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The Low Income Housing Tax Credit (LIHTC) program is the country’s most extensive affordable housing program. The program was added to Section 42 of the Internal Revenue Code (IRC) in 1986 to provide private owners with an incentive to create and maintain affordable housing. The LIHTC program works through a subsidy mechanism. The Internal Revenue Service (IRS) allocates funds on a per-capita basis to each state. And each state has a housing finance or other agency that assumes responsibility for allocating tax credits to developers.
