The Low-Income Housing Tax Credit Program at Year 30: An Operating Expense Analysis

    Colorful building iimage
    In the fifth in our series of reports addressing the performance of properties financed with federal low-income housing tax credits, CohnReznick has turned to the subject of operating expenses. The Low-Income Housing Tax Credit at Year 30: An Operating Expense Analysis is the first report we have issued that assesses housing credit properties' operating expenses and it is was designed to offer one of the most comprehensive studies undertaken on the subject.

    Operating Expense Summaries by State

    The color-coded map below provides summaries of key operating expense metrics for each of the 48 contiguous U.S. states (the full report also includes Alaska, Hawaii, Puerto Rico, and the U.S. Virgin Islands).

    Click on any state in the map below for a per unit per annum (PUPA) operating expense summary of:

    • Administrative costs
    • Salary expenses
    • Repair and maintenance expenses
    • Management fees
    • Insurance costs
    • Utility costs
    • Property taxes

    The state summaries in the report offer further detail, including a comparison to the national average for each expense category.

    Avg. PUPA Operating Costs
    Color Range
      $4200 and below
      $4201 to $5000
      $5001 to $6000
      $6001 and above



    Subject matter expertise

    • Cindy Fang

      CPA, Partner, Tax Credit Investment Services Leader, Project Finance & Consulting

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