The Internal Revenue Service has announced an increase in the low-income housing tax credit (LIHTC) and private-activity bond caps for 2024.
The amount used to calculate the 9% LIHTC state ceiling will be the greater of $2.90 multiplied by the state population or $3,360,000. That’s an increase of 15 cents for the state multiplier, which is $2.75 this year. The state minimum receives a $175,000 increase, up from $3,185,000 this year.
On the private-activity bond side, the amounts used to calculate the state ceiling will be the greater of $125 multiplied by the state population, or $378,230,000. That’s an increase from this year’s $120 per capita multiplier and the $358,845,000 state minimum.
The volume caps were announced in IRS Rev. Proc. 2023-34.