The National Association of Home Builders (NAHB) has released an analysis of how many people have benefited from the Housing Credit since its creation in 1986. While it is often cited that the Housing Credit has created or preserved nearly 2.8 million affordable rental homes, the NAHB estimate is the first to reflect the impacts for the primary beneficiaries of the program – the low-income households who live in Housing Credit apartments.
According to NAHB, approximately 6.5 million low-income households, or roughly 13.3 million people, have lived in affordable apartments financed by the Housing Credit between 1986 and 2013. “This is a significant total and illustrates the important role the Housing Credit has played in terms of providing high quality, affordable rental housing,” said Robert Dietz, NAHB’s Vice President for Tax and Market Analysis.
NAHB’s estimate took into account the number of Housing Credit-financed apartments from the National Council of State Housing Agencies’ Factbook, the years the apartments were placed in service from HUD’s LIHTC Database, average turnover rates for renter households from the American Housing Survey, and average household size from the American Community Survey.