There are rules. This program isn't designed for someone making $150K per year. You must make at least a certain amount of income, but you can not exceed a certain amount of income. It is a sliding scale, depending on how much money each tenant makes. There are four or five income "strata" in each "tax credit" project. Some of the higher income families receive no aid at all. As I wrote before, the program is designed for seniors and workforce populations. These are the people being priced out of the market.
The single family detached for sale homes are structured a little differently. Most of the "tax credit" benefits to a purchaser instead of a tenant comes in the form of down payment help, or applying a certain amount of tax aid to their monthly house payments.
There is no direct subsidy in the HFC program. No checks are written to anyone. Only lenders are enticed into funding the HFC bond programs by the additional credit support of the loan provided by "tax credits" and CRA (Community Reinvestment Act) credits.
I suppose a case could be made that the US taxpayer did not receive monies that they would have received if it were not for the "tax credits." However, in the USA budget, this would be a drip; truly chump change. Furthermore, this amount is probably offset considerably by the additional business activity and sales taxes created by the projects. Certainly the local municipalities benefit from the increased business generated by the new citizens that now spend their money in their new towns that have the HFC.
Sorry for the omission of the above info from the previous post.