7. GAO Report
The first of three expected Government Accountability Office (GAO) reports on the LIHTC program came out in July. According to the report, Internal Revenue Service (IRS) oversight of the LIHTC program has been minimal. Since the program’s start in 1986, the IRS has conducted only seven audits of 56 state housing finance agencies.
GAO officials said Congress should consider designating the Department of Housing and Urban Development (HUD) as a joint administrator of the program.
The National Council of State Housing Agencies disagreed with the recommendation. It urged officials to keep oversight with Treasury and the IRS, which have 30 years of expertise and experience with the LIHTC program.
The two other reports taking a hard look at the LIHTC program from different angles are expected to be released in 2016. The review of the program was requested by Sen. Chuck Grassley (R-Iowa).