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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 ...
About one-third of California cities and counties have inclusionary zoning ordinances. Such laws might require, beside affordable units for sale, units for rent. In this case, a Los Angeles housing ordinance in effect mandated that sixty rentals for low-income tenants be included in Geoff Palmer's 350-unit development west of downtown. [193]
The eight most expensive counties for renters in America were all in California, including Santa Barbara and Orange counties in Southern California, according to the report from the National Low ...
The lawsuit says California’s emergency rental assistance ... 340,000 low-income households — over 700,000 Californians — stably housed through the CA COVID-19 Rent Relief Program and will ...
The California Franchise Tax Board announced this week that the second round of state stimulus payments will be released tomorrow, Sept. 17. An estimated 2 million checks are set to hit bank ...