[Challenger]

The bond is the cost of infrastructure that was financed by the builder by selling bonds to investors, rather that financing those costs in the construction loan for the house. If the bond vehicle had not been used, the stated price of the home would, no doubt, been higher by the amount of the bond. If appraisal techniques were applied properly , on identical properties , the resulting total values would be equal on properties with and without bonds... possible differences for location adjustments. "There is no such thing as a free lunch" no matter what a salesman tells you.