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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 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.
Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Many units are provided by community development corporations (CDCs). They use private funding and government subsidies to support a rent-geared-towards-income program for low-income tenants. [7] [8] [clarification ...
The homeowner vacancy rate was 3.2%; the rental vacancy rate was 9.4%. 102,444 people (67.1% of the population) lived in owner-occupied housing units and 50,107 people (32.8%) lived in rental housing units. According to US Census Population Estimates, July 1, 2022: 15.8% of the population was living below the federal poverty line. [45]
The estimated population of unincorporated areas in Los Angeles County, California, is 1,095,592, out of a total of 10,160,000 of the entire county. [ 1 ] [ 2 ] Unincorporated areas
[14]: 1 [15] In 2023, housing affordability in California reached a 16-year low, with only about 16% of homebuyers able to purchase a median-priced single-family home, as per data from the California Association of Realtors. In San Mateo and Santa Clara counties, buyers would require a minimum income of $504,400 and $451,200, respectively, to ...
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