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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.
These laws include rights to lease renewal and constraints on annual rent increases, which are recalculated each year. [37] Despite their differences, rent stabilization has become more prevalent than rent control. For example, in New York City in 2021, there were 16,400 rent-controlled apartments compared to 1,048,860 rent-stabilized ...
January 25, 2023 at 8:38 AM. In the face of sky-high rents, ... Lawmakers argued the FTC already has the power to limit rent increases, given Congress has granted the agency power to police unfair ...
There were 1,663 eviction actions filed in 2023 — the highest seen by the county in eight years and a nearly 50% increase from the number filed in 2019. ... The rent cap limit bill was scheduled ...
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 city of L.A.'s rent control restrictions, called the Rent Stabilization Ordinance, cover properties built on or before Oct. 1, 1978; units built after July 15, 2007, that replaced demolished ...
The main Section 8 program involves the voucher program. A voucher may be either "project-based"—where its use is limited to a specific apartment complex (public housing agencies (PHAs) may reserve up to 20% of its vouchers as such [11])—or "tenant-based", where the tenant is free to choose a unit in the private sector, is not limited to specific complexes, and may reside anywhere in the ...
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