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LIHTC Database Update and Upcoming Tenant Data Collection Quarterly Housing Market and Research Update June 10, 2010

LIHTC Database Update and Upcoming Tenant Data Collection Quarterly Housing Market and Research Update June 10, 2010. Michael Hollar, Economist Office of Policy Development and Research Economic Development and Public Finance Division. LIHTC Data Collection. Overview of the LIHTC Program

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LIHTC Database Update and Upcoming Tenant Data Collection Quarterly Housing Market and Research Update June 10, 2010

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  1. LIHTC Database Update and Upcoming Tenant Data CollectionQuarterly Housing Market and Research UpdateJune 10, 2010 Michael Hollar, Economist Office of Policy Development and Research Economic Development and Public Finance Division

  2. LIHTC Data Collection • Overview of the LIHTC Program • New LIHTC Property Data • Upcoming LIHTC Tenant Data Collection

  3. Created in 1986 to encourage private development of low-income rental housing. • State HFAs allocate federal tax credits to developers who maintain rent-/income-restrictions. • HUD’s authority is limited to the designation of DDAs and QCTs, which are geographically targeted areas for development. Overview of the LIHTC Program

  4. Collection of LIHTC Data: • In mid-1990’s PD&R began collecting data from state HFAs on property characteristics. • The latest update includes properties placed in service through 2007. • Data can be accessed at: • http://lihtc.huduser.org/

  5. LIHTC Production Peaked in 2005

  6. Geographical Differences

  7. Geographical Differences LIHTC Projects Larger in South and West

  8. Geographical Differences LIHTC Projects Contain More Market Rate Units in Northeast and Less in South

  9. Geographical Differences LIHTC Units are Smaller in Northeast

  10. Geographical Differences LIHTC Units are Smaller in Northeast

  11. Geographical Differences Higher Percentage of Rehab Units in Northeast

  12. Geographically-Targeted Areas DDAs are areas with high development costs. QCTs are census tracts with high poverty rates or high percentage of low-income households.

  13. Geographically-Targeted Areas LIHTC Properties in DDAs are Smaller

  14. Geographically-Targeted Areas Properties in DDAs have Fewer Restricted Units

  15. Geographically-Targeted Areas Similar Unit Size Across Areas…

  16. Geographically-Targeted Areas …but Differences in Distribution of Unit Size

  17. Geographically-Targeted Areas More Rehab in Designated Areas

  18. LIHTC Compared to Rental Market

  19. LIHTC Compared to Rental Market LIHTC Units Skewed to Lower Cost Areas

  20. LIHTC Compared to Rental Market LIHTC Units Locating in Higher Cost Areas

  21. LIHTC Tenant Data Collection: • Housing and Economic Recovery Act (HERA) requires: • State HFAs must provide to HUD: • HUD’s Responsibility: • Establish standards and definitions for the data collection. • 3) Data must be collected at least annually and made publically available. • Income; • Use of Rental Assistance; • Disability Status; • Monthly Rental Payments • Race; • Ethnicity; • Family Composition; • Age;

  22. Initial Submission of New Data • First data collection will include: • All properties placed into service in • 2008 & 2009. • All tenants in LIHTC units as of • Dec. 31, 2009. • HUD is requesting data by September 30.

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