GAO Releases Report on Low-Income Housing Tax Credit

The Government Accountability Office (GAO) released report GAO-18-637, LOW-INCOME HOUSING TAX CREDIT: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management today. GAO was asked to review the cost-efficiency and effectiveness of the LIHTC program.

GAO’s recommendations were: Congress should consider designating a federal agency to maintain and analyze LIHTC cost data. GAO also makes three recommendations to IRS to enhance collection and verification of cost data. IRS disagreed with the recommendations and said it lacked certain data collection authorities. GAO maintains the recommendations would strengthen program oversight and integrity and modified one of them to allow IRS greater flexibility in promoting data standards.

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