The ACTION Campaign has updated their national, state, and district fact sheets, available for advocates to demonstrate the Low-Income Housing Tax Credit’s (Housing Credit) impact and benefits and the need for more affordable housing.
Since the program’s inception, the Housing Credit has financed the development or preservation of more than 3.3 million homes across the country, serving approximately eight million low-income households. These Housing Credit investments have supported an estimated 5.2 million jobs and generated an estimated $206 billion in tax revenue and $593 billion in wages and business income.
The Housing Credit is our nation’s most successful tool for building and preserving affordable housing; despite the program’s great success, the need for affordable housing remains high. More than 10.9 million renter households across the U.S. pay more than half of their monthly income on rent. A minimum wage worker has to work 123 hours per week in order to afford a one-bedroom apartment at the national average fair market rent.
Strengthening and expanding the Housing Credit is crucial to address the growing affordable housing crisis across the country, which is being exacerbated by the COVID-19 pandemic. Building and preserving safe, healthy, and affordable housing is more critical than ever. ACTION urges advocates across the country to utilize these updated resources to demonstrate to Members of Congress the urgent need for affordable housing in their communities and to elevate the importance of the Housing Credit’s inclusion in Congress’s next COVID-19 relief bill. Click here to learn more about how you can take action today.
The fact sheets have been updated with data from the 2018 National Council of State Housing Agencies (NCSHA) State HFA Factbook (1986-2018), HUD’s LIHTC database, 2018 American Community Survey data, the National Low Income Housing Coalition’s 2020 Out of Reach report, calculations from Novogradac, and analyses from the National Association of Home Builders utilizing data from the Census Bureau’s American Housing Survey and Enterprise. Click here for more detailed information on ACTION’s data sources and methodology.