The use of tax-exempt bond financing with low-income housing tax credits increased in 2005, according to a recently issued National Council of State Housing Agencies (NCSHA) survey of state agencies. In aggregate, $246.113 million in credits were allocated to bond-financed projects in 2005, up 14 percent from the $216 million awarded in 2004. Despite the increase, the number of low-income units produced in bond projects dipped from 63,674 in 2004 to 63,562 in 2005. New construction made up approximately half of the bond-financed tax credit units in 2005, which was unchanged from 2004, but down from 62 percent in 2003.
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