Robert Rozen, referred to as Bobby, worked for many years in the U.S. Senate and was involved in the establishment of the Low Income Housing Tax Credit program which is the primary means of financing affordable housing today. In the 30 years since enactment, nearly 3 million housing units have been built with LIHTC equity, 3.1 million jobs have been created and an industry has grown around it. But to understand how the LIHTC passed, it’s important to go back to the political climate of the time. When it was passed, the attention was on the simplification of the tax code and the elimination of many tax shelters. Bobby takes us through those times and the challenges in establishing the tax credit program.
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