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"Ten percent, 15%, 20% (of units) would be affordable, then all of the state's programs, with the exception of HDIP (Housing Development Incentive Program), are designed to create affordable ...
The Comprehensive Permit Act [1] is a Massachusetts law which allows developers of affordable housing to override certain aspects of municipal zoning bylaws and other requirements. It consists of Massachusetts General Laws (M.G.L.) Chapter 40B, Sections 20 through 23, along with associated regulations issued and administered by the ...
The families either pay a monthly rent or may purchase the housing unit for an affordable price. [2] Site acquisition or improvement – In this type of activity, HOME funds purchase property that is later developed as affordable housing. This activity also covers the improvement and rehabilitation of current affordable housing. [2]
The state reintroduced the option of tax-increment financing for the funding of Community Revitalization and Investment Authorities (CRIAs) in 2015, the latter being authorities created by local governments to create or upgrade infrastructure and create or preserve affordable housing for low and moderate income households.
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 San Diego Housing Commission currently owns 2,221 affordable housing units and plans to expand that number in the future to meet the growing demand. [55] In 2009, the San Diego Housing Commission implemented a finance plan that created 810 more units of affordable rental housing through leveraging the equity of its owned properties.
Tim Brigman argues raising the Real Estate Excise Tax to fund affordable housing would be counterproductive, leaving many renters worse off. | Opinion
Recent financing projects include tax-exempt bonds on behalf of affordable housing projects in Boston's Dorchester and Roxbury [11] neighborhoods, Somerville, [12] and Springfield; [13] the construction of a new 1,210-bed residence hall at University of Massachusetts Dartmouth; [14] the expansion of Valley Steel Stamp's manufacturing ...