NHPF Industry Report
Rental Subsidies Have Increasingly Shifted to Tenant-Based Assistance and Tax Credits
3.0
2.5
2.0
1.5
1.0
0.5
0.0
1992
1998
2004
2010
2016
2022
Public Housing
Housing Choice Vouchers
Project-Based Section 8
LIHTC
LIHTC occupancy is based on the 96.6% rate reported by Novogradac in 2021. LIHTC units include low-income units only. Source: JCHS tabulations of HUD, Picture of Subsidized Households Reports and Low-Income Housing Tax Credit Database; Robert Collinson, Ingrid Gould Ellen, and Jens Ludwig, Low-Income Housing Policy, NBER Working Paper, 2015
Donahue Peebles lll, Founder and Chairman, Legacy Real Estate Development also advocates for LIHTC and HCVP (The Housing Choice Voucher Program) derivatives to include 100%- 165% AMI bands to ensure access to market rate housing in job-generating urban centers. When looking at future affordable housing, there are important legislative and other avenues to be pursued including:
• Expansion of down payment assistance programs; easing hurdles for Co-Op and Condo acquisitions; reduction of RMBS (residential mortgage-backed securities) reserve requirements and allocation of CRA (Community Reinvestment Act) credit to allow for non-agency single-family housing financing options. • Increase emphasis on M/WBE (Minority or Women-owned Businesses) capacity building programs, more stringent First Source and M/WBE utilization requirements; a greater emphasis on local hiring. • Ensure tax credit and gap resources can function assertively within single capital stacks. • Considering that, according to Philip Bump’s demographics predictions, the youngest Boomers will be in their 80s in 2050, municipalities must also look to provide them with ancillary assistance and co-locate essential services they have come to expect.
6 • THE NHP FOUNDATION 2023 SYMPOSIUM: INDUSTRY REPORT
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