NEW HUD STUDY FINDS AFFORDABLE HOUSING REMAINS AFFORDABLE 15 YEARS AFTER LOW INCOME HOUSING TAX CREDITS TAKE EFFECT

WASHINGTON, Dc – August 23, 2012 – (RealEstateRama) — Since its inception, the nation’s Low-Income Housing Tax Credit (LIHTC) Program helped produce more than 2.2 million affordable apartments, accounting for roughly one-third of all multi-family rental housing constructed between 1987 and 2006. A new report by the U.S. Department of Housing and Urban Developmentfinds that after an initial 15-year required ‘affordability period,’ the vast majority of these LIHTC properties remain affordable for working families.