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Florida Construction Law News

11JAN 2013

Subsidized Housing Programs – Benefits for All


While people have competing views as to subsidized housing and who should bear the burden of funding said projects, the benefits to the communities which play host to such communities cannot deny the economic boost to the local economy and employment market. For instance, the low-income housing tax credit (LIHTC) program, by all accounts, is one of the most wildly successful housing stimulus public policy programs enacted to date.

While the name alone expressly states its purpose, to create homes for low-income families, what it does not state is the tangential benefits to the surrounding communities. Yes, since inception the LIHTC is responsible for creating over 2.5 million units for low–income families, however, it is also responsible for producing 140,000 jobs annually and generating $1.5 billion in state and local taxes and other revenues. These are jobs in all sectors of the economy, from construction to government jobs,  created to manage, regulate and oversee the entire construction process from conception through completion and then the day to day maintenance and management of the project into the future.

Undeniably, the need to create safe and secure housing for low-income families should be reason enough to support these programs. That being said, the economic benefits to local communities who choose to promote and support subsidized housing programs truly benefits everyone, not just the lucky families who call these projects home, and should not be overlooked.