The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
RECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid A The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesA. Smith Charles E. Allen Keith s. King Matta T. Maffei Stephen Pratt-Otto Todd Trehubenko30402The Low Income Housing Tax Credit Effectiveness and Efficiency: A presentation of the issues1AbstractBy most measures the most successful federal multifamily affordable housing production program of the la The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesst 30 years, the Low Income Housing Tax Credit ("LIHTC" or the "Credit"):•Is essentially a revenue-shared block grant of a tax expenditure that is theThe Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
n factored into equity used to develop or acquire property:•Represents roughly S4.1 billion annual net-present-cost tax expenditure2; and•Generates 60RECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid A The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesost material respects, the Credit is a mature and successful industry that has over its 15 years demonstrated several important virtuous — circle feedback mechanisms leading to greater effectiveness and efficiency.As compared with the other four types of capital (grant, soft debt, hard debt, and har The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesd equity; see Appendix 1). the Credit is a logical complement whose soft equity depends upon but supplements and facilitates the individual or combineThe Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
d functioning of the other four. Indeed, the Credit and its complementary federal programs (chiefly debt) have to some degree coevolved one toward theRECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid A The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues additional research was provided by Mecky Adnani, Jerome Garciano, and Tanya Mooza. We also wish to thank and acknowledge Ernst & Young, who provided the extraordinarily revealing 10 year chart of Credit equity prices relative to 10 Year Treasuries that Is included within Appendix 6. and the numero The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesus stakeholders who conducted interviews and provided written comments, many of which have been incorporated into this report.________________________The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
- This includes the NPV cost of both Credits allocated and those accompanying volume-cap bonds but omits the tax expenditure associated with the tax eRECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid A The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesgram, the Credit enters a new phase in its evolution (see Appendix 5). where 2 new phenomena are appearing for the first time:1Properties approaching full-cycle completion of their affordability covenants.2Possible material decline of Credit prices relating to factors both external (market) and inte The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesrnal (secondary supply).If they sustain, as we expect they might, these developments will introduce new intricacies into the Credit universe.Any propoThe Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
sed legislation, whether:•To change the Credit,•To change other Credit-compatible federal programs, or•To create new federal programsshould be evaluatRECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid A The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issuesll three possible approaches.L1HTC effectiveness and Efficiency: A Presentation of the IssuesPage 2I. Executive SummarySec (he Statement of Delivery presented on the title page hereof.or the live main types of financing (see Appendix 1), four of them are like lingers OÍ a hand similar to one another The Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues and working in parallel. Compared with these, the Credit is metaphorically an opposable thumb:•Il works only in concert with one or more of them.•ItThe Low Income Housing Tax Credit Effectiveness and Efficiency A presentation of the issues
works with them individually or in combination.•Without it, the others are suddenly much less effective.•It is more flexible than any of them individuRECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid ARECAPITALIZATION ADVISORS, INC.20 Winthrop Square. 4th Floor Boston. MA 02110-1229Tel: (617) 338-9484 Fax: (617) 338-9422 yww.recapddvisQf5.CQmDavid AGọi ngay
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