Tax Credits and Bonds Financed More Than 86,000 Affordable Apartments in 2011

Published by Michael Novogradac on Thursday, April 4, 2013 - 12:00am

Last month, the National Council of State Housing Agencies (NCSHA) revised its low-income housing tax credit (LIHTC) utilization data for 2011.

Here are a few highlights:

The organization reports that in 2011, the total amount of per capita credits utilized by state housing agencies was approximately $679 million.

After factoring in the amount of GO Zone and disaster tax credits, as well as returned, carryover and national pool tax credits, NCSHA says the total amount of credits used in 2011 was more than $772 million.

In 2011, according to NCSHA’s estimates:

  • 9 percent LIHTCs financed 47,664 affordable apartments
  • and another 38,801 affordable apartments were financed with tax-exempt bonds,
  • for a total of 86,465 low-income apartments.

This amount represents a slight decrease from 2010, when NCSHA’s figures show 90,174 low-income apartments were financed with housing tax credits.

  • Of those, 56,614 affordable apartments were financed with 9 percent LIHTCs.
  • And 33,560 affordable apartments were financed with tax-exempt bonds.