Information Bulletin #306 from Steve Gold,s Treasured Nuggets of Information, April 02, 2010
In 2008 Congress authorized $1.028 billion in low-income housing tax credits. State housing finance agencies allocated $736 million for new construction and the remainder for acquisition and rehabilitation. This resulted in 54,105 newly constructed units, 5,234 substantially rehabilitated units, and 23,217 units acquired and rehabilitated for a total 83,062 units.
Who benefits from LIHTC depends on your State's policies and priorities.
We know that people with disabilities and elderly on SSI throughout the country have monthly incomes less than 18% of the national median income.
In dollar terms (in 2008), the U.S. median income was $61,500. The federal minimum SSI was $674 but many states provided a state supplement to increase the minimum. (If a state did not provide a state supplement, then people on SSI are only at 13% of the national median.) That is, they are really the lowest-income folks!
Many states "target" their LIHTC program so that some people at or below 30% of the average median income (AMI) will reside in units that received these tax credits. Remember, HUD defines "at or below 30% AMI" as "extremely low income." Your state decides how many units will go to people who are the poorest in the state.
What follows is the percentage of LIHTC units your state targeted at 30% of the AMI. (We do not have data at the 18% level!) This information is from the State HFA Factbook: 2008 NCSHA Annual Survey Results."
Percent of LIHTC Units Targeted for People with Incomes "at or below" 30% of your State's Area Median Income.
Alabama, 0%
Alaska, 1%
Arizona,. 0
Arkansas, 6%
California, 11%
Colorado, 4%
Connecticut, 33%
Delaware, 0
D. C., 8
Florida, 3
Georgia, 0
Hawaii, 5
Idaho, 9
Illinois (Chicago DoH), 6
Illinois, N/AV
Indiana, 9
Iowa, 0
Kansas, 0
Kentucky, 0
Louisiana, 47
Maine, 0
Maryland, 11
Massachusetts, 24
Michigan, 10
Minnesota, 9
Mississippi, 0
Missouri, N/AV
Montana, 6
Nebraska, 0
Nevada, 0
New Hampshire, 0
New Jersey, 9
New Mexico, 12
New York, 3
North Carolina, 29
North Dakota, 2
Ohio, 0
Oklahoma, 0
Oregon, 4
PA (under 20%of AMI), 9
Rhode Island, 6
South Carolina, 0
South Dakota, 0
Tennessee, N/AV
Texas, 4
Utah, 26
Vermont, 53
Virginia, 73
Washington, 21
West Virginia, 0
Wisconsin, 3
Wyoming, 7
National, 11%
Steve Gold, The Disability Odyssey continues
Back issues of other Information Bulletins are available online at http://www.stevegoldada.com with a searchable Archive at this site divided into different subjects. To contact Steve Gold directly, write to stevegoldada@cs.com or call 215-627-7100.