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The Low-Income Housing Tax Credit Program at Year 30: Recent Investment Performance (2013-2014)


The Low-Income Housing Tax Credit (LIHTC) Program reaches its 30th anniversary in 2016, making it the longest tenured federal affordable housing program in history. During that period, the program has financed the construction or rehabilitation of roughly 2.8 million apartment units across the country1.

Over the years CohnReznick has tracked the economic performance of LIHTC properties and of the investments that financed their development. The current report, The Low-Income Housing Tax Credit Program at Year 30: Recent Investment Performance (2013-2014) provides detailed analysis of the performance of housing credit properties and the latest performance trends observed across the national housing tax credit portfolio consisting of 20,000 properties.

The report includes: 

  • Performance data for properties benefitting from the low-income housing tax credit compared against historical trends including occupancy (physical and economic), debt coverage ratio (DCR), and per unit per-annum cash flow

  • Extensive breakdown of property investment performance by 12 distinct regional areas; all 50 states and Guam, Puerto Rico, and the U.S. Virgin Islands; and 92% of the country’s MSAs

  • Analysis on which properties perform better or worse based on:
    • Geographic areas
    • Property Size
    • Property Type (Garden, High-Rise, Mid-Rise, Other)
    • Credit type (9%, 4%)
    • Developer type (For Profit, Non -Profit)
    • Tenancy Type (Family, Senior, Special Needs, Other)
    • Availability of rental assistance
    • Availability of property tax relief
    • Ranges of hard debt rations

  • Data on foreclosure rate and examination of the leading causes

  • Best practices for benchmarking your own portfolio
 
Previous Studies
 

Special Report: The Community Reinvestment Act and Its Effect on Housing Tax Credit Pricing

The Low-Income Housing Tax Credit Program: A Performance Update Analysis (2014)

LIHTC Program at Year 25: An Expanded Look at Its Performance (2012)

 

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