LIHTC Program Boosts Area Jobs, Income
The benefits of the low-income housing tax credit (LIHTC) program extend beyond the families occupying the approximately 200 affordable housing units that are financed each year in New Hampshire, says a recent study by the New Hampshire Finance Housing Authority. According to the report, the LIHTC developments are an important and ongoing source of income, taxes, and jobs for the state.
Commissioned by New Hampshire Housing and prepared by the National Association of Home Builders, the study estimates the economic impact of building 149 family and 53 seniors housing tax credit units in the state. The number of units is based on average annual tax credit production in New Hampshire.
The estimated one-year impacts of building 149 new family tax credit units in the state include: (1) $22.2 million in income for N.H. residents; (2) $2.8 million in taxes and other revenue for state and local governments; and (3) 328 jobs. The estimated annually recurring impacts include: (1) $6.1 million in income for N.H. residents; (2) $1.5 million in taxes and other revenue for state and local governments; and (3) 83 jobs.