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Low-Income Housing Tax Credit
The Low Income Housing Tax Credit (LIHTC - often pronounced "lie-tech", Housing Credit) is a dollar-for-dollar tax credit in the United States for affordable housing investments. It was created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. LIHTC accounts for the majority (approximately 90%) of all affordable rental housing created in the United States today. As the maximum rent that can be charged is based upon the Area Median Income ("AMI"), LIHTC housing remains unaffordable to many low-income (<30% AMI) renters. The credits are also commonly called Section 42 credits in reference to the applicable section of the Internal Revenue Code. The tax credits are more attractive than tax deductions as the ''credits'' provide a dollar-for-dollar reduction in a taxpayer's federal income tax, whereas a tax ''deduction'' only provides a reduction in taxable income. The "passive loss rules" and similar tax changes made by TRA86 greatly reduced the value of tax credits and deductions to individual taxpayers. As a result, almost all investors in LIHTC projects are corporations.
==Overview==
The United States Tax Reform Act of 1986 (TRA86) adversely affected many investment incentives for rental housing while leaving incentives for home ownership. Since low-income people are more likely to live in rental housing than in owner-occupied housing, this would have decreased the new supply of housing accessible to them. The Low Income Housing Tax Credit (LIHTC) was hastily added to TRA86 to provide some balance and encourage investment in multifamily housing for those in need of affordable rental housing options. Over the subsequent 20 years, it has become an extremely effective tool for developing affordable rental housing, but less efficient economically when compared to programmatic approaches. The LIHTC program has helped meet a critical affordable housing shortage by stimulating the production or rehabilitation of nearly 2.4 million affordable homes since 1986. Through development activity, the LIHTC creates and supports approximately 95,000 jobs annually - the majority of which are small business sector jobs.
Almost all new affordable multifamily construction from 2000 through the present has received a subsidy under the program. In 2010, the President's Economic Recovery Advisory Board (PERAB) estimated that the LIHTC program would cost the federal government $61 billion in lost tax revenue from participating corporations from 2008-2017.〔President's Economic Recovery Advisory Board. ("The Report on Tax Reform Options: Simplification, Compliance, and Corporate Taxation" ), ''The White House'', Washington, D.C., 28 August 2010. Retrieved on 2010-10-01.〕 The annual allocations under the program increased significantly in 2001 when Congress increased the state allocations by 40%.
A majority of tax credit projects also receive subsidies from other government sources. These additional subsidies, which can include development grants and loans at below-market interest rates from local and state governments, can account for a third of total capital subsidies. A large number of low-income tenants also receive rental assistance in the form of tenant-based housing vouchers or project-based certificates from the U.S. Department of Housing and Urban Development (HUD) Section 8 program or project based Rental Assistance in USDA, Rural Housing Service Section 515 Rural Rental Housing communities. Though common, these are not necessarily present in a project that benefits from the LIHTC.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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