Rental income, operating expenses and net operating income all set new records in 2022, according to data published in the Novogradac 2023 LIHTC Income and Operating Expenses Report, reflecting some of the economics of operating affordable housing properties in the shadow of the COVID-19 pandemic and related economic issues. In this week's Tax Credit Tuesday, Michael Novogradac, CPA, and Kelly Gorman, the lead author of the report, discuss what we learned from 2022 data, including top-level impressions, why the repairs and maintenance category jumped, the curious increase of both rental income and vacancy loss and what's happening with property insurance. They also look at the effects of HUD's method of determining income caps for low-income housing tax credit properties and what's happened in 2023.