Distressed or under served tracts
Now is the time to start planning for 2023
On your list of tasks or things to do this year you need to carefully review the changing population characteristics of your market. Understanding Distressed which census tracts, where they are withiin your accessment area and how they are defined will be important in you compliance review for 2023. Distressed census tracts are defined as follows:
Low-Income Housing Tax Credit Qualified Census Tracts must have 50 percent of households with incomes below 60 percent of the Area Median Gross Income (AMGI) or have a poverty rate of 25 percent or more. Difficult Development Areas (DDA) are areas with high land, construction and utility costs relative to the area median income and are based on Fair Market Rents, income limits, the 2010 census counts, and 5-year American Community Survey (ACS) data.
The recent release of 2020 census data shows that the United States is more diverse and more multiracial than ever before.
As the population changes so do the businesses in the communities you serve as well as the characteristics of the census tracts.
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