“Preserving Housing Credit Investment”
Enterprise Community Partners presents their findings of local and state housing agency review of the Low-Income Housing Tax Credit (Housing Credit) program. The Housing Credit program began almost 30 years ago and now over 80,000 Housing Credits complete their 15 year agreement yearly. Statistics gathered for the report represent Housing Credit property affordability, physical condition, financial condition, capital need, key challenges and best practices. The report concluded that the Housing Credit program continues to be very successful. Most properties have remained affordable and in good condition; the challenge will be to maintain and improve the properties over time.
The Low-Income Housing Tax Credit (Housing Credit) is the nation’s largest and most successful affordable rental housing production program. Since its creation in the Tax Reform Act of 1986, the Housing Credit has meant:
- $100 billion in private investment capital leveraged
- 2.6 million homes affordable for low-income families
- 95,000 jobs supported annually
In 2010, 50 percent of all multifamily housing starts were financed through the Housing Credit Program. (Source: National Association of Home Builders)
Read report: https://s3.amazonaws.com/KSPProd/ERC_Upload/0083269.pdf