We would just like to take the time to say Happy Birthday to the Low Income Housing Tax Credit, a wonderfully successful program that has dramatically increased the supply of affordable housing! Below is a quote from the Bipartisan Policy Center:
“As the Low-Income Housing Tax Credit (Housing Credit) enters its twenty-eighth year, it boasts a remarkable track record of doing exactly that which it was intended to do – producing 2.6 million safe, decent affordable homes for low-income households and counting. But its impacts go far beyond the construction of these homes: it has created over 3.6 million jobs and leveraged over $100 billion in private investment since its inception, to name a few. The Housing Credit doesn’t just do its job. It has actually exceeded the expectations established for it by Congress.”
Here’s to 27 years for a wonderful program, and let’s all hope for 27 more!