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NCSHA-Commissioned Novogradac Report: Analyzing the Impact of Lowering the 50% Test for 4% Tax-Exempt Bond-Financed Properties

Published on April 15, 2021

Lowering the 50 Percent Test for 4 Percent Tax-Excempt Bond Financed PropertiesOn behalf of NCSHA, Novogradac conducted research on the results of lowering the 50 percent financed-by threshold for 4 percent Housing Credit properties, analyzing the outcomes related to bond cap and multifamily production levels if the financed-by threshold were to be lowered to 40 percent, 33 percent, or 25 percent. This report updates a previous report on the financed-by threshold Novogradac conducted for NCSHA in 2020. The analysis is updated to account for the minimum 4 percent Housing Credit rate established in 2020 year-end legislation and updated Congressional Budget Office inflation projections.

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