The low-income housing tax credit (LIHTC) has financed the development or preservation of more than 3.3 million homes since the federal program’s inception in 1986, according to an updated fact sheet from the ACTION Campaign.
The homes have served approximately 8 million low-income households across the nation. The program’s LIHTC investments have supported an estimated 5.2 million jobs and generated about $206 billion in tax revenue and $593 billion in wages and business income.
In addition to the national data, the ACTION Campaign has also released updated state and district fact sheets that advocates can use to show the importance of the LIHTC program.
The organization is calling on Congress to expand and strengthen the program, including setting a minimum 4% housing credit rate and increasing the annual housing credit allocation by at least 50%, phased in over two years, and adjusted for inflation beginning in 2021.
The ACTION Campaign represents over 2,300 organizations and businesses working to address the severe shortage of affordable rental housing by supporting the LIHTC.