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Housing subsidies are government funded financial assistance programs designed to mitigate the costs of housing for low-income tenants. Subsidies can be provided in the form of housing vouchers given to tenants, e.g. Section 8 (Housing), or via direct deposits to landlords with government contracts to provide affordable housing.
The California Department of Housing and Community Development (HCD) is a department within the California Business, Consumer Services and Housing Agency that develops housing policy and building codes (i.e. the California Building Standards Code), regulates manufactured homes and mobile home parks, and administers housing finance, economic development and community development programs.
Permanent, federally funded housing came into being in the United States as a part of Franklin Roosevelt's New Deal. Title II, Section 202 of the National Industrial Recovery Act, passed June 16, 1933, directed the Public Works Administration (PWA) to develop a program for the "construction, reconstruction, alteration, or repair under public regulation or control of low-cost housing and slum ...
If society desires to provide social insurance against rent increases, it would be more desirable to offer this subsidy in the form of a government subsidy or tax credit. This would remove landlords’ incentives to decrease the housing supply and could provide households with the insurance they desire."
Local housing authorities were created following the 1 September 1937 signing by President Franklin D. Roosevelt of the Housing Act of 1937, sometimes called the Wagner-Steagall Act, which provided for subsidies to be paid from the U.S. government to local public housing agencies (LHA's) to improve living conditions for low-income families.
The California Housing Finance Agency (CalHFA), established in 1975, is an independent California state agency within the California Department of Housing and Community Development that makes low-rate housing loans through the sale of taxable and tax exempt bonds. [2] [3]
Subsidy-based approaches may take the form of government sponsored rental subsidies, government sponsored rental supplements, tax credits, or housing provided by a non-for-profit. [ 135 ] [ 136 ] In a mutual-aid housing cooperative, a group of families forms a cooperative to collectively build, own, and manage land by participating in the ...
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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