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FOR IMMEDIATE RELEASE
March 23, 2006
Contact: Dean DeBuck
Investing in Low-Income Housing Tax Credits: A Sound Opportunity for Community Banks
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today published the Spring 2006 edition of Community Developments Investments focusing on Low-Income Housing Tax Credits (LIHTC), an investment that many banks do not know is available to them.
"Banks have been a significant source of capital to fund the construction and rehabilitation of affordable housing under the Low Income Housing Tax Credit program," said Comptroller of the Currency John C. Dugan. "Through structured financing arrangements, national banks have facilitated the development of hundreds of thousands of units of affordable housing in their communities while receiving positive consideration under the Community Reinvestment Act."
Articles in this issue of Community Developments Investments describe the fundamentals of LIHTCs, with a particular focus on topics of interest to community bankers new to this product.
National banks typically make LIHTC investments under the "Part 24" community development investment authority which encourages bank equity investments in activities that primarily promote the public welfare in a safe and sound manner. Over the past decade, national banks have invested over $10 billion in affordable housing projects under this community development investment authority.
Community Developments Investments can be accessed on OCC’s Internet site at www.occ.gov/static/community-affairs/community-developments-investments/spring06/LIHTC%20Spring%2006%20eZine.pdf.
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