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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 supplements make up the difference between rental "market price" and the amount of rent paid by tenants, for example 30% of the tenants income. A notable example of a rent supplement in the United States is Section 8 of the Housing Act of 1937 (42 U.S.C. § 1437f).
In these 10 cities, from Cleveland, Ohio, to Chicago, Illinois, a high-value home can be yours for under $300,000. Here's what's drawing home buyers to these markets.
If you have bad credit or even fair credit, you may find it more difficult to rent an apartment. Strategies to consider include renting with a smaller landlord, finding a cosigner or guarantor for ...
The tax relief helps incentivize affordable housing developments that otherwise may not be feasible. Of the 10,000 units built or preserved, 6,115 are completed and 3,898 are under construction.