United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1997-04-23 monographic deposited born digital 21 p. GA 1.13:T-GGD/RCED-97-149 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-RCED-97-149 P0b002ee1803963b1 f:gg97149t DGPO 2010-08-12 2011-03-28 GAOREPORTS-T-GGD-RCED-97-149 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-RCED-97-149 T-GGD/RCED-97-149 Low income housing Rental housing Tax credit Disadvantaged persons Federal/state relations Housing programs Monitoring State-administered programs Cost control Tax law HUD Low Income Housing Tax Credit Program Testimony GGD RCED GAO discussed its report on opportunities to improve oversight of the Low-Income Housing Program.<p/>GAO noted that: (1) a substantial majority of households served by the program had incomes considered "very low" by the Department of Housing and Urban Development and about three-fourths of all households benefited either directly or indirectly from other types of housing assistance; (2) GAO estimates the average tax credit cost per-unit, in present value terms, to be about $27,300; (3) all the states had developed qualified allocation plans required by the Internal Revenue Code to direct tax credit awards to priority housing needs; (4) although the states met tax code requirements, GAO identified several factors that could affect the housing actually delivered over time; (5) some states reserve discretion for amending or bypassing the allocation process; (6) in addition, many tax credits that were initially allocated may not have been used; (7) further, the long term economic viability of tax credit projects as low-income housing has not been tested; (8) all states had cost control procedures in place that were intended to help ensure the reasonableness of project costs and tax credit awards; (9) however, some projects lacked complete cost and financial data and some key data used in determining the basis for tax credit awards were not independently verified; (10) while states had established compliance monitoring programs consistent with IRS regulations, the regulations did not provide adequate assurance that states perform agreed upon monitoring reviews; and (11) also, the Internal Revenue Service needs additional information to adequately monitor states' tax credit allocations and taxpayer compliance with credit requirements. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-RCED-97-149/html/GAOREPORTS-T-GGD-RCED-97-149.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-RCED-97-149/pdf/GAOREPORTS-T-GGD-RCED-97-149.pdf GAO/T-GGD/RCED-97-149 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-RCED-97-149 Testimony GAO/T-GGD/RCED-97-149; Tax Credits: Opportunities to Improve Oversight of the Low-Income Housing Program; Low income housing Rental housing Tax credit Disadvantaged persons Federal/state relations Housing programs Monitoring State-administered programs Cost control Tax law HUD Low Income Housing Tax Credit Program