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The Government Accountability Office (GAO) released a report on July 23 recommending that HUD and the Internal Revenue Service (IRS) jointly oversee the Low-Income Housing Tax Credit (LIHTC) program. The recommendation came as GAO criticized the IRS’ lack of oversight of the program. This includes the fact that the IRS has only conducted seven audits of the 56 state housing finances agencies that administer the program.

WASHINGTON, Dc - August 23, 2012 - (RealEstateRama) -- Since its inception, the nation’s Low-Income Housing Tax Credit (LIHTC) Program helped produce more than 2.2 million affordable apartments, accounting for roughly one-third of all multi-family rental housing constructed between 1987 and 2006. A new report by the U.S. Department of Housing and Urban Developmentfinds that after an initial 15-year required ‘affordability period,’ the vast majority of these LIHTC properties remain affordable for working families.

BISMARCK, ND - April 22, 2011 - (RealEstateRama) -- The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has granted conditional commitments for $2.9 million in Low Income Housing Tax Credits (LIHTC) for constr...