Last Call for Comments on Study of LIHTC Program
July 12 is the last day that HUD will be accepting comments on its proposal for a “Study of the Low-Income Housing Tax Credit (LIHTC) Program After 15 Years.”
According to HUD, the LIHTC has become the federal government’s largest program subsidizing the development of affordable rental housing and has produced more than 1.8 million units since it began in 1987. The Department’s Office of Policy Development and Research has commissioned this study about what happened to LIHTC properties after the first 15 years, when the original use restrictions for properties that received tax credit allocations before 1990 expired, and when some tax credit properties after that date also were able to leave the program.
The HUD notice, which appears in the Federal Register, says, “The study represents an important opportunity for HUD to learn about the decisions owners and investors made with regard to LIHTC properties that reached the 15-year mark, whether properties no longer subject to LIHTC income and rent restrictions nonetheless continue to provide affordable housing for low-income renters, and whether properties still in the program are performing well financially.” The results of the study will be important for the LIHTC units that pass their 15-year mark over the next 10 years, and will help policymakers in their design of future programs.
The survey of LIHTC property owners is planned for Fall 2010, and will include data based on property owners’ experiences with the program, specifically looking at factors influencing owners’ decisions to sell their projects or continue with the program.
Comments on the study should be sent to: Reports Liaison Officer, Office of Policy Development and Research, HUD, 451 7th Street, SW, Room 8226, Washington, DC 20410 [FR-5382-N-11].