LIHTC’s 50-50 Outlook A Call to Action for Developers
According to industry experts at a recent conference, unless the affordable housing does something, the 26-year-old low-income housing tax credit (LIHTC) program has a 50% chance of surviving.
The low-income housing tax credit (LIHTC) has less than a 50 percent chance of survival if the affordable housing industry does nothing, said Terri Ludwig, president and CEO of Enterprise Community Partners.
Ludwig sounded the alarm to several hundred developers attending the AHF Live conference in Chicago.
She urged affordable housing developers to:
Show their LIHTC developments to Members of Congress as a means to get support for the program, and
Make sure their Members know that the LIHTC program creates jobs, even in the current economy.
“The National Association of Home Builders estimates that a typical 100-unit LIHTC development generates about 122 local jobs, $7.9 million in local income, and $827,000 million in taxes and other revenue for local governments in the first year.”
The article in Housing Finance reporting on the conference goes on to give information about market conditions, cost issues and political risks.