New HUD Data on Whom LIHTC Program Serves and the Extremely Low Vacancy Rate for LIHTC Properties
The U.S. Department of Housing and Urban Development (HUD) released Understanding Whom the LIHTC Program Serves: Data on Tenants in LIHTC Units as of December 31, 2015.
The report highlights the importance and impact of the Housing Credit. The report provides information on the income, race, disability status, and household composition of tenants living in Low Income Housing Tax Credit (LIHTC)-assisted housing.
Of the properties for which data were reported:
- The median annual income of LIHTC households was $17,470.
- Approximately 44.5% of LIHTC households were extremely low-income households, with incomes at or below 30% the Area Median Gross Income (AMGI).
- The percentage of LIHTC households who were extremely low income ranged from 18.5% in Florida to 63.4% in Massachusetts.
- Six states did not provide adequate data to calculate the percentage of extremely low-income households served.
- Nearly 38% of LIHTC households received some form of additional rental assistance to help them meet their rental costs.
- The report indicates that 36.6% of LIHTC households spent more than 30% of their income on rent, making them housing cost-burdened, and 8.6% of LIHTC households spent more than 50%, making them severely housing cost-burdened.
- More than 2% of LIHTC households had no annual household income, so cost burdens were not calculated.
The report also presents data on the race and ethnicity of heads of households. Under fair housing laws, however, tenants are not required to share this information.
- 5% were non-Hispanic black or African American, and
2.5% were Asian American.
Approximately 11.4% of heads of households were Hispanic.
More than 26% of LIHTC households had at least one member 62 years of age or older, 28.7% of households included at least one child under the age of 18, and 9.5% included at least one person with a disability.
Between 2013-2015, the vacancy rate of Housing Credit properties dropped from 5% vacant to 4% vacant indicating the high demand for these homes.