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Statements

Subject Item
dbr:Low-Income_Housing_Tax_Credit
rdf:type
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rdfs:label
Low-Income Housing Tax Credit
rdfs:comment
The Low-Income Housing Tax Credit (LIHTC - often pronounced "lie-tech", Housing Credit) is a dollar-for-dollar tax credit in the United States for affordable housing investments. It was created under the Tax Reform Act of 1986 (TRA86) and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans, with affordability restrictions on the properties expiring 15-30 years later. LIHTC accounts for the majority (approximately 90%) of all newly created affordable rental housing in the United States today. As the maximum rent that can be charged is based upon the Area Median Income ("AMI"), LIHTC housing remains unaffordable to many low-income (<30% AMI) renters. The credits are also commonly called Section 42 credits in reference
dct:subject
dbc:Tax_credits dbc:Housing_in_the_United_States dbc:Affordable_housing dbc:Taxation_in_the_United_States
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n6:about_credits n7:lihtc.html n8:shcm.html n9: n12:hccp n9:housing-help n14:42- n20:index.php n20:8823_guide.php n21:sec5302.cfm n23:f8823.pdf n24:www.nationalcompliancepro.com
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dbt:Reflist dbt:Citation_needed dbt:R dbt:US_housing_by_state dbt:UStaxation dbt:More_citations_needed dbt:Living_spaces
dbp:date
January 2018
dbp:talk
Entire sections have no citations
dbo:abstract
The Low-Income Housing Tax Credit (LIHTC - often pronounced "lie-tech", Housing Credit) is a dollar-for-dollar tax credit in the United States for affordable housing investments. It was created under the Tax Reform Act of 1986 (TRA86) and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans, with affordability restrictions on the properties expiring 15-30 years later. LIHTC accounts for the majority (approximately 90%) of all newly created affordable rental housing in the United States today. As the maximum rent that can be charged is based upon the Area Median Income ("AMI"), LIHTC housing remains unaffordable to many low-income (<30% AMI) renters. The credits are also commonly called Section 42 credits in reference to the applicable section of the Internal Revenue Code. The tax credits are more attractive than tax deductions as the credits provide a dollar-for-dollar reduction in a taxpayer's federal income tax, whereas a tax deduction only provides a reduction in taxable income. The "passive loss rules" and similar tax changes made by TRA86 greatly reduced the value of tax credits and deductions to individual taxpayers. Less than 10% of current credit expenditures are claimed by individual investors. In 2010, the President's Economic Recovery Advisory Board (PERAB) estimated that the LIHTC program would cost the federal government $61 billion (an average of about $6 billion per year) in lost tax revenue from participating corporations from 2008-2017, as well as noting that some experts believe that vouchers would more cost-effectively help low income households. A 2018 report by the GAO covering the years 2011-2015 found that the LIHTC program financed about 50,000 low-income rental units annually, with median costs per unit for new construction ranging from $126,000 in Texas to $326,000 in California. LIHTC projects increase land value in surrounding neighborhoods.
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dbr:Credit
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