Did You Know? LIHTC Provides Workforce Housing; Also Supports Seniors and People with Disabilities
A recent newsletter of the Vermont Housing Finance Agency, which administers the Low Income Housing Tax Credit (LIHTC) program in Vermont, featured some interesting statistics that shed light on how our community benefits from LIHTC--in particular, what needs are being met by this important program. Specifically, it helps meet our area's need for workforce housing as well as affordable housing for vulnerable populations like seniors and people with disabilities. Without LIHTC, these households would likely otherwise live in substandard housing, pay an excessive share of their income in rent, or even face homelessness. From the article:
Each year, federal and state housing and bond credits generate about three-quarters of the funds used to create more affordable housing in Vermont. The average Vermont resident living in apartments developed through credits has an annual income of about $18,000. About half of these households are non-seniors who are not disabled. Seventy-seven percent of these “workforce” households are working and earning their income.
Although about 7,400 Vermont households live in apartments created by credits, thousands more are in need of decent, safe apartments they can afford.
Read more about Vermont’s current housing credit residents or about the housing credit’s national impact.
ACCT has developed many of the LIHTC units in Addison County, and currently manages the vast majority. Our newest development is McKnight Lane in Waltham, adding 14 more units to the county's permanently affordable housing stock.
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