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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.
In 1983, the New Jersey State Supreme Court determined that the inclusion of affordable housing would satisfy a municipality’s state constitutional obligations to house the poor, and then in 1986, U.S. Congress authorized the Low Income Housing Tax Credit (LIHTC) program, which provided a tax credit to private developers who included ...
Contents: Counties and communities in New Jersey Atlantic – Bergen ( Closter , Franklin Lakes , Ridgewood , Saddle River , Wyckoff ) – Burlington – Camden – Cape May – Cumberland – Essex – Gloucester – Hudson – Hunterdon – Mercer – Middlesex – Monmouth – Morris – Ocean – Passaic – Salem – Somerset – Sussex ...
This means that children living in low-income neighborhoods are more likely to experience poverty and the same living standards as their parents' generation. [16] In addition to income segregation, the effects of housing segregation on the development of concentrated areas of poverty are also associated with class and racial segregation.
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New Jersey is one of the wealthiest states in the United States of America, with a per capita income of $35,928 (2012) and a personal per capita income of $50,781 (2010). [1] [2] Its median household income is $71,637 (2012) and its median family income is $87,389 (2012), both the second highest in the country. [3]
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