Housing Commission: LIHTC Tenant Purchase Options presentation to JLARC, December 2024

The Office of the Washington State Auditor published a performance audit in November 2024 that looked at the state’s Housing Finance Commission and its oversight of ‘tenant purchase options’ under the federal Low-Income Housing Tax Credit (LIHTC) program.

LIHTC is designed to encourage the development of affordable rental housing, and our auditors focused on projects developed under LIHTC that offered options for tenants to buy their homes.

After publication, our auditors presented their work in front of the Joint Legislative Audit and Review Committee (JLARC). This is a video of that presentation, courtesy of TVW.

Performance audits are the result of voter-approved Initiative 900, which authorized the State Auditor’s Office (SAO) to conduct independent, comprehensive performance audits of state and local governments.
Specifically, the law directs SAO to “review and analyze the economy, efficiency, and effectiveness of the policies, management, fiscal affairs, and operations of state and local governments, agencies, programs, and accounts.”

You may visit https://sao.wa.gov to learn more about The Office of the Washington State Auditor and how it works to serve Washingtonians.