Which of the following is NOT a key benefit of the LIHTC program?

The LIHTC (Low-Income Housing Tax Credit) program aims to incentivize the development of affordable rental housing by providing tax credits to private developers. While it certainly enhances affordability for low-income renters and increases the availability of affordable housing stock, the program does not provide immediate tax refunds for developers. Instead, it offers tax credits over a period of time—typically 10 years—which can be taken against federal tax liabilities.

The other benefits associated with the LIHTC program include leveraging private investment into housing markets, as it encourages private developers to invest in affordable housing by making these projects financially viable through tax incentives. Therefore, while the program plays a significant role in supporting affordable housing initiatives, it does not deliver immediate financial returns in the form of tax refunds, making this choice the correct answer to the question.