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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.
Through LIHTC, investors receive a tax shelter of one dollar ($1) for every tax credit received over a 10-year period. The price of individual tax credits may vary and does not necessarily have to be a 1:1 exchange. The dollar amount of tax credits available to a state is determined by that state's population.
In India, it is estimated that in 2009–10, approximately 32% of the population was living below the poverty line [37] and there is a huge demand for affordable housing. The deficit in Urban housing is estimated at 18 million units most of which are amongst the economically weaker sections of society.
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 ...
There was a concern in the 1970s that residential housing construction was declining as people moved from New York City to the suburbs. [8] In response to this trend, the state passed the original 421-a tax exemption program in 1971, with the goal of encouraging the construction of more residential housing in the city. [9]
At the end of 2015, LIHI owned and/or managed over 1,700 housing units at 50 sites in six counties throughout the Puget Sound region. [2] Residents include the working poor, low-income families, individuals, seniors, people with disabilities, and women and children at risk. More than 700 of these units house formerly homeless families and ...
The construction and rehabilitation of affordable rental units did not kept pace with the number of affordable rental units lost to demolition, urban intensification projects and the more profitable conversion to condominiums. Fewer than 10% of new housing starts by 2012 were rental units. [62]
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).