What is the main objective of the LIHTC program regarding property improvement?

The primary objective of the Low-Income Housing Tax Credit (LIHTC) program is to support affordable housing, which often involves significant renovations to existing properties. This program facilitates the development and rehabilitation of affordable rental housing for low-income individuals and families by offering tax credits to private investors. The focus is on improving the quality and availability of rental units that are economically accessible, ensuring they meet safety and habitability standards while being affordable. This renovation aspect is critical because it not only preserves existing affordable housing stock but also revitalizes communities by enhancing living conditions for residents.

The other options do not align with the core aims of the LIHTC program. Luxury housing development is contrary to the program's goals of affordability, and while non-profit housing initiatives may benefit from the program, it is not its primary objective. Similarly, increasing property sales is not a focus of LIHTC, as the program is more about providing sustained rental housing solutions rather than incentivizing the housing market in terms of sales.