Novogradac and Co., an accounting and consulting firm, has released a report highlighting the low-income housing tax credit (LIHTC) as the federal program enters its 30th year.
The 159-page report explains how the LIHTC program works and profiles 71 developments in 34 states and territories.
“For 30 years, the LIHTC has helped America’s less-fortunate citizens find quality, safe, affordable housing and this report highlights why and how it works,” says Michael J. Novogradac, managing partner in Novogradac’s San Francisco office. “As one developer says, the LIHTC is the ‘sun that all the other affordable housing programs revolve around.’ This report shows how that happens—and it also highlights the benefits to the nation as a whole.”
The program has helped develop 2.71 million homes through 2012 and finances approximately 95,000 affordable apartments each year, according to the report. It also creates about 96,000 jobs a year.
Nearly 33% of LIHTC households have an elderly member.