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The Low-Income Housing Tax Credit (LIHTC) program has been a significant source of new multifamily housing for more than 25 years. Since the program began, state housing agencies have financed over 2.6 million affordable units of rental housing, according to data compiled from the National Council of State Housing Agencies. During the period from 1987, when the program began, to 2012, agencies have allocated nearly $13.4 billion in housing credits from their annual state ceilings.
