Low-Income Housing Tax Credit Income and Operating Expenses Report
The 2023 Novogradac Low-Income Housing Tax Credit Income and Operating Expenses Report provides an updated, in-depth look at the cost of operating and rental income for low-income housing tax credit (LIHTC) properties from a year that saw record increases in rental income and operating expenses as the United States continued to emerge from the worst of the COVID-19 pandemic. Developers, investors and property managers can use the information to gain a deeper understanding of what happened and what to expect.
The 2023 Low-Income Housing Tax Credit Income and Operating Expenses Report–Survey and Analysis of Properties uses data from nearly than 1,700 apartment complexes that include more 186,000 individual apartment units to illustrate how affordable rental housing properties’ income and expenses differ over time, as well as by property size, type and location. The report pays special focus to expense categories that saw significant increase, including repairs and maintenance and payroll. The 2023 edition also delves deeper into rental income and net operating income, helping provide perspective for stakeholders.
The report shows how recovery from the COVID pandemic, inflation and other issues changed income and expense patterns and provides insight into what property owners and managers should expect in coming years. The report also provides explanations and exceptions while diving into regional and national trends to create a valuable benchmarking tool for LIHTC developers, investors, property managers and others.