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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.
NCHM has pledged $1,000,000 in training and certification scholarships for veterans not currently employed in the housing industry. NCHM also is a financial contributor to the "Save the Soldiers Home" project on the grounds of the Clement J. Zablocki VA Medical Center in Milwaukee, Wisconsin. [5]
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.
A tax credit directly reduces your tax liability on a dollar-for-dollar basis. This makes it a better option than a tax deduction, which simply lowers your taxable income.In some cases, a tax ...
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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.
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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 ]