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Southfield Village was a federal housing project that was built in 1954. The housing project consisted of 256 units within four eight-story buildings. [3] In 1958, 525 families lived in the low-income housing complex. The families that occupied the buildings were said to live "in fear". [4]
Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Many units are provided by community development corporations (CDCs). They use private funding and government subsidies to support a rent-geared-towards-income program for low-income tenants. [7] [8] [clarification ...
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 LIHTC, established in 1986, stands as a groundbreaking departure from the typical structure of supply-side housing programs, which primarily relied on subsidizing low-income housing. As of 2010, this innovative approach yielded the construction of 1.5 million low-income housing units. [33]
The state likewise contributed towards this project's funding through the Bonding Commission and Connecticut's Housing Finance Authority's Low Income Housing Tax Credit Program. As of August 13, 2019, the Norwalk Housing Authority approved minor changes to the final part of the project, which has been in accordance with the Norwalk ...
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