The Low-Income Housing Tax Credit (LIHTC) has financed the construction, rehabilitation, or preservation of approximately three million rental housing units affordable to low-income households since its inception in 1987 (HUD, 2017), making it the largest national affordable housing program in the U.S. With some limited exceptions, federal law requires existing LIHTC housing to remain affordable for a minimum of 30 years, with some states extending the affordability period even longer. As the LIHTC program ages, the risk of current LIHTC units being lost from the affordable housing stock grows. Between 2020 and 2029, nearly half a million current LIHTC units, or nearly a quarter of the total stock, will reach their 30-year mark and the end of their federally mandated affordability restrictions (i.e. Year 30). Many of these units, without new capital investment for rehabilitation and renovation, are also at-risk of physical deterioration.
Preservation and Neighborhood Opportunity in the Low-Income Housing Tax Credit Program Beyond Year 30
Oct 18, 2018 | Affordable Housing Studies