"Georgia's program ranks among the most generous in the country, with many states offering their own versions of a match with the federal LIHTC program, often focusing on preserving existing affordable housing rather than building more."
"Demand for affordable housing runs so strongly that some programs have closed their application process because they reached capacity, as seen when the Minnesota Housing Finance Agency closed its application process hours after opening it."
"Housing advocates and developers warned that the LIHTC proposal would chill the construction of affordable apartments, sharply cutting the amount of equity that projects can raise."
"Lawmakers revived a proposal to amend the state constitution, allowing LIHTC properties to be treated as a distinct class for property tax purposes, aimed at stabilizing assessments for rent-restricted projects."
Georgia's housing program ranks as one of the most generous in the U.S., with many states focusing on preserving existing affordable housing. Demand for affordable housing is so high that some programs have closed applications due to capacity limits. Proposed changes in Georgia could negatively impact the construction of affordable apartments by reducing equity for projects. Meanwhile, a proposal to amend the state constitution aims to stabilize property tax assessments for LIHTC properties, reflecting ongoing challenges in the affordable housing sector.
Read at www.housingwire.com
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