April may have been a “taxing” month for all of us, but the bright side of that is realizing the investment of those resources can produce good things, that are most important and critical to meeting our communities’ common concerns and needs. Such is the case for the federal Low Income Housing Tax Credit program. It’s a tried and true system that, although not perfect nor simple, has continuously produced high quality permanently affordable housing to lower-income earning households all across the nation, including here on the Central Coast. Originating from the 1986 Reagan Tax Reform Act, it has had substantive bipartisan support since then, through numerous pendulum power swinging election cycles and shifts. Success has in part been attributed to the public-private partnership nature of the program, that provides affordable housing financing. It starts with a tax credit allocation made available to each state each year, based on their population at a per capita rate. For 2022 that rate is set at an allocation of $2.35 per person.
