Areas are labelled according to income levels
The National Association of Home Builders (NAHB) has released new maps for industry professionals who are inclined into helping lower-income families acquire homes.
NAHB’s Economics and Housing Policy group made eight maps of metro areas pinpointing where the Low-Income Housing Tax Credit (LIHTC) program is used the most. Each area is labeled according to different income levels – very low, low, moderate, or high.
The association used data from the Department of Housing and Urban Development’s (HUD) along with housing data from U.S. Census. According to HUD, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8bn in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
Read more: Distressed, underserved non-metro areas identified in 2017 list
The new NAHB map is available to associate and sterling committee members of the NAHB Housing Credit Group. Non-members can join by clicking here. NAHB said it will update and provide additional maps to meet membership interest and demand.
The Board of Governors of the Federal System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have also released a list of distressed and underserved non-metro areas for 2017, intended to provide a Community Reinvestment Act (CRA).
Read next: NAHB offers low-income housing finance webinar
Areas under the list are eligible to receive Community Reinvestment Act (CRA) consideration for revitalization or stabilization activities. Among other things, the law is intended to encourage depository institutions – such as commercial banks and savings associations to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
Authorities said this year’s list “continue to reflect local economic conditions, including unemployment, poverty and population changes.”
