The Local Initiatives Support Corporation (LISC) and Enterprise Community Partners recently released a new report that assesses the effects of LIHTC projects throughout New York City on property values to reflect the market’s assessment of neighborhood quality. The report finds that construction and preservation of affordable housing — particularly housing financed by the federal Low-income Housing Tax Credit (LIHTC) Program — generates a significant return on investment. The report’s findings include:
- Families in affordable housing more than double their discretionary income, allowing them to pay for health care, pay down debt or save.
- Affordable housing boosts business for nearby merchants.
- LIHTC project investments increase adjacent property values and help generate additional property tax revenue.
