FLORIDA HOUSING ANALYZES LIHTC DEVELOPMENT AND JOB CREATION

Thursday, February 3, 2011 - 8:00AM

Florida Housing Finance Corporation (FHFC) has released a white paper about the number of jobs created by the construction and preservation of low-income housing tax credit (LIHTC) properties. The white paper examines whether constructing new LIHTC developments or preserving existing developments creates more jobs. FHFC found that new construction creates, on average, 347 jobs per property whereas each preservation project creates 215 jobs. When considering the amount of tax credits needed for a project, the study also found that FHFC can fund an estimated 22 preservation developments to create 4,737 jobs versus an estimated 12 new construction developments, which create 4,164 jobs. The final paper also includes comments from stakeholders about the benefits and risks of LIHTC property preservation versus new construction.
 

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