The beneficiaries of the housing credit start with residents, who are provided with a safe, decent home at a rent that they can afford.

Over 19 million households in the United States, or 49% of all renters, pay more than 30% of their household income toward rent. Above that level, it is hard to put food on the table, pay for transportation to work, and cover other basics such as utilities and clothing.

Even if they have a job, many low-income workers cannot pay for decent housing for themselves and their families. Construction costs would have to be 28% of the current average to serve renter households earning the minimum wage. The funds provided by investors in the housing credit offset these costs and allow for affordable rents. National occupancy rates averaging 96% for properties financed with the housing credit point to the strong demand for affordable housing.

But the benefits of the housing credit program are also felt more widely throughout communities, as in its first year the typical 100-unit housing credit development:

• Creates 116 jobs, about half of which are in the construction sector
• Provides $8.7 million to local economies in income to workers and sales revenue to businesses
• Adds $3.3 million to tax coffers for federal, state and local governments.