What Happens to Low-Income Housing Tax Credit Properties at Year 15 and Beyond? - Summary
This summary of What Happens to Low-Income Housing Tax Credit Properties at Year 15 and Beyond? presents the report’s key findings and recommendations, focusing on the prospects for LIHTC properties to remain affordable after their affordability restrictions expire. The Low-Income Housing Tax Credit (LIHTC) Program has been a significant source of new multifamily housing for more than 20 years, providing more than 2.2 million units of affordable rental housing. LIHTC units accounted for roughly one-third of all multifamily rental housing constructed between 1987 and 2006. As the LIHTC matures, however, thousands of properties financed using the program are becoming eligible to end the program’s rent and income restrictions, prompting the U.S. Department of Housing and Urban Development’s (HUD’s) Office of Policy Development and Research (PD&R) to commission this study. In the worst case scenario, more than a million LIHTC units could leave the affordable housing stock by 2020, leading to a potentially serious setback to efforts to provide housing for low-income households.