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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 ...
For example, in New York City in 2021, there were 16,400 rent-controlled apartments compared to 1,048,860 rent-stabilized apartments. [ 42 ] Just cause eviction laws are also tenant protections, given they prevent landlords from evicting tenants without valid reasons, such as non-payment of rent or lease violations. [ 43 ]
The Alliance, a project approved in 2022, received state and federal tax credits of $1.3 million and $2.5 million, respectively, to build 100 affordable units on the corner of Laurens Road and ...
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Here’s a deeper dive into which towns in your state are the best for getting the affordable retirement that you deserve.
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