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State tax credit demand far exceeds supply; advocates press Legislature to fund LIHTC
Summary
The Tax Credit Allocation Committee reported a surge in demand for both federal and state low‑income housing tax credits. TCAC and housing advocates urged the Legislature to restore or add state credits, saying projects in the pipeline need predictable allocation to move forward.
The Tax Credit Allocation Committee told the subcommittee that demand for low‑income housing tax credits far outstrips available state allocations and bonds, and speakers urged the Legislature to fund the state Low‑Income Housing Tax Credit (LIHTC) or other programmatic support.
TCAC Executive Director Marina Wyatt summarized program mechanics and recent trends: the state credit (which augments the federal 9 percent credit) and the enhanced…
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