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Give credit where credit is due: demand for affordable housing in the mid-Atlantic outpaces supply.(regionaloutlook)
- Article from:
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Journal of Property Management
- Article date:
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November 1, 2006
- Author:
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Copyright informationCOPYRIGHT 2006 National Association of Realtors. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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When strong demand exists in specific real estate markets, the industry typically rallies to meet the demand. That is not quite the case with the affordable housing segment in the mid-Atlantic region of the United States, including the Washington, D.C., and Philadelphia areas.
As land acquisition and construction costs climb--with some areas reporting more than 300 percent increases--affordable housing development is decreasing. Yet, the demand for affordable housing continues to soar.
Enter the Low-Income Housing Tax Credit (LIHTC). Created by the Tax Reform Act of 1986, the program gives states the equivalent of nearly $5 billion in annual budget authority to issue ...