About the Housing Credit

AMERICA’S MAIN TOOL FOR CREATING AND PRESERVING AFFORDABLE HOUSING
The Housing Credit is America’s main tool for creating and preserving affordable housing for hardworking families, veterans, people with special needs, seniors, teachers, nurses, firefighters and police officers, among others.

THERE’S A GROWING AFFORDABLE HOUSING CRISIS
Demand for affordable housing is at an all-time high. In 2012, there were only 3.3 million rental apartments affordable and available to 11.5 million extremely low-income households. The affordable housing supply gap continues to grow.

THE ONLY SOURCE OF SUPPLY
Crucially, the Housing Credit is the only significant source of affordable housing supply.

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A proven tool to help meet growing demand for affordable housing: Since its creation during the Reagan administration, the Housing Credit has financed 2.7 million quality affordable homes.

The only source of supply: Without the Housing Credit, it is fundamentally uneconomic to develop affordable homes.

A model of public-private partnership: The Housing Credit represents the best of what government working with the private sector to accomplish goals set by the Congress and president can do to help revitalize distressed neighborhoods and support mixed-income communities in high-cost areas.

A job creator: The Housing Credit has supported more than 3 million jobs, currently supporting nearly 96,000 jobs per year, mostly in the small business sector.

A catalyst for private investment: Over its history, the Housing Credit has leveraged nearly $100 billion in equity capital.

Pay for performance, uniquely accountable: Unlike in a direct spending program, private investors – not the federal government – provide all the equity up front and bear the financial risk. Investors can claim credits only after properties are built and occupied by income-eligible residents at affordable rents. And, in rare cases when properties fall out of compliance, taxpayers get our money back.

Efficient local control, administered by the states: The Housing Credit is administered by the states which target credits toward their own specific, local needs in urban, suburban, and rural neighborhoods.

Strengthens the economy: Housing Credit development generates $9.1 billion in local income through wages for workers and profits for small businesses and $3.5 billion in federal, state and local tax revenues nationwide each year.

Transforms lives by providing opportunity: Without a home, it’s nearly impossible to excel in school, maintain a job, stay healthy or improve one’s own life.  Affordable housing offers opportunity to grab a rung on the ladder of upward mobility by freeing up income for necessities beyond housing.

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The Housing Credit Is Flexible In Serving Diverse Populations And In Meeting Local Needs:

Families

At least 20 million more families live in homes without access to jobs, education and other opportunities.

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Affordable rental housing provides the necessary foundation for families to improve their own lives—for parents to secure or excel at work or pursue additional education or job training, and for children to succeed at school.

 

Contact your members of Congress now to encourage them to support the Housing Credit!

Seniors

5.1 million senior households spend more than half their income on housing today, and the senior population is expected to nearly double by 2030.

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Contact your members of Congress now to encourage them to support the Housing Credit!

Vets

There are approximately 58,000 homeless veterans, while an additional 1.4 million veterans are at risk of homelessness.

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The Housing Credit attracts significant private investment in affordable housing for veterans, which, when combined with supportive services, has been proven effective in keeping at-risk and homeless veterans off the streets and increasing the chances of them becoming healthy members of society again. You Can Help!

Contact your members of Congress now to encourage them to support the Housing Credit!

 

 

Special Needs

The Housing Credit prevents thousands of people with disabilities from experiencing homelessness or unnecessary institutionalization.

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Empowering people to lead productive, meaningful lives in their communities – while helping states reduce health care costs, improve quality of life, and reduce homelessness.

 

Contact your members of Congress now to encourage them to support the Housing Credit!