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The Low-Income Housing Tax Credit Program at Year 25: An Expanded Look at its Performance

A CohnReznick Report

The Low-Income Housing Tax Credit Program at Year 25: An Expanded Look at its Performance offers a robust analysis of LIHTC property and portfolio performance, building upon the initial study released by Reznick Group, P.C. in August 2011.  This follow-up report, now issued by CohnReznick LLP due to Reznick Group's recent combination with J.H. Cohn,  delivers a comprehensive review of  portfolio operating results based on key property segments and U.S. geographies. It also provides an analysis of fund investment performance and portfolio composition.

The next phase of this analysis, which reviews the impact of the Community Reinvestment Act on tax credit pricing, has been completed and is in production. It will be published during the first quarter of 2013. Click for the full report.

The Expanded LIHTC Study: Here's What's Inside.


View a report overview including the table of contents, an index of figures and important disclaimers on the information provided.


Chapter 1: Executive Summary

View our summary of key findings and implications.



Chapter 2: Portfolio Performance

Access key performance measures based on 17,118 properties - roughly 70% of the entire inventory of housing tax credit properties actively managed by syndicators and/or investors.



Chapter 3: Portfolio Performance by Segment

See a detailed segmentation analysis based on property age, geographic region,  development type, tenancy type and top 10 MSAs.


Chapter 4: Underperforming Properties

See our analysis of underperforming properties –physical occupancy levels below 90 percent, debt coverage ratio below 1.00, or Insufficient cash flow to cover operating expenses.


Chapter 5: Fund Investment Performance

View fund-level performance data analysis of low-income housing tax credit property funds based on delivering originally projected yields and credits to investors.


Chapter 6: Portfolio Composition

Learn about the composition of a stabilized property sample consisting of 15,399 housing tax credit properties by various segmentation factors.



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