Sign Up For Novogradac Industry Alert Emails

HUD Report on LIHTC Tenants Shows Little Change in Income, Rent Payment from Two Years Earlier

Monday, March 30, 2020 - 1:15PM

Tenants in low-income housing tax credit (LIHTC) properties at the end of 2017 earned virtually the same annual income as tenants in 2015 and paid almost the same percentage of income toward rent, according to a report issued today by the U.S. Department of Housing and Urban Development (HUD). HUD published Understanding Whom the LIHTC Program Serves: Data on Tenants as of December 31, 2017, which is required by a provision in Housing and Economic Recovery Act (HERA) of 2008. States are required to submit data to HUD, addressing demographic and economic data for LIHTC property residents. No report was made for 2016, but according to HUD, the median income for reporting LIHTC households in 2017 was $17,943 (compared to $17,470 in 2015). The report also found that 44.4 percent of LIHTC households in 2017 earned 30 percent or less of the area median income (compared to 44.5 percent in 2015) and 44.2 percent of LIHTC households paid more than 30 percent of their income to rent (compared to 43.3 percent in 2015). According to HUD, there are 2,183 more properties in the count than the previously unpublished 2016 numbers, but that many of those were placed in service in 2017. The report included data from 88.5 percent of HERA-mandated properties that were already placed in service, compared to 83.1 percent of similar properties in 2015.

Learn more about Novogradac's expertise and many services