Nationwide, the Low-Income Housing Tax Credit (Housing Credit) has financed nearly 3.2 million rental units, providing approximately 7.4 million low-income households with homes they can afford. These national figures reflect the most recently available data, and are provided on the ACTION Campaign’s newly updated National Fact Sheet.
In addition, the National Fact Sheet highlights that the Housing Credit has supported approximately 3.6 million jobs and generated approximately $135 billion in tax revenue and $344 billion in wages and business income.
However, while the Housing Credit has provided immense benefits for low-income households and the economy, much more affordable housing is still needed nationwide. Nearly 10.8 million renter households pay more than half of their monthly income on rent alone, leaving too little for other expenses like health care, transportation, and nutritious food. A minimum wage worker has to work 99 hours per week in order to afford a one-bedroom apartment at the national average fair market rent.
The ACTION Campaign advocates for the expansion of the Housing Credit so that it can further address our nation’s severe shortage of affordable housing. The Affordable Housing Credit Improvement Act would provide a 50 percent increase in Housing Credit allocation authority, which would result in an estimated 384,455 additional affordable homes across U.S. states and territories over the next ten years.
The ACTION Campaign has also updated these figures at the state-level, including the estimated additional affordable homes that could be built through a 50 percent increase in Housing Credit allocation. These advocacy tools demonstrate the Housing Credit’s impact in each state and can be used to call for the expansion and strengthening of the Housing Credit.
The National and State Fact Sheets have been updated with data from the 2017 National Council of State Housing Agencies (NCSHA) State HFA Factbook, 2017 American Community Survey, the National Low Income Housing Coalition’s 2018 Out of Reach report, new calculations by Novogradac, and estimates using multipliers from the National Association of Home Builders. Click here for more detailed information on the data sources and methodology.
The ACTION Campaign’s District Fact Sheets will be updated with new data this summer.
For questions about these and other ACTION resources, please contact Sarah Brundage at email@example.com.