Detailed Allocations With Estimated Population
It might be assumed from the nature of the program that, because the
amount of money allocated is determined by a state's population, the states with the
highest population would also have authorized the highest number of units. This
assumption would be incorrect. The state with the second-highest population, Texas,
has authorized half again as many units as California despite allocating less than half
the amount of tax credits.
The primary reason for the higher number of units authorized can be found
by looking at the average allocation per unit. California has averaged an allocation
of $7,792.54 per unit, while Texas has an average allocation of only $3,014.81 per unit.
Why would California's be so much higher? One reason is the difference in housing
costs between the states. California has a large number of high housing cost areas
(HCAs), and this affects the amount of qualified basis on which the tax credit is
determined. A second reason is that Texas uses some alternate methodologies to
determine the amount of tax credit allocated to specific projects in order to fund a
higher number of projects at a lower amount of tax credit allocation.
Therefore, the number of units allocated is dependent not only on a
state's population, but also on a state's housing costs and the state housing finance
agency's methodology for determining allocations to any specific property. In
addition, projects that use LIHTC funding in addition to another federal subsidy or below
market rate federal loan (i.e. Rural Development Section 515 funds) have their tax credit
allocation determined at a lower percentage of qualified basis (4%) than those not
using additional federal subsidies (9%. If a high percentage of LIHTC units
authorized by a state use the 4% rate, the per-unit allocation will decrease.
The table below is sorted by population, and details each state's total
allocations, total units authorized, and average tax credit allocated per unit for the
overall 1987 to 2003 period.
|
State Name |
Population 2006 |
Total Allocations, 1987-2006 |
Total Tax Credit Units Allocated, 1987-2006 |
Allocation per unit, 1987-2006 |
|
California |
36,249,872.00 |
$1,005,224,102.00 |
119688 |
$8,398.70 |
|
Texas |
23,407,629.00 |
$548,975,575.00 |
166610 |
$3,294.97 |
|
New York |
19,281,988.00 |
$591,376,444.00 |
76720 |
$7,708.24 |
|
Florida |
18,057,508.00 |
$471,714,684.00 |
88350 |
$5,339.16 |
|
Illinois |
12,777,042.00 |
$341,147,020.00 |
59301 |
$5,752.80 |
|
Pennsylvania |
12,402,817.00 |
$340,236,065.00 |
55882 |
$6,088.47 |
|
Ohio |
11,463,513.00 |
$328,992,974.00 |
74395 |
$4,422.25 |
|
Michigan |
10,102,322.00 |
$297,596,629.00 |
60136 |
$4,948.73 |
|
Georgia |
9,342,080.00 |
$216,342,104.00 |
55560 |
$3,893.85 |
|
North Carolina |
8,869,442.00 |
$193,473,878.00 |
42102 |
$4,595.36 |
|
New Jersey |
8,666,075.00 |
$251,155,328.00 |
28883 |
$8,695.61 |
|
Virginia |
7,640,249.00 |
$215,719,424.00 |
51418 |
$4,195.41 |
|
Massachusetts |
6,434,389.00 |
$194,904,477.00 |
31794 |
$6,130.23 |
|
Washington |
6,374,910.00 |
$167,225,956.00 |
28193 |
$5,931.47 |
|
Indiana |
6,302,646.00 |
$170,791,121.00 |
35259 |
$4,843.90 |
|
Arizona |
6,165,689.00 |
$139,754,124.00 |
22563 |
$6,193.95 |
|
Tennessee |
6,074,913.00 |
$144,542,011.00 |
35172 |
$4,109.58 |
|
Missouri |
5,837,639.00 |
$149,934,325.00 |
33696 |
$4,449.62 |
|
Maryland |
5,602,017.00 |
$154,258,811.00 |
32746 |
$4,710.77 |
|
Wisconsin |
5,572,660.00 |
$155,670,614.00 |
34738 |
$4,481.28 |
|
Minnesota |
5,154,586.00 |
$135,417,066.00 |
28485 |
$4,753.98 |
|
Colorado |
4,766,248.00 |
$114,514,784.00 |
18745 |
$6,109.08 |
|
Alabama |
4,590,240.00 |
$132,453,408.00 |
30548 |
$4,335.91 |
|
South Carolina |
4,330,108.00 |
$110,843,044.00 |
26150 |
$4,238.74 |
|
Louisiana |
4,243,288.00 |
$200,434,252.00 |
43938 |
$4,561.75 |
|
Kentucky |
4,204,444.00 |
$120,521,118.00 |
27063 |
$4,453.35 |
|
Oregon |
3,691,084.00 |
$94,395,091.00 |
18620 |
$5,069.55 |
|
Oklahoma |
3,577,536.00 |
$85,915,150.00 |
27887 |
$3,080.83 |
|
Connecticut |
3,495,753.00 |
$101,321,298.00 |
11914 |
$8,504.39 |
|
Iowa |
2,972,566.00 |
$80,827,964.00 |
18525 |
$4,363.18 |
|
Mississippi |
2,899,112.00 |
$105,078,110.00 |
27010 |
$3,890.34 |
|
Arkansas |
2,809,111.00 |
$66,070,572.00 |
18248 |
$3,620.70 |
|
Kansas |
2,755,817.00 |
$83,167,179.00 |
21516 |
$3,865.36 |
|
Utah |
2,579,535.00 |
$65,323,133.00 |
13553 |
$4,819.83 |
|
Nevada |
2,492,427.00 |
$50,890,462.00 |
9469 |
$5,374.43 |
|
New Mexico |
1,942,302.00 |
$51,938,983.00 |
10825 |
$4,798.06 |
|
West Virginia |
1,808,699.00 |
$42,625,526.00 |
10547 |
$4,041.48 |
|
Nebraska |
1,763,765.00 |
$50,173,424.00 |
10713 |
$4,683.41 |
|
Idaho |
1,463,878.00 |
$35,426,452.00 |
7443 |
$4,759.70 |
|
Maine |
1,314,910.00 |
$35,456,934.00 |
6039 |
$5,871.33 |
|
New Hampshire |
1,311,821.00 |
$29,039,025.00 |
4079 |
$7,119.15 |
|
Hawaii |
1,278,635.00 |
$33,436,243.00 |
3933 |
$8,501.46 |
|
Rhode Island |
1,061,641.00 |
$36,499,388.00 |
6591 |
$5,537.76 |
|
Montana |
946,795.00 |
$24,883,267.00 |
4301 |
$5,785.46 |
|
Delaware |
852,747.00 |
$27,923,324.00 |
6380 |
$4,376.70 |
|
South Dakota |
788,467.00 |
$24,942,055.00 |
6713 |
$3,715.49 |
|
Alaska |
677,450.00 |
$21,197,778.00 |
2512 |
$8,438.61 |
|
North Dakota |
637,460.00 |
$26,501,392.00 |
5439 |
$4,872.48 |
|
Vermont |
620,778.00 |
$24,358,635.00 |
4629 |
$5,262.18 |
|
Wyoming |
512,757.00 |
$23,053,177.00 |
3872 |
$5,953.82 |
Additional detailed analyses of the LIHTC program at the state level follows
Back to main LIHTC page
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