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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.
LISC was an early advocate for the Low-Income Housing Tax Credit (LIHTC), which created by the Reagan Administration in the Tax Reform Act of 1986. In 1987, LISC launched the National Equity Fund (NEF) to syndicate LIHTC, raising $14.5 million in the first year. [15]
National Equity Fund, Inc. was founded by the Local Initiatives Support Corporation to be one of the first LIHTC syndicators, following the creation of LIHTC in the Tax Reform Act of 1986. LIHTC provides investors in affordable housing a dollar-for-dollar reduction in federal taxes in exchange for equity in new or refurbished affordable housing ...
This results in a more diverse job market as well as a more diverse community. [8] In many cases developers will develop luxury apartment buildings in high income areas such as Manhattan for 80/20 developments as higher rents for the 80 percent market rate units offsets the cost of 20 percent affordable units. [7]
Keep an eye on standing water and on mushy areas around your yard. Remove all debris piles. Keep firewood on or in a proper holder and store it away from the house.
A spokesperson for the U.S.-based carrier said that it will evaluate a possible resumption in late 2025 of the only daily service out of Miami International Airport into Haiti by a major U.S. airline.
The storm dumped almost 3 feet of snow in areas near Buffalo, New York, last last week. Parts of Maryland, Pennsylvania, New Jersey, New York, Connecticut and Massachusetts could see a wintry mix ...
In terms of benefits of the LIHTC program, a 2011 analysis published in the Housing Policy Debate journal found that increases in the use of tax credits are linked to reductions in racial segregation in metropolitan areas. [34] This means that LIHTC projects do not tend to lead to increased segregation, even in areas with elevated poverty levels.