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Housing Credit Program Remains a Successful Affordable Housing Tool

Posted By Administration, Monday, May 22, 2017
[Washington, DC - 5/12/2017] - The Low Income Housing Tax Credit (LIHTC) program is widely regarded as the most successful tool available for boosting private investment in the development and preservation of affordable housing in the United States. The program gives state and local allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, and new construction of rental housing targeted to lower-income households. With these funds, approximately 14 million low-income people have lived in affordable housing apartments financed by LIHTC since the program began in 1986. Furthermore, the program annually generates 96,000 jobs and $3.5 billion in taxes and other revenue for local economies. Read more.

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