The Georgia Department of Audits and Accounts recently published an evaluation of Georgia’s Low-Income Housing Tax Credit (LIHTC), prepared by Georgia State University’s Fiscal Research Center (FRC).
LIHTC was enacted in 2000 to enhance incentives provided by the federal tax credit program of the same name for the development of affordable housing to meet the needs of lower-income families in the state. This report evaluates the impact of Georgia’s LIHTC, in accordance with the provisions of O.C.G.A. § 28-5-41.1 (2021 Senate Bill 6). Using data from the Department of Community Affairs, FRC estimates that Georgia taxpayers will claim approximately $331 million in LIHTC in fiscal year 2023 and $1.74 billion over the five-period of fiscal years 2023 through 2027. Although much of the economic activity would have occurred in the absence of the credit, FRC notes that safe and secure long-term housing offers personal and societal benefits in terms of health, and public safety, and educational outcomes.
Access the full report here.