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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 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 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.
Housing is a big issue right now, with a lot of strong opinions. But there’s one particular housing program that most experts agree fails to deliver: the Low-Income Housing Tax Credit, known as ...
The federal LIHTC program fails to provide substantial affordable housing and cost efficiency. | Opinion Low-Income Housing Tax Credit: a flawed, ineffective policy with unfulfilled promises | Opinion
Since 1987, the Low Income Housing Tax Credit has become the most important resource for creating affordable housing in the United States, responsible for more than three million units of affordable housing. [4] NEF has invested over $16.75 billion in 2,494 housing developments, creating 158,907 affordable homes since its founding in 1987.
The federal LIHTC program fails to provide substantial affordable housing and cost efficiency. | Opinion. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways ...
Tax credits are a vital source of income for those on a low wage and for many they make up a substantial portion of their monthly income." [ 10 ] The IFS supported the opposition view that the effects of the changes would disproportionately reduce the income of poor families, even taking into account reductions in income tax and an increase in ...