The Low Income Housing Tax Credit (LIHTC) was created under the Tax Reform Act of 1986 to subsidize the development of affordable housing. Over a million units have been placed in service under this program making it the fastest growing housing program in the United States and one that accounts for the majority of new affordable housing units. Despite the program's current and growing importance, relatively little is known about its effects. This project explores the effects of this program on low-income housing supply and low-income families, the characteristics of credit claimants, the determinants of credit pricing, and the interaction of this program with other tax policies such as the Alternative Minimum Tax (AMT). We also examine implications for the broader use of this type of investable tax credit as a policy instrument to spur community development.