HUD Updates Statistics in LIHTC Database
HUD’s Office of Policy Development and Research has released U.S. Housing Market Conditions for the first quarter of 2009. The report contains a quarterly analysis of housing production, marketing, affordability and interest rates, and the multifamily housing sector. The data are compared to the both the previous quarter and the first quarter of 2008. The report also highlights an update of the Low-Income Housing Tax Credit (LIHTC) Database, which now includes LIHTC-financed placed-in-service projects from 1995 through 2006. Here are some highlights:
- On average LIHTC units had 1.92 bedrooms. More than 23 percent of LIHTC units in the study period had three or more bedrooms, compared with only 11 percent of all apartment units nationally and 16 percent of all apartments built between 1995 and 2006.
- LIHTC projects placed in service from 1995 through 2006 were predominantly new construction, accounting for close to two-thirds (63.8 percent) of the projects. Rehabilitation of an existing structure was used in 35 percent of the projects, while a combination of new construction and rehabilitation was used in only a small fraction of LIHTC projects.
- The tax credit program requires that 10 percent of each state’s LIHTC dollar allocation be set aside for products with nonprofit sponsors. Overall, 29.3 percent of LIHTC placed-in-service projects during the period had a nonprofit sponsor. Other sources of subsidy included: tax-exempt bonds (20 percent) and RHS Section 515 loans (11 percent)
For more information, go to www.huduser.org/periodicals/ushmc.html.