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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 80/20 program uses the Low-Income Housing Tax Credit (LIHTC) along with bond sales to finance housing projects. [ 3 ] This program encourages the creation diversified income projects while also allowing granting developers funds at lower interest rates. [ 4 ]
National Equity Fund, Inc. was founded by the Local Initiatives Support Corporation to be one of the first LIHTC syndicators, following the creation of LIHTC in the Tax Reform Act of 1986. LIHTC provides investors in affordable housing a dollar-for-dollar reduction in federal taxes in exchange for equity in new or refurbished affordable housing ...
Built in 1970, 324 units of Englewood manor were demolished 2009 by the Atlanta Housing Authority and the land still sits empty as of 2024. Since 1970, this property has been and still is under the control of the Atlanta Housing Authority.
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LISC was an early advocate for the Low-Income Housing Tax Credit (LIHTC), which created by the Reagan Administration in the Tax Reform Act of 1986. In 1987, LISC launched the National Equity Fund (NEF) to syndicate LIHTC, raising $14.5 million in the first year. [15]