The Low-Income Housing Tax Credit (LIHTC) program is run by the IRS and allows companies to invest in low-income housing, while receiving 10 years of tax credits. This important program works with state housing finance agencies to administer the program on a state level.
Housing credit units are privately owned by developers and are run at a profit. The LIHTC program gives States the equivalent of nearly $5 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
Milligan has considerable experience auditing the financial statements of Low Income Housing Tax Credits and other tax credit partnerships.