Sources & attribution.

Federal statutes and regulations

The primary law governing affordable housing finance:

• Internal Revenue Code Section 42 — Low-Income Housing Tax Credit
• Internal Revenue Code Section 45D — New Markets Tax Credit (made permanent at $5B annual cap under OBBBA)
• Internal Revenue Code Section 47 — Historic Tax Credit
• Internal Revenue Code Section 1400Z — Opportunity Zones
• Cranston-Gonzalez National Affordable Housing Act of 1990 — HOME Investment Partnerships authorization (42 U.S.C. § 12701 et seq.)
• Section 1131 of HERA 2008 — National Housing Trust Fund authorization (12 U.S.C. § 4568)
• Title I of HCDA 1974 — Community Development Block Grant authorization (42 U.S.C. § 5301 et seq.)
• Section 8 of US Housing Act of 1937 — HCV, PBV, PBRA (42 U.S.C. § 1437f)
• Section 219 of Consolidated Appropriations Act 2012 — RAD authorization
• Section 10(j) of Federal Home Loan Bank Act — FHLB AHP (12 U.S.C. § 1430(j))
• HOTMA 2016 — Housing Opportunity Through Modernization Act (income/asset rules, final rule effective Jan 1, 2024)
• OBBBA P.L. 119-21 — One Big Beautiful Bill Act (enacted July 4, 2025; permanent 12% LIHTC increase, 25% PAB threshold, $5B permanent NMTC)

Federal regulations (CFR)

• 24 CFR Part 92 — HOME Investment Partnerships implementing regulations
• 24 CFR Part 93 — National Housing Trust Fund implementing regulations
• 24 CFR Part 570 — CDBG implementing regulations
• 24 CFR Part 982 — Housing Choice Voucher program
• 24 CFR Part 983 — Project-Based Voucher program
• 12 CFR Part 1291 — FHLB Affordable Housing Program (FHFA)

Federal agencies we monitor

• U.S. Department of Housing and Urban Development (HUD)
  • Office of Community Planning and Development (CPD) — HOME, HTF, CDBG
  • Office of Public and Indian Housing (PIH) — public housing, RAD, HCV, PBV
  • Office of Multifamily Housing — PBRA, FHA mortgage insurance
• Internal Revenue Service (IRS) — LIHTC, OZ, HTC, NMTC compliance and Revenue Procedures (including Rev. Proc. 2025-32 for 2026 LIHTC per-capita)
• U.S. Treasury — Tax policy, CDFI Fund (NMTC, Capital Magnet Fund)
• Federal Housing Finance Agency (FHFA) — FHLB system regulation, AHP rules, GSE oversight (affecting HTF funding)
• U.S. Department of Agriculture (USDA) — Rural Development housing programs (Section 502, 515, 538)

Key documents we cite regularly

• IRS Revenue Procedures for annual LIHTC per-capita and small-state minimum (e.g., Rev. Proc. 2025-32 for 2026)
• HUD Income Limits (released annually, typically Q1)
• HUD Per-Unit Subsidy Limits (HOME 234-Condo limits)
• State QAPs (Qualified Allocation Plans) — updated annually by each state HFA
• FHLB AHP Implementation Plans — published annually by each of the 11 districts
• HUD CPD Notices, PIH Notices, Multifamily Mortgagee Letters

Industry data providers

Novogradac & Company

The leading affordable housing tax credit accounting and consulting firm. We rely on Novogradac for LIHTC equity pricing data, regulatory analysis, and projections (e.g., the 1.14 million additional units projection from OBBBA, 2026-2035). Public Novogradac data is cited inline; we do not republish proprietary Novogradac materials.

National Council of State Housing Agencies (NCSHA)

The trade association for state HFAs. Publishes annual factbooks with state-by-state LIHTC, HOME, HTF, and bond program data.

National Low Income Housing Coalition (NLIHC)

Publishes "The Gap" annual report on ELI housing gap, "Out of Reach" annual report on affordability, and policy analysis on Section 8 and HTF.

National Association of Housing and Redevelopment Officials (NAHRO)

Trade association for housing and community development professionals; coverage of CDBG, public housing, RAD, and HUD program implementation.

Council of Large Public Housing Authorities (CLPHA)

Trade association for the largest PHAs; RAD conversion data and policy analysis.

Federal Reserve Bank of New York and other Reserve Banks

Community development reports, particularly on access to capital and affordable housing finance trends.

Academic and research institutions

• Joint Center for Housing Studies (Harvard) — annual State of the Nation's Housing report
• Furman Center for Real Estate & Urban Policy (NYU) — New York and federal affordable housing research
• Urban Institute — LIHTC, housing voucher, and federal housing policy research
• Brookings Institution — Opportunity Zones research and broader housing policy analysis
• Terner Center for Housing Innovation (UC Berkeley) — California-focused housing policy research

Trade press

We follow but do not republish content from:

• Affordable Housing Finance Magazine
• Affordable Housing News
• National Mortgage News
• Bond Buyer (for housing bond market coverage)
• Tax Credit Advisor (Novogradac publication)

How we use these sources

For factual claims about statutes, regulations, dollar amounts, dates, and specific provisions, we cite the primary source. For market intelligence (pricing, sentiment, projections), we cite the relevant industry data provider with attribution. For policy or academic analysis, we cite the originating research institution. See our Methodology page for the verification process.

What we do not republish

We do not republish proprietary Novogradac data, NCSHA factbook tables, or other paid-subscription industry reports beyond brief citations. If you need original source data, we recommend subscribing directly to the publisher.

Federal regulatory materials and statutes are public domain. State QAPs are public documents.

Suggesting additional sources

If you know of a source we should be monitoring — particularly a state HFA, regional industry publication, or academic resource — please email editorial@housingsubsidybrief.com. Our source list grows with reader input.