Owners maintain that financial as well as civic or social reasons motivated their development decisions. Although there is considerable variation among properties, tax-credit properties tend to be small, newly constructed, and managed by their owners. Most are situated in central cities. The properties are intended to serve families, elderly persons, and disabled persons. Owners obtain tax-credit equity through a syndicator, direct placement, or a combination of these.
Tax credits are essential to the owners' deals.
Property performance meets expectations in a majority of cases. However, one in four owners express concern about cash flow performance. The majority of owners plan to maintain low-income occupancy after the compliance period. The majority of owners view the tax-credit program as a means for making deals financially feasible, have no regrets about using it, and intend to use the program in the future.