Low-income housing tax credits: agencies implemented changes enacted in 2008, but project data collection could be improved: report to congressional c

By: Office, U. S. Government Accountability

"IRS and state HFAs administer the LIHTC program, the largest source of federal assistance for developing affordable rental housing. HFAs are allocated tax credits on a per capita basis and award them to developers. By acquiring project equity from developers, investors may become eligible for the credits, which offset federal tax liabilities. As part of HERA, Congress made changes to the program that included increasing credits allocated to states, setting a temporary floor on the most common LIHTC rate (the portion of eligible project costs for which a developer can receive credits), and giving HFAs more discretion in "enhancing" (i.e., increasing) awards. HERA also required GAO to study the changes, including the distribution of credit allocations before and after HERA. This report discusses (1) how IRS and selected HFAs implemented the HERA changes, (2) what HUD's data show about the number and characteristics of projects completed from 2006 through 2010 and any data limitations, and (3) stakeholders' views on the effects of the HERA changes on LIHTC projects. GAO reviewed IRS and state guidelines, analyzed HUD data on LIHTC projects, and spoke with federal, state, and industry officials."

• Format: Paperback
• Language: English
• ISBN: 1974191591
• ISBN13: 9781974191598
• Release Date: January 1
• Publisher: Createspace Independent Publishing Platform
• Length: 48 Pages
• Weight: 0.30 lbs.
• Dimensions: 0.1" x 8.5" x 11.0"