Sources: Novogradac LIHTC Equity Pricing Trends (syndicator LOIs); Affordable Housing Finance syndicator surveys; CohnReznick LIHTC surveys. National average 9% credit equity price per dollar of credit. Key events: Great Recession (2008–09) drove prices to ~$0.60; post-recession recovery peaked at $1.05 (2016); 2017 Tax Cuts & Jobs Act cut corporate rate 35%→21%, reducing investor tax appetite and dropping prices below $0.95; 2020 minimum 4% credit rate fixed; 2025 One Big Beautiful Bill increased 9% allocations 12% and reduced bond threshold to 25%. · betterblocksnj.org