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Several dozen current residents of the building would be moved to new housing for low-income seniors operated by the Columbus Metropolitan Housing Authority in Franklinton. [15] On March 16, 2023, the building was sold to the CDDC for $1 million. [ 16 ]
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.
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 ...
She is on a waiting list for a subsidized apartment for seniors. Rent will be about $800 a month, roughly half of her Social Security income. “It’s not optimal to just get by,” she said.
The report notes that 11.2 million older adults spent over 30% of their income on housing in 2021, and only 36.5% of eligible households received federal housing assistance.
Section 8 of the Housing Act of 1937 (42 U.S.C. § 1437f), commonly known as Section 8, provides rental housing assistance to low-income households in the United States by paying private landlords on behalf of these tenants. Approximately 68% of this assistance benefits seniors, children, and individuals with disabilities. [1]
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