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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 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 supplements make up the difference between rental "market price" and the amount of rent paid by tenants, for example 30% of the tenants income. A notable example of a rent supplement in the United States is Section 8 of the Housing Act of 1937 (42 U.S.C. § 1437f).
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 ...
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 consolidated Act is administered by the U.S. Department of Housing and Urban Development (HUD). The law was signed by President of the United States Bill Clinton on December 28, 1995. [1] HOPA amends the Fair Housing Act as follows: [2]
The Housing Act of 1954, Pub. L. 83–560, 68 Stat. 590, enacted August 2, 1954, passed during the Dwight D. Eisenhower Administration, comprised a series of amendments to the National Housing Act of 1934.
Homelessness, also known as houselessness or being unhoused or unsheltered, is the condition of lacking stable, safe, and functional housing.It includes living on the streets, moving between temporary accommodation with family or friends, living in boarding houses with no security of tenure, [1] and people who leave their homes because of civil conflict and are refugees within their country.
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