Affordable Housing, Reports and Publications, Supportive Housing

30 Years Later - How Do CT LIHTC Operating Costs Compare?

CohnReznick LLP
 

Marking the 30th anniversary of the Low Income Housing Tax Credit (LIHTC) Program, the accounting, tax, and advisory firm, CohnReznick studied the operating expenses of projects currently in the national portfolio. The findings confirmed that Connecticut exceeded the national average in regards to every expense category.

According to the report, New England was the most expensive region to operate a LIHTC property,a result of various factors including high cost of living, relatively older infrastructure and housing stock, harsh weather conditions, etc. Connecticut outpaced national median expenses in several categories, such as utilities ($1,373 per unit per annum in Connecticut versus $875 nationally), repair and maintenance ($1,630 versus $1,077, respectively) and property taxes ($1,131 versus $441, respectively).

The report examined these and other operating expenses including: administration, salary, management, and insurance. CohnReznick estimates that their sample represents over 70% of all the actively managed LIHTC properties in the nation.

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