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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.
For instance, Baltimore County, Maryland’s Homeowner’s Tax Credit Program has an annual household income cap of $60,000, and recipients’ assets — not counting the property that the tax ...
Maryland offers several programs that may help offset property tax increases, including the Homestead Tax Credit, for low-income property owners, and the Renter's Tax Credit Program.
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009. The program is designed ...
Since 1987, the Low Income Housing Tax Credit has become the most important resource for creating affordable housing in the United States, responsible for more than three million units of affordable housing. [4] NEF has invested over $16.75 billion in 2,494 housing developments, creating 158,907 affordable homes since its founding in 1987.
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 ...
The maximum credit homeowners can receive is $1,100. Renters over the age of 65 can also apply for property tax credits through this program if their total household income is below $27,200 for ...