Mark Shelburne
@housingmark.bsky.social
housing policy consultant, attorney (barely), dance dad, YIMBY, former LIHTC allocator, UNC-CH x3 alum & adjunct professor, sweet tea & hushpuppy connoisseur
Accelerated depreciation would increase an investor’s return, allowing higher pricing.
The two conflict only in history, that one came into existence because Regan killed the other.
The two conflict only in history, that one came into existence because Regan killed the other.
October 15, 2025 at 3:54 PM
Accelerated depreciation would increase an investor’s return, allowing higher pricing.
The two conflict only in history, that one came into existence because Regan killed the other.
The two conflict only in history, that one came into existence because Regan killed the other.
Good. Those who critique the LIHTC often wrongly presume a need to eliminate it to achieve their desired approach. Glad that doesn’t describe you.
October 15, 2025 at 3:23 PM
Good. Those who critique the LIHTC often wrongly presume a need to eliminate it to achieve their desired approach. Glad that doesn’t describe you.
What these “good ol’ days” comparisons never mention:
• the two tax treatments are not inherently mutually exclusive (we could have both);
• affordability results of accelerated depreciation.
On the latter:
www.novoco.com/notes-from-n...
• the two tax treatments are not inherently mutually exclusive (we could have both);
• affordability results of accelerated depreciation.
On the latter:
www.novoco.com/notes-from-n...
More than Half of LIHTC Households Earn 30% AMI or Below Per New HUD LIHTC Tenant Data
The August 2023 release of low-income housing tax credit (LIHTC) tenant data from the U.S. Department of Housing and Urban Development (HUD) further proves that the incentive continues to assist the m...
www.novoco.com
October 15, 2025 at 2:38 PM
What these “good ol’ days” comparisons never mention:
• the two tax treatments are not inherently mutually exclusive (we could have both);
• affordability results of accelerated depreciation.
On the latter:
www.novoco.com/notes-from-n...
• the two tax treatments are not inherently mutually exclusive (we could have both);
• affordability results of accelerated depreciation.
On the latter:
www.novoco.com/notes-from-n...
In my experience most agencies are agnostic about mixed use. The real difficulties and challenges come from the debt and equity providers who aren’t comfortable underwriting the two different kinds of income streams.
September 26, 2025 at 4:12 PM
In my experience most agencies are agnostic about mixed use. The real difficulties and challenges come from the debt and equity providers who aren’t comfortable underwriting the two different kinds of income streams.
My understanding is every LIHTC project in CA involves a nonprofit developer so as to receive a property tax exemption. I’m sure many are joint ventures with for profits.
September 20, 2025 at 11:25 AM
My understanding is every LIHTC project in CA involves a nonprofit developer so as to receive a property tax exemption. I’m sure many are joint ventures with for profits.
The second one supports my point (look forward to using it).
September 6, 2025 at 12:49 PM
The second one supports my point (look forward to using it).
That was an interesting report, but I don’t recall it supporting the statement above.
September 6, 2025 at 12:47 PM
That was an interesting report, but I don’t recall it supporting the statement above.
I’ve yet to see anyone actually substantiate this claim.
September 6, 2025 at 11:39 AM
I’ve yet to see anyone actually substantiate this claim.
The most important point is they are not alternatives, we need both. I’d argue the efficiency aspect, plus add that vouchers don’t add to production.
August 31, 2025 at 7:18 PM
The most important point is they are not alternatives, we need both. I’d argue the efficiency aspect, plus add that vouchers don’t add to production.
Only if there’s some unique expectation to do so under a local program.
August 31, 2025 at 7:12 PM
Only if there’s some unique expectation to do so under a local program.
An example so unique as to be newsworthy is not doing much to support “rarely ends well.” Exclusionary zoning needs to end so supply can meet demand.
August 31, 2025 at 7:06 PM
An example so unique as to be newsworthy is not doing much to support “rarely ends well.” Exclusionary zoning needs to end so supply can meet demand.
No one is kicked out of LIHTC housing for being over income. In fact, unlike with vouchers, your rent doesn’t even go up as your pay/salary increases.
August 31, 2025 at 7:03 PM
No one is kicked out of LIHTC housing for being over income. In fact, unlike with vouchers, your rent doesn’t even go up as your pay/salary increases.
They’d be even more oversubscribed without the incentives to secure gap funding.
Creating a social housing developer/program would be a great addition to our current system. Many jurisdiction, especially in California, would benefit from adopting the Center for Public Enterprise model.
Creating a social housing developer/program would be a great addition to our current system. Many jurisdiction, especially in California, would benefit from adopting the Center for Public Enterprise model.
August 23, 2025 at 11:30 PM
They’d be even more oversubscribed without the incentives to secure gap funding.
Creating a social housing developer/program would be a great addition to our current system. Many jurisdiction, especially in California, would benefit from adopting the Center for Public Enterprise model.
Creating a social housing developer/program would be a great addition to our current system. Many jurisdiction, especially in California, would benefit from adopting the Center for Public Enterprise model.
I genuinely don’t understand the frustration with certain professionals’ positive reaction (was a whole ShelterForce article). The new provisions will create more than a million affordable units over the next decade. That’s good, right?
(Yes, of course the rest of the bill is terrible.)
(Yes, of course the rest of the bill is terrible.)
