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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: [email protected]
Address: 1101 30th St NW, Suite 400Washington, DC 20007
Phone: 202 333-8931 x111
Web: www.nhtinc.org