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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.
Similar to LIHTCs, at least 40% of the units must be occupied by households with incomes 60% AMI or less, or at least 20% of the units must be occupied households with no more than 50% AMI. [7] The federal government limits the amount of tax-exempt bonds a state can issue within a given year.
HUD and USDA Rural Development programs have ceased to produce large numbers of units since the 1980s. Since 1986, the Low-Income Housing Tax Credit program has been the primary federal program to produce affordable units; however, the housing produced in this program is less affordable than the former HUD programs.
The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...
An analysis by the city's Independent Budget Office (IBO) predicted that the program would create roughly 10,000 to 15,800 affordable housing units over ten years at a per unit cost of $568,000. [12] In addition, the agreement made also led the state government to allot an additional $2.5 billion in the state budget in order to create an ...
Applicants must have an income less than 150% of federal poverty level or 60% of state median poverty level to be eligible, however some states have expanded their programs to include more households (for example, in Massachusetts, applicants must be within 60% of the estimated State Median Income).
In 2023, the Canada Mortgage and Housing Corporation approximated that 3.5 million additional housing units must be constructed in the next seven years to make housing more "affordable" by 2030, and in 2023, 56% of the required 500,000 annual units were constructed. [9] The definitions of 'affordability' and 'affordable housing in Canada' are ...
Definitions of the poverty line do vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations. Even among rich nations, the standards differ greatly. Thus, the numbers are not comparable among countries. Even when nations do use the same method, some issues may remain. [60]