Low-income housing tax credit (LIHTC) developments placed in service in 2006 had an average annual tax credit allocation per unit of $8,321, according to a new update to the Department of Housing and Urban Development’s LIHTC database.
The average was highest in the Northeast, $12,000, and lowest in the South, $6,200.
This is the first time that data about the annual LIHTC amounts was collected. The report also paints a portrait of how housing tax credits are used with other funding sources, including HOME and Community Development Block Grants (CDBGs).
Of the projects placed in service from 2003 to 2006 with complete data on additional subsidies, 41.2 percent used no subsidized financing other than housing tax credits. Nearly 47 percent used one additional subsidy, and 10 percent used two additional sources.
About 29 percent of the projects placed in service between 2003 and 2006 used HOME funds. Rural housing Sec. 515 loans were used in nearly 7 percent of the projects, and CDBG funds, 6 percent.
Of the 2003 to 2006 projects targeted to specific populations, more than half were targeted to families and one-third for the elderly. About 12.5 percent were targeted to disabled residents, and nearly 5 percent to the homeless, according to the report by Abt Associates, Inc.
For more information, visit www.huduser.org.