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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 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 ...
That maintenance amount has been set at $600 a month for a single adult since 1989 — an amount that would be more than $1,500 in today's dollars.
The City of Columbus has designated the Short North, along with portions of Italian and Victorian Villages as a "market ready" Community Reinvestment Area, with available 15-year, 100 percent tax abatements if projects include 10 percent affordable housing, with options to buy out of the requirement.
An affordable housing complex serving seniors in downtown Columbia has been sold, forcing its low-income residents to find new homes. The buyer is pitching a $1.4 million restoration of the ...