How Developers are using LIHTC to help Cincinnati's 31,200-Unit Affordable Housing Shortage
- KINGSLEY + CO
- Dec 12, 2023
- 2 min read
Cincinnati Faces a 31,200-Unit Affordable Housing Shortage. Developers are bridging the gap with the LIHTC Program.
The housing crisis in Cincinnati demands immediate attention, and developers have a powerful tool at their disposal—the Low-Income Housing Tax Credits (LIHTC) program. In the face of a 31,200-unit shortage, this program is a game-changer.
Why LIHTC Matters:
✅ Increased Affordable Housing:
LIHTC opens doors to new, high-quality housing that's both desirable AND affordable. With rents capped at 30-60% of the area median income (AMI), it's a practical solution to address the housing shortage.
💼 Economic Growth:
Affordable housing projects funded by LIHTC provide homes to those in need while stimulating the local economy. Job creation and development go hand in hand, fostering economic growth and attracting new commercial investments.
🌟 Strengthened Communities:
By meeting residents' needs, developers contribute to the social fabric of neighborhoods. Strengthened communities become more desirable places to live, creatinng a positive impact on the overall quality of life.
How LIHTC is Utilized:
Introduced in 1986 as part of the Tax Reform Act, LIHTC provides developers with the opportunity to apply for government-issued tax credits when building affordable housing, which can be sold to investors to offset the costs of development. Without this program, developers would struggle to recoup their investments in affordable housing. Leveraging LIHTC is a win-win. It offers financial incentives for developers while addressing the urgent need for more affordable housing, ultimately improving lives.
Kingsley + Co. 🤝 Community:
At Kingsley + Co. our mission is clear: improving communities through thoughtful developments. Our use of LIHTC has already made a significant impact on housing in Cincinnati. By building high-quality, affordable units, we're actively bridging the housing gap.
While proud of our past achievements in this space, we have exciting projects on the horizon, reinforcing our dedication to helping Cincinnati thrive.
Follow our blog and social medias to learn more about our mission.
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