National Housing Conference Annual Budget Forum

Michael Bodaken

February 24, 2012

Apartments that will not receive full year funding*

 

Apartments that will receive full year funding*

Average household

income $12,800**

70% elderly or disabled**

 

*Data from HUD 2013 Congressional Justifications for Project Based Rental Assistance

** Data from HUD’s A Picture of Subsidized Households-2008.

  LIHTC Section 8

Jobs: 52,200 annually                                             Direct: 55,000  

    100,000 annually                                                Induced: 45,000

Economic Impact:

Tax Credit Equity: $2.7 billion annually 

 Private Investment: $6 

billion

“PBRA contracts act as a critical credit enhancement for project financing, allowing owners to leverage private debt and equity to permit project refinancing and recapitalization. The periodic refinancing of this [$41 B] generates significant capital available for investment in construction repairs and improvements.”

Federal, State, & Local Taxes: $1.2 billion annually $460 million annually in property taxes

Combined Economic Impact

*“…Annual renewal funding should be predictable, timely, and sufficient to fund rental contracts for a full 12 months, a sharp contrast to the short funding of contracts that occurred in recent years.” HUD 2010 Budget.

For More Information:

Michael Bodaken, National Housing Trust

Email: mbodaken@nhtinc.org

Address: 1101 30th St NW, Suite 400Washington, DC 20007

Phone: 202 333-8931 x111

Web: www.nhtinc.org