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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 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]
Notre Dame CDP, Indiana - $15,625 (Population 6,720) Highland Park, Michigan - $15,699 (Population 10,955) Warrenton, Georgia - $15,781 (Population 1,994) Other places in the U.S. territories (excluding Puerto Rico) with a low median household income in 2010: [5] Failolo, American Samoa - $