The Terner Center for Housing Innovation at UC Berkeley published a report on The Complexity of Financing Low-Income Housing Tax Credit Housing, which highlights the challenges associated with funding fragmentation and lifts up promising approaches that federal, state and local actors are taking to streamline the financing process. The authors find that on average, developers need to pull together 3.5 different funding sources to make a development pencil, with some developments requiring as many as 11 sources on top of tax credit equity. The average number of sources has also increased over time, in line with the rise of development costs.
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