July 25, 2025 at 6:17 PM
I genuinely don’t understand the frustration with certain professionals’ positive reaction (was a whole ShelterForce article). The new provisions will create more than a million affordable units over the next decade. That’s good, right?
(Yes, of course the rest of the bill is terrible.)
(Yes, of course the rest of the bill is terrible.)
If it helps you’re welcome to use content from my blog post series:
www.novoco.com/notes-from-n...
www.novoco.com/notes-from-n...
Localities’ Interaction with the LIHTC: Benefits and Context (post 1 of 4)
Welcome to the first in a series of blogs explaining how local governments interact with the federal low-income housing tax credit (LIHTC).
www.novoco.com
July 20, 2025 at 9:24 PM
If it helps you’re welcome to use content from my blog post series:
www.novoco.com/notes-from-n...
www.novoco.com/notes-from-n...
The field guide (not something I worked on) was meant to help. My understanding is it being well received. However, repeating rules does go against my advice to agencies:
www.novoco.com/notes-from-n...
www.novoco.com/notes-from-n...
QAP Drafting Considerations (post 9 of 10)
When drafting qualified allocation plans (QAPs) two general concepts should guide the way: 1) Keep everything as brief as possible. 2) Remember that QAPs are effectively an extension of Internal Reven...
www.novoco.com
July 13, 2025 at 7:39 PM
The field guide (not something I worked on) was meant to help. My understanding is it being well received. However, repeating rules does go against my advice to agencies:
www.novoco.com/notes-from-n...
www.novoco.com/notes-from-n...
Huh, that was indeed after my time. I remember there being a problem with some kind of A/C unit back in the early 2000s.
July 13, 2025 at 7:36 PM
Huh, that was indeed after my time. I remember there being a problem with some kind of A/C unit back in the early 2000s.
I don’t remember the story behind the A/C unit rules, other than we wrote them at least a dozen years ago. Maybe something has changed since then. Odds are they were, like most of the standards, in response to a developer trying to do something questionable.
Yes, those sizes are fairly small here.
Yes, those sizes are fairly small here.
July 13, 2025 at 6:52 PM
I don’t remember the story behind the A/C unit rules, other than we wrote them at least a dozen years ago. Maybe something has changed since then. Odds are they were, like most of the standards, in response to a developer trying to do something questionable.
Yes, those sizes are fairly small here.
Yes, those sizes are fairly small here.
I don’t have much, or maybe any debate with what you’re saying.
However, in the specific instance of the items mentioned above, the way to make a change for next year is to submit a QAP comment. Can be as simple as it is here, just copy/paste.
Understood that’s not a theoretical ideal.
However, in the specific instance of the items mentioned above, the way to make a change for next year is to submit a QAP comment. Can be as simple as it is here, just copy/paste.
Understood that’s not a theoretical ideal.
July 13, 2025 at 1:44 PM
I don’t have much, or maybe any debate with what you’re saying.
However, in the specific instance of the items mentioned above, the way to make a change for next year is to submit a QAP comment. Can be as simple as it is here, just copy/paste.
Understood that’s not a theoretical ideal.
However, in the specific instance of the items mentioned above, the way to make a change for next year is to submit a QAP comment. Can be as simple as it is here, just copy/paste.
Understood that’s not a theoretical ideal.
Correct. There was a change in the House version of the reconciliation bill, but the Senate took it out.
So now your comments can focus on design…
So now your comments can focus on design…
July 13, 2025 at 1:40 PM
Correct. There was a change in the House version of the reconciliation bill, but the Senate took it out.
So now your comments can focus on design…
So now your comments can focus on design…
Agreed with all of that, which is why I genuinely want you to let them know.
July 13, 2025 at 1:37 PM
Agreed with all of that, which is why I genuinely want you to let them know.
Touring would be great, for many reasons, but they don’t have the time. They do meet with builders and architects often.
July 13, 2025 at 1:34 PM
Touring would be great, for many reasons, but they don’t have the time. They do meet with builders and architects often.
I agree a basis boost for any WNC bond deal would be great, but it’s not within NCHFA’s authority to make happen.
July 13, 2025 at 1:31 PM
I agree a basis boost for any WNC bond deal would be great, but it’s not within NCHFA’s authority to make happen.
I’m literally saying what’s in these exact Bluesky posts can be an email to the agency. Straight copy and paste, then hit send. Whether that’s easy is perhaps a matter of opinion.
July 13, 2025 at 1:29 PM
I’m literally saying what’s in these exact Bluesky posts can be an email to the agency. Straight copy and paste, then hit send. Whether that’s easy is perhaps a matter of opinion.
Discourse here is great, just won’t move the needle with an agency.
Yes, they would read his comments. Frankly agencies don’t care as much about the “who” aspect as most people think. What matters are the quality of the ideas and their backing/support.
Yes, they would read his comments. Frankly agencies don’t care as much about the “who” aspect as most people think. What matters are the quality of the ideas and their backing/support.
July 13, 2025 at 1:27 PM
Discourse here is great, just won’t move the needle with an agency.
Yes, they would read his comments. Frankly agencies don’t care as much about the “who” aspect as most people think. What matters are the quality of the ideas and their backing/support.
Yes, they would read his comments. Frankly agencies don’t care as much about the “who” aspect as most people think. What matters are the quality of the ideas and their backing/support.