌㻌㻌㻌
¾ 䛧䛛䛧㻸㻵㻴㼀㻯䛾௙⤌䜏䛿㠀ᖖ䛻」㞧䛷䛒䜚䚸⿵ຓ஦ᴗ䛾㑅ู䜔䝰䝙䝍䝸䞁䜾䛻ᕷሙつᚊ䜢ᑟධ䛷䛝䜜䜀䚸㻌ᚲ䛪䛧䜒⛯㢠᥍㝖ᶒ䛸䛔䛖ᡭἲ䛻䛣䛰䜟䜛ᚲせ䛿䛺䛔㻌㻌¾ ౛䛘䜀ከᖺᗘ䛻䜟䛯䜛⿵ຓ㔠ㄳồᶒ䛾஺௜䛸䛔䛖㻌 㻌᪉ἲ䜒⪃䛘䜙䜜䜛䠄ᐇ㝿䚸⡿ᅜ䛷䜒䝸䞊䝬䞁䝅䝵䝑䜽ᚋ䚸㻸㻵㼀㻴㼀㻯䛾୺せᢞ㈨ᐙ䛷䛒䜛㔠⼥ᶵ㛵䛜㌺୪䜏㉥Ꮠ䛸䛺䜚⛯㢠᥍㝖ᶒ䛜౯್䜢႙ኻ䛧䚸⿵ຓ㔠ㄳồᶒ䛻ษ䜚᭰䛘䛯䛣䛸䛜䛒䜛䠅䚹㻌

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Nobuhiro Naito㻌
Naito 㻌 㻌 㻌 42©©
Nobuhiro