LIHTC has fueled private affordable housing since 1986 but faces scrutiny as affordable homes sit empty and rents rise for the poorest.
The United States faces a stark mismatch: roughly 4 million affordable rental homes exist for about 11 million extremely low-income renter households, yet vacancies are rising as rents approach market levels. The tax-credit program that funds much of this housing is criticized for complexity and insufficient targeting, while vouchers remain scarce.