Tax-Exempt Bond Financing for Middle-Income Housing

As housing costs have risen in the first part of the 21st century, American households have struggled to compete for high-quality housing near areas of employment in major cities, suburbs, exurbs and rural areas (especially resort towns). Many individuals and families in these areas do not earn enough to afford market-rate housing but earn too much to qualify for traditional “low-income housing” support, such as the federal housing choice voucher program (Section 8) and Low-Income Housing Tax Credit program. Housing advocates, developers, policymakers and others have responded by looking for new ways to support the housing needs of this “missing middle” population.

Orrick has published a new guide in our Public Finance Green Book series that describes ways in which tax-exempt bonds and other governmental financing can help produce rent- and income-restricted middle-income or “workforce” housing. To download the guide click here:

Nothing in this book should be construed or relied upon as legal advice. Instead, this book is intended to serve as an introduction to the general subject of tax-exempt bond financing, from which better informed requests for advice, legal and financial, can be formulated.