Firm Releases Report Highlighting 30 Years of LIHTC
Novogradac & Company LLP recently released a report on the beneficial effects of the LIHTC program. The report explains how LIHTC works and who lives in the affordable rental homes financed by the credit. The report also describes various types of LIHTC sites and looks at the credit from the perspective of residents, state housing agencies, developers, investors, and syndicators. The report also provides summary data to illustrate LIHTC’s impact over its 30-year lifetime:
- $100 billion in private equity capital to finance quality affordable apartments since the tax credit’s inception.
- 2.71 million homes built due to LIHTC from its inception through 2012.
- 90,000-95,000 apartment units built annually due to LITHC.
- .62% foreclosure rate for LIHTC sites over the history of the program.
When looking at who lives in LIHTC sites, the report states:
- 45% of residents’ incomes are at or below 30% of Area Median Income.
- 19% are between 30 and 40% of AMI.
- 17% are between 40 and 50% AMI.
- 13% are between 50 and 60% of AMI.
- 6% are at or above 60% of AMI.
- 36% of LIHTC households have had at least one member under 18 years old.
- 33% of households have had an elderly member.