The Low Income Housing Tax Credit LIHTC Program was created in the Tax Reform Act of 1986 as an incentive for individuals and corporations to invest in the construction or rehabilitation of low-income housing. The credit provides the investor a dollar-for-dollar reduction in personal or corporate federal income tax liability for a 10-year period for projects meeting the programs requirements. After a long standing battle for control over tax credits, on January 14, 1997, Governor Johnson designated MFA as the Housing Credit Agency. LIHTC Reservations 1998 New Mexico Mortgage Finance Authority has announced the qualifying low income housing tax credit projects for 1998. Eight communities totaling 405 units were selected out of 23 respondents for 1,162 units. The following table represents a synopsis of the projects for 1998: NMMFA issued $2.2M in credits this year that will benefit 1,150 people in 460 units in the following eight communities located in five different counties.