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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.
In 1988 LISC raised $51 Million for affordable housing project through LIHTC, and $77 Million in 1990. [16] [17] Although LIHTC was initially created as a temporary measure set to expire by 1989, its effectiveness prompted LISC and other organizations to advocate for its extension. In 1993, Congress granted LIHTC permanent status.
In fact, the National Low Income Housing Coalition estimates that nearly 500,000 LIHTC-financed units, representing nearly a quarter of all such units in place, will reach the end of their 30-year ...
The 80/20 program uses the Low-Income Housing Tax Credit (LIHTC) along with bond sales to finance housing projects. [ 3 ] This program encourages the creation diversified income projects while also allowing granting developers funds at lower interest rates. [ 4 ]
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.
Outgoing U.S. President Joe Biden will sign an executive order on Sunday aimed at prioritizing government resources to help economically distressed American communities - a day before he leaves ...
President-elect Donald Trump is set to take office on Jan. 20. Once he takes the reins, a number of economic changes could ensue. Trump has proposed slapping tariffs on goods the U.S. imports from ...
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