Increased Transparency for Low-Income Housing Tax Credit Properties
This Act mandates the Department of Housing and Urban Development (HUD) to collect and publicly release detailed data on properties receiving Low-Income Housing Tax Credits (LIHTC). This aims to increase transparency regarding development costs, ownership structures, and habitability standards of affordable housing projects. Citizens will gain access to information allowing them to better monitor the effectiveness and compliance of publicly subsidized housing.
Key points
Mandatory Data Collection: HUD must regularly collect data on LIHTC properties, including development costs, ownership details, and habitability standards.
Public Reporting: Collected data (excluding development costs) must be compiled and made publicly available annually, enhancing public oversight of affordable housing.
Monitoring Compliance: Information on the expiration date of affordability provisions and recent inspection results will be tracked.
Tracking Ownership Changes: Data will be collected on the final owner or purchaser of properties leaving the LIHTC program, including whether the purchaser is a nonprofit entity.
Expired
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