NMHC Statement on FHFA Announcement that the LIHTC Cap Will be Raised

WASHINGTON--(BUSINESS WIRE)--NMHC is pleased to hear that the Federal Housing Finance Agency (FHFA) is authorizing each GSE to annually purchase up to $2 billion in Tax Credit Equity, an increase from their current $1 billion limit, for a combined increase of $2 billion. This significant move will improve housing affordability and expand housing opportunities for those most in need. NMHC appreciates the Trump Administration’s commitment to lowering housing costs by expanding housing supply.

“This step by FHFA is great news for housing providers seeking to use LIHTC to build and preserve housing, as well as individuals and families searching for affordable housing opportunities,” said NMHC President Sharon Wilson Géno. “As someone who has spent more than 30 years working in and advocating for the affordable housing community, I have seen firsthand how LIHTC can be one important tool to help us build the housing America needs.”

LIHTC is currently the nation’s premier affordable housing production and preservation program. The public-private partnerships created through LIHTC leverage federal dollars with private investment to build affordable rental housing and stimulate new economic development in many communities. Since its inception in 1986, the LIHTC program has financed 4 million apartments and served more than 9.28 million households.

This announcement builds on additional good news for LIHTC in the recently enacted reconciliation legislation that permanently enhanced LIHTC authority. The LIHTC changes in the new law are projected to result in 1.22 million additional affordable homes being built or preserved over the next decade.

Learn more about LIHTC.

Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America’s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at 202/974-2300, email the Council at info@nmhc.org, or visit NMHC's website at nmhc.org.