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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.
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 ...
MSHDA was created as a result of the State Housing Development Authority Act of 1966 (Act 346 of 1966). [1] The purpose of this act was to establish funds in housing development, land acquisition and development, rehabilitation, conversion condominium fund, and to provide for the expenditure of certain funds.
The 1963 Constitution requires that all permanent agencies or commissions, except universities, be assigned to one of a maximum of twenty principal departments. [1] The principal departments are the: [2] [3]
National Equity Fund, Inc. was founded by the Local Initiatives Support Corporation to be one of the first LIHTC syndicators, following the creation of LIHTC in the Tax Reform Act of 1986. LIHTC provides investors in affordable housing a dollar-for-dollar reduction in federal taxes in exchange for equity in new or refurbished affordable housing ...
However, while the LIHTC has expanded to provide the most new affordable housing in the United States, the program has received many criticisms and calls for its elimination. One such criticism is that the effectiveness of the LIHTC program in providing affordable housing depends on the motivations of various market participants.
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An enlargeable map of the state of Michigan. Names Common name: Michigan. Pronunciation: / ˈ m ɪ ʃ ɪ ɡ ən / ⓘ Official name: State of Michigan; Abbreviations and name codes; Postal symbol: MI; ISO 3166-2 code: US-MI; Internet second-level domain: .mi.us. Nicknames The Great Lakes State (previously used on license plates)