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The project's cost is an estimated $16.6 million and Housing New Mexico, otherwise known as the New Mexico Mortgage Finance Authority, is providing $14.2 million in federal Low-Income Housing Tax ...
Sep. 29—A New Mexico senator wants to get more single-family homes built by creating a new tax credit program at a time when housing affordability is at a generational low.
Apr. 23—New Mexico Representatives Melanie Stansbury and Gabe Vasquez gathered homelessness and housing service leaders in Albuquerque Tuesday to celebrate $16 million in federal grant funding ...
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 ...
Residents pay their portion of rent through Section 8 vouchers, and many of the apartments are available only to families who make 30% or less of the median income of the city. [58] The new housing project aimed to provide a low-rent area for residents who work downtown but who are unable to live near their workplace because of the high costs. [57]
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.
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