Affordable Housing Program Costs More, Shelters Fewer (money, state, federal)

[jm1982]

Taxpayers are getting ripped off on these "affordable housing projects "

Hardly any oversight and a lot of fraud . Sounds like a real mess .
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In a joint investigation, NPR — together with the PBS series Frontline — found that with little federal oversight, LIHTC has produced fewer units than it did 20 years ago, even though it's costing taxpayers 66 percent more in tax credits.

In 1997, the program produced more than 70,000 housing units. But in 2014, fewer than 59,000 units were built, according to data provided by the National Council of State Housing Agencies.

But without strong oversight of the billions flowing through LIHTC's private sector, there is no way to say for certain just how rare fraud is: The vast majority of housing agencies have never been audited. There have been only seven audits of the 58 state and local housing agencies that the IRS relies on to watch the program since it began in 1986. And when you trace the tax credits of LIHTC properties upward to syndicators and investors, the profit structure becomes even more obscure.

The Low-Income Housing Tax Credit Program Costs More, Shelters Less : NPR

[Buckeye77]

As always, just follow the money. All of these do-good efforts go thru 3 distinct phases:

1. It's a good and noble idea
2. It's a business
3. Ultimately, it becomes a racket.

This program is in stage 2.7

[beb0p]

Did anyone hear Trump say one bip about affordable housing???

None. It's not high on his agenda, if at all.

Expect this mess to grow larger under the Trump Administration.

.