Like with all of society, the COVID-19 pandemic had a dramatic effect on tenants and operations at low-income housing tax credit (LIHTC) properties. In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Novogradac partner Blair Kincer, MAI, CRE, discuss the various ways the pandemic and its economic repercussions affected LIHTC properties. They discuss the overall impact, then look at how occupancy levels were affected, as well as what happened to properties that came online during the pandemic. They then discuss the ability to achieve maximum rents as we emerge from the pandemic, how operating expenses changed during the pandemic, what changes are being made while underwriting proposed LIHTC developments and how underwriters are using the pandemic years to estimate future LIHTC expenditures. They wrap up with a comparison of the effects of the Great Recession to the financial issues coming out of the COVID-19 pandemic.