Episode 77: Georgia SB 476 Caps State LIHTC at 50 Percent of Federal Amount Georgia Senate Bill 476 caps state LIHTC at 50% of federal amounts for 2027+ applications. Discover how this policy shift affects project feasibility and what developers need to know about the 2026 application window. KEY TAKEAWAYS: • Georgia's state LIHTC has been a critical resource for affordable housing developers • New cap limits state credits to maximum of 50% of federal, effectively reducing available capital for many projects • Policy rationale centers on state budget constraints and concerns about program cost • Cap applies to applications submitted in 2027 and beyond; 2026 applications are not affected • Sunset provision in 2031 creates uncertainty about long-term policy direction For Georgia developers, the implications are substantial. Projects that previously layered state and federal LIHTC will now have less total capital available. This could affect project feasibility, particularly for deals in secondary markets or with deeper income targeting. Developers with projects in the pipeline should prioritize 2026 applications to access the full state credit before the cap takes effect. Georgia's cap also signals broader state budget pressures. Other states may consider similar measures if state revenues decline or competing priorities emerge. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.