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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 Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
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 ...
Boosting the Low-Income Housing Tax Credit — a tax break for developers — should inevitably increase the affordable rental supply. Regulatory reform is also important, given the fertility of ...
The president wants to increase the number of tax credits available for low-income housing developers and approve a $20 billion innovation fund for affordable housing expansion.
Credits are dollar for dollar reductions in the amount of tax due, so it's a pretty big bang for your buck. Here are five of the most common tax credits: Credit for child and Common tax credits ...
The United States government uses various inclusionary zoning regulations to require or incentivize developers to include a certain percentage of affordable housing units in new residential developments. [32] Incentives include density bonuses, tax credits, fee waivers, and deferral programs. [33]
Four prospective affordable housing developments in Fort Worth have received $2 million each in tax credits from the state’s public housing authority.. The grants, announced Thursday, provide a ...