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To qualify for rent control, a tenant must have been continuously living in an apartment since July 1, 1971, or be a qualifying family member who succeeded to such tenancy. When vacant, a rent-controlled unit becomes "rent stabilized", except in buildings with fewer than six units, where it is usually decontrolled.
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 main Section 8 program involves the voucher program. A voucher may be either "project-based"—where its use is limited to a specific apartment complex (public housing agencies (PHAs) may reserve up to 20% of its vouchers as such [11])—or "tenant-based", where the tenant is free to choose a unit in the private sector, is not limited to specific complexes, and may reside anywhere in the ...
Notable apartment complexes developed with Mitchell-Lama funding include the Dayton Towers, Manhattan Plaza, the Cadman Plaza, Co-op City, and the 1199 Plaza. [9] According to the New York State Homes and Community Renewal (formerly DHCR), "A total of 269 Mitchell-Lama developments with over 105,000 apartments were built under the program." [10]
A voucher holders must pay at least 30% of their incomes but no more than 40% of their incomes toward rent and utilities, according to the housing authorities. For a single person with a $34,000 ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 11 February 2025. Economic policy relating to housing markets Part of a series on Living spaces Main House: detached semi-detached terraced Apartment Bungalow Cottage Ecohouse Green home Housing project Human outpost I-house Ranch Tenement Condominium Mixed-use development Hotel Hostel Castle Public ...