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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.
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 ...
Under the TCJA, key changes were made to individual tax laws, including the near-doubling of the standard deduction and increasing the child tax credit to $2,000, from $1,000.
In terms of benefits of the LIHTC program, a 2011 analysis published in the Housing Policy Debate journal found that increases in the use of tax credits are linked to reductions in racial segregation in metropolitan areas. [39] This means that LIHTC projects do not tend to lead to increased segregation, even in areas with elevated poverty levels.
This program encourages the creation diversified income projects while also allowing granting developers funds at lower interest rates. [4] It is a national priority to provide low- and moderate-income families affordable housing, and through the 80/20 program developers can provide high quality affordable housing, while still remaining fluid ...
Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly
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