Low-Income Housing Tax Credit Impact Fact Sheets Updated for Each State
On November 20, 2018 by Bobbie Guidry
The ACTION Campaign’s state fact sheets have been updated with the most recent data to show the Housing Credit’s impact and the affordable housing needs that remain in every state. New to the state fact sheets this year is data demonstrating the impact that a 50 percent increase in the Housing Credit would have in each state.
Recent estimates show that a 50 percent expansion would support the production of more than 264,200 additional affordable homes nationally over the next 10 years. ACTION urges all stakeholder to share these state fact sheets with your elected officials and ask them to support efforts to advance Housing Credit provisions in the lame duck session, including the Affordable Housing Credit Improvement Act.
The National Council of State Housing Agencies’ 2016 Factbook, with economic impact multipliers from the National Association of Home Builders and data on cost-burdened renters from the 2016 American Community Survey informed the fact sheets. The fact sheets also use data from the National Low Income Housing Coalition’s 2016 Out of Reach report, showing how many hours a minimum wage worker has to work in order to afford a modest one-bedroom apartment.
Nationwide, the Housing Credit has financed more than 3 million apartments providing affordable homes to 7.2 million low-income families and supporting 3.5 million jobs. However, more than 11 million households still pay more than half of their income towards rent, and the average minimum wage worker works 90 hours per week to afford a modest one-bedroom apartment, further underscoring the immense need to expand the Housing Credit.