The low-income housing tax credit program supports nearly 96,000 jobs each year, according to revised industry estimates from the National Association of Home Builders (NAHB).
NAHB updated its economic impact model of home building, which indicates that for every 1,000 rental apartments developed approximately 1,130 jobs are supported for a year. Approximately 60 percent of those jobs are in the construction sector, with the remaining in associated industries such as manufacturing, transportation, and business service.
To analyze the impact of the housing tax credit program, NAHB used data from the National Council of State Housing Agencies Factbook to calculate industry activity.
The study then determined that annual LIHTC development activity supports approximately:
- 95,700 jobs;
- $3.5 billion in federal, state and local taxes paid; and
- $9.1 billion in economic income (wages and business income).