RECERTIFICATIONS

Tenant File Management – Are Your Files in Compliance?

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What Investors Should Know About the Low-Income Housing and Tax Credit Program

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With a national shortage of low-income families, there is a significant need for investors and property managers to focus their attention on new affordable housing projects that will serve those who need it most.

 

Affordable housing typically refers to apartment homes or other multifamily rental projects priced significantly below conventional market models. Most rental property built, managed or marketed under the affordable housing umbrella in the United States uses government funds to offset the rent reduction.

 

The ongoing affordable housing shortage presents unique opportunities for investors and property managers to create a new revenue stream by managing properties in this category, one that comes with some financial incentives and programs worth exploring. 

 

One such federal program is the Low-Income Housing Tax Credit Program (LIHTC), which has been responsible for financing the construction of more affordable housing units than any other federal housing program. Since the LIHTC program began in 1987, it has resulted in the creation of an additional 2.3 million affordable housing units, according to the Urban Institute. In comparison, public housing programs peaked at 1.4 million units in the 1990s, and project-based rental assistance accounts for 1.2 million. 

Those who do not currently have any LIHTC properties under management may wonder if the extra work is worth it. Others who are currently managing one or more LIHTC properties may be looking for ways to streamline the tenant certification process to improve productivity and profitability.

 

We can help and have experience in both.