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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 subsidy amount is typically based on the tenant's income, usually the difference between the rent and 30% of the tenant's gross income, but other formulas have been used. [ 4 ] According to a 2018 study, major cuts in rental subsidies for poor households in the United Kingdom led to lowered house prices.
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.
Studies show that low-income residents are more heavily impacted by rising rents. Nationally, between 2000 and 2017, the percentage of income that Americans without a college degree spent on rent ...
The cost of living crisis in the US has eased somewhat, but low-income Americans are still struggling after years of high inflation and elevated interest rates. Their situation could worsen if ...
The 66-unit apartment complex currently serves low-income seniors, including John “Soul” Hackett. ... Hackett said his current rent is $800, with $200 being covered by a federal housing ...