By Donna Kimura
AFFORDABLE HOUSING FINANCE • JUNE 2007
There is no place where the low-income housing tax credit (LIHTC) is more important than on the hurricane-damaged Gulf Coast.
Although every state receives an annual allocation of tax credits to award to affordable housing developers, Louisiana, Mississippi, and Alabama are getting considerably more credits than usual as part of a federally created Gulf Opportunity Zone (GO Zone) program to help rebuild the region.
In addition to their regular allocation of LIHTCs, Alabama is receiving $15.7 million in annual GO Zone credits in 2006, 2007, and 2008; Mississippi, $35.4 million; and Louisiana, $56.8 million. For Louisiana, that’s about seven times the amount of its regular tax credit authority.
This means that a lot of tax credit business is taking place on the Gulf Coast. It also means that there’s a huge opportunity for the LIHTC program to show what it can do.
AFFORDABLE HOUSING FINANCE • JUNE 2007
There is no place where the low-income housing tax credit (LIHTC) is more important than on the hurricane-damaged Gulf Coast.
Although every state receives an annual allocation of tax credits to award to affordable housing developers, Louisiana, Mississippi, and Alabama are getting considerably more credits than usual as part of a federally created Gulf Opportunity Zone (GO Zone) program to help rebuild the region.
In addition to their regular allocation of LIHTCs, Alabama is receiving $15.7 million in annual GO Zone credits in 2006, 2007, and 2008; Mississippi, $35.4 million; and Louisiana, $56.8 million. For Louisiana, that’s about seven times the amount of its regular tax credit authority.
This means that a lot of tax credit business is taking place on the Gulf Coast. It also means that there’s a huge opportunity for the LIHTC program to show what it can do.
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