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Stateofficials say Georgia Housing Credit remains a main tool but resources lag demand
Summary
Laurel Hart told legislators the 9% federal housing credit (matched by a state credit) is a primary tool for affordable rental housing, currently supporting about 100,000 units in Georgia, but staff said allocated credits cover only a fraction of statewide need amid rising costs.
Laurel Hart, division director of DCA's housing and finance division, described the Georgia Housing Credit as a core tool for encouraging private investment in affordable rental housing.
"The Georgia Housing Credit is one of DCA's largest and most successful tools for encouraging private investment in the creation and preservation of affordable rental housing," Hart said, adding that "Georgia tax credit properties are currently home to more than 100,000 Georgia families." She explained the federal 9% credit is matched by a state credit and that the program includes a 35% rural set-aside and a rural preservation program to protect smaller county properties.
Hart told the committee that for 2018 the IRS formula gave Georgia roughly $28,000,000 in credits, which translated into about 2,300 units built that year across roughly 34 properties. She cautioned that rising construction costs and rents mean allocated credits cover a shrinking share of overall need; DCA said it builds roughly 30 properties a year with current allocations and conducts market studies to guide geographic distribution.
