Federal Low-Income Housing Tax Credit Program Funds Billions in Housing Still Unaffordable for Many
By
Tony Schick
Pure flour-power. Hearty enough to carry you through lunch.
Summary
The article examines the Low-Income Housing Tax Credit (LIHTC), a federal program providing up to $15 billion annually to developers for building apartments. Despite its massive funding, the program often produces housing that is no more affordable than market-rate units, failing to adequately address homelessness and housing crises in cities like Portland, Oregon. The piece critiques the program's effectiveness and questions whether billions in subsidies are truly reaching the low-income populations they're intended to serve.
Key quotes
· 3 pulledOn any given night, thousands of people sleep on the streets in Portland, Oregon.
Portland, like many cities, has raced to increase its supply of affordable housing by turning to a federal program that's existed since the 1980s: the Low-Income Housing Tax Credit.
It provides up to $15 billion worth of tax credits a year nationally to help developers build apartments.
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