NationalMortgageNews tells MHProNews despite efforts to maximize tax incentives for low-income housing development, the shortage of affordable housing across the nation is critical, according to a study by CohnReznick LLP, one of the country’s largest largest business and tax advisory firms. These findings are also supported by the Joint Center for Housing Studies at Harvard University. Tom Deyo, of NeighborWorks America, says “mounting evidence indicates the strain is growing especially for lower income renters” to find adequate housing. CohnReznick studied the Low Income Housing Tax Credit program (LIHTC), analyzing state-by-state housing data from 2008 to 2010 involving 38 organizations that manage over 17,000 multifamily properties which represents 70 percent of the LIHTC properties. The study found the shortage is not confined to major cities but is evident all across the country.
(Image credit: rethinkinghousing–affordable housing in America)