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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.
This is because LIHTC’s standard for affordability is based on the area median income of a large area, such as a county, as opposed to a more narrowly defined poorer community.
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 ...
Lake Tahoe. The Tahoe Regional Planning Agency (TRPA) was formed in 1969 through a bi-state compact between California and Nevada which was ratified by the U.S. Congress. The agency is mandated to protect the environment of the Lake Tahoe basin through land-use regulations and is one of only a few watershed-based regulatory agencies in the United States.
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.
Dallas just missed the deluge from last week, but some areas from northeastern Texas to northern Louisiana and central Mississippi picked up 6-12 inches of rain, with some places picking up close ...
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 ...
The announcement that President-elect Donald Trump’s long-anticipated pick for Treasury Secretary will be hedge fund manager Scott Bessent is being received well by business leaders and markets ...