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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.
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The median income for a household in the county was $52,504 and the median income for a family was $65,609. The per capita income for the county was $23,316. About 16.8% of the population were below the poverty line, including 24.5% of those under age 18 and 6.5% of those age 65 or over. [5]
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 median income for a household in the city was $45,149, and the median income for a family was $58,542. The per capita income for the city was $23,059. Additionally, 13.9% of the population were below the poverty line, a 57.4% difference from the 2020 census. [16] This includes 15.4% of those under age 18 and 5.2% of those age 65 or over.
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