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The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
Non-profit housing developers build affordable housing for individuals under-served by the private market. The non-profit housing sector is composed of community development corporations (CDC) and national and regional non-profit housing organizations whose mission is to provide for the needy, the elderly, working households, and others that the private housing market does not adequately serve.
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
President Joe Biden’s landmark climate law is driving outsized clean-energy funding into low-income, less-educated and fossil fuel towns, a new Treasury analysis finds.
Between dinner parties, cookie exchanges and festive cocktails, most people report eating and drinking more than usual during the holidays, gaining on average 1 to 2 pounds of body weight. Now ...
This program has done well over the years in receiving funding to help lower income families. The Low-Income Housing Tax Credit (LIHTC) was added to TRA86 [clarification needed] to provide some balance and encourage investment in multifamily housing for those in need of affordable rental housing options. Over the subsequent 20 years, it has ...
The groom disagreed with his wife, countering that his friend was "just joking." "But I don’t find anything funny about that," the bride insisted.