AFFORDABLE HOUSING FINANCE
The Affordable Housing Industry’s Top 10 Stories of 2016
AHF, with help from industry leaders, counts down the top news events.Although different news surrounding the low-income housing tax credit (LIHTC), which marked its 30th anniversary in October, dominated the headlines for much of 2016, the presidential election and its subsequent waves have had the industry abuzz for the past six weeks.
Affordable Housing Finance, with help from its Editorial Advisory Board members, takes a look at 10 notable events for the industry from the past year -here's just one
Read entire list of Top 10 >> here
This year marks the 30th anniversary of the LIHTC program, which was established as part of the Tax Reform Act of 1986 under president Ronald Reagan. Over the past three decades, it has become the most successful federal program ever for the production and preservation of affordable housing, financing more than 2.9 million units and providing 6.7 million low-income households with homes they can afford across the nation.
“Rarely has a program been so well designed and implemented to produce such superior results that support and implement the objectives of local and state housing leaders at such minimal cost in federal oversight. It is, in essence, self-regulating,” says Conrad Egan, a senior advisor at the Affordable Housing Institute.
Bart Mitchell, president and CEO of The Community Builders, agrees.
“The LIHTC reached year 30 with much more consistent quality of housing and ongoing local support than any previous U.S. housing program. Private underwriting works. Moderate-income families and seniors in every congressional district in the United States have benefitted from the stability and health benefits of living in better quality housing. Recent studies have shown that adjacent property values have mostly increased when LIHTC housing is built,” he says