If you've noticed some sprucing up in Low Income Housing Tax Credit Market properties lately, there is good reason for that.
Rental income for LIHTCs spiked last year, as it did in 2018, which prompted increased spending on operating expenses, "in many cases likely allowing LIHTC properties to catch up on previously deferred expenditures," according to a newly released report by Novogradac.
Income in 2019 rose by 8.5% in 2019, following in the footsteps of 2018, when rental income went up by 4.1%. After years of lean budgets, brought about by the Great Recession, property owners appear to have taken advantage of their full coffers. Operating expenses skyrocketed by 6.8% last year, posting their largest increase in a decade, Novogradac revealed.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
