NCSHA issued the following letter in response to the U.S. Government Accountability Office’s draft report on Housing Credit development costs, “Low Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”
GAO compiled and analyzed a database of costs and characteristics for 1,849 projects completed in 2011–2015 (the most recent data available when compiled) from 12 allocating agencies in 10 states. The agencies span five regions and accounted for about half of the Housing Credits available for award in 2015. GAO also reviewed the most recent allocating plans and related documents for 57 allocating agencies and reviewed federal requirements.
This letter from the Campaign for Housing and Community Development Funding, was sent to Chairs and Ranking Members of the Senate and House Appropriations Subcommittees on Transportation, Housing Development, and Related Agencies, thanking leadership for their work to advance strong funding levels to the Department of Housing and Urban Development for FY 2019.
The Housing Assistance Council (HAC) Thursday published a report, Rental Housing for a 21st Century Rural America: A Platform for Preservation, discussing declining affordable rental housing options in rural areas. The report focuses on the U.S. Department of Agriculture’s (USDA) Section 515 Rural Rental Housing program (Section 515) and draws its conclusions from a “multi-faceted review” of USDA’s multifamily housing portfolio.
A new study by Abt Associates, complemented by additional NCSHA analysis, shows that Housing Credit-financed apartments, on average, cost roughly the same to develop as the typical apartment, even as Housing Credit properties must by law meet many requirements that typical apartment buildings do not.