A document by Local Initiatives Support Corporation (LISC) for American Senate Finance Committee hearing on America’s Affordable Housing Crisis, its Challenges and Solutions.
As one of the largest national nonprofit housing and community development organisations in the country, LISC often relies upon public-private partnerships to engage in the type of comprehensive community development work that is needed in low-income communities. The Low Income Housing Tax Credit (Housing Credit) is the single most important federal resource available to encourage private sector investments in the development and rehabilitation of affordable housing for low, very-low and extremely low-income renter households. As discussed further below, Congress must act to preserve and strengthen this successful program; and should also consider enacting a new tax incentive, the Neighbourhood Homes Tax Credit, to spur investments in single family homes in communities characterised by high rates of vacancy
and low property values.