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Industry Groups Challenge HUD on Changes to LIHTC Resident Criteria
A broad industry coalition on Tuesday challenged the U.S. Department of Housing and Urban Development’s (HUD) newly announced methodology for calculating increases in income limits for residents of Low-Income Housing Tax Credit (LIHTC) communities. In a letter to HUD, the coalition said the new methodology “changes the calculation in ways that may make it more difficult for some residents and investors to participate in the program.”
The methodology changes “pick winners and losers among individuals receiving federal rental assistance,” according to the letter. “While the changes may result in potentially smaller rent increases for some tenants, it will also mean fewer tenants will qualify for LIHTC-funded and other federally supported housing.”
The letter expressed concern that “any changes that limit LIHTC’s effectiveness at the very time we are facing an affordable housing crisis could undermine the nation’s most successful program to create affordable housing.” Signatories to the letter include the CCIM Institute, Council for Affordable and Rural Housing, Institute of Real Estate Management, Manufactured Housing Institute, Mortgage Bankers Association, National Apartment Association, National Association of Home Builders, National Association of Realtors, National Leased Housing Association and the National Multifamily Housing Council.
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- ◦Policy/Gov't
