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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 $8,340.25 per unit, while Texas has an average allocation of only $3,289.34 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 2007 period.

State 2008 Estimated Population Total Dollars Allocated, 1987-2008 Total Tax Credit Units Allocation per unit
California 36,580,371 $1,163,716,964 134,267 $8,667
Texas 24,304,290 $653,441,577 196,833 $3,320
New York 19,467,789 $673,353,468 86,541 $7,781
Florida 18,423,878 $573,662,437 97,887 $5,860
Illinois 12,842,954 $417,556,683 67,355 $6,199
Pennsylvania 12,566,368 $399,422,684 63,985 $6,242
Ohio 11,528,072 $379,316,273 81,041 $4,681
Michigan 10,002,486 $344,945,237 68,993 $5,000
Georgia 9,697,838 $257,062,123 61,489 $4,181
North Carolina 9,247,134 $216,698,416 48,839 $4,437
New Jersey 8,663,398 $291,121,336 32,298 $9,014
Virginia 7,795,424 $254,090,397 59,322 $4,283
Washington 6,566,073 $195,553,932 31,095 $6,289
Massachusetts 6,543,595 $222,903,486 35,626 $6,257
Arizona 6,499,377 $168,754,215 25,473 $6,625
Indiana 6,388,309 $220,001,652 41,324 $5,324
Tennessee 6,240,456 $172,618,476 39,588 $4,360
Missouri 5,956,335 $180,416,178 37,561 $4,803
Maryland 5,658,655 $179,540,862 38,213 $4,698
Wisconsin 5,627,610 $182,270,305 39,026 $4,670
Minnesota 5,230,567 $157,507,035 31,641 $4,978
Colorado 4,935,213 $135,342,313 21,073 $6,423
Alabama 4,677,464 $183,523,157 36,813 $4,985
South Carolina 4,503,280 $119,955,758 27,968 $4,289
Louisiana 4,451,513 $358,808,901 52,759 $6,801
Kentucky 4,287,931 $142,938,618 30,731 $4,651
Oregon 3,782,991 $110,038,477 20,715 $5,312
Oklahoma 3,644,025 $102,947,532 30,675 $3,356
Connecticut 3,502,932 $116,502,290 13,204 $8,823
Iowa 2,993,987 $108,501,689 21,592 $5,025
Mississippi 2,940,212 $197,232,948 38,731 $5,092
Arkansas 2,867,764 $79,556,234 20,640 $3,854
Kansas 2,797,375 $95,231,663 23,972 $3,973
Utah 2,727,343 $78,394,416 15,695 $4,995
Nevada 2,615,772 $62,517,099 11,264 $5,550
New Mexico 1,986,763 $62,390,052 12,132 $5,143
West Virginia 1,814,873 $53,182,971 12,991 $4,094
Nebraska 1,781,949 $63,380,371 12,167 $5,209
Idaho 1,527,506 $42,652,594 8,349 $5,109
New Hampshire 1,321,872 $35,771,525 4,689 $7,629
Maine 1,319,691 $41,612,359 6,720 $6,192
Hawaii 1,287,481 $41,091,649 4,615 $8,904
Rhode Island 1,053,502 $43,781,815 7,290 $6,006
Montana 968,035 $29,832,770 5,042 $5,917
Delaware 876,211 $34,772,643 7,355 $4,728
South Dakota 804,532 $30,005,936 7,645 $3,925
Alaska 688,125 $26,342,387 2,965 $8,884
North Dakota 641,421 $31,808,525 6,150 $5,172
Vermont 621,049 $29,246,183 5,188 $5,637
District of Columbia 590,074 $19,919,495 7,531 $2,645
Wyoming 532,981 $27,622,777 4,345 $6,357

Additional detailed analyses of the LIHTC program at the state level follows

Back to main LIHTC page

   

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