More than Housing

Creating Jobs

The Housing Credit does more than provide affordable housing, it also generates millions of jobs for Americans and helps stimulate the economy. During the construction process, the program creates jobs for architects, carpenters, electricians, plumbers and roofers to name a few. Once the property is completed, it requires property managers, leasing agents, maintenance workers and other service providers to operate the property. In addition, the new residents help support local businesses and jobs by spending their income.

According to the National Association of Home Builders, the Housing Credit program generates approximately $2.8 billion in federal, state and local taxes, creates approximately 95,000 new full-time jobs and adds $7.1 billion in income to the economy each year.

They estimate on average that building a 100-unit property provides the following in one year:

• $12.4 million in local income for state residents

• $3.3 million in taxes and other revenue for state and local governments

• 170 local jobs for residents of the state

They also estimate on average the recurring impacts of that a 100-unit property provides annually:

• $2.9 million in local income for state residents

• $842,000 in taxes and other revenue for state and local governments

• 49 local jobs for residents of the state

Source: “The Economic Impact of Home Building in a Typical State” National Association of Home Builders (April 2015)

Types of jobs created during and after the construction of a 100-unit multifamily Housing Credit property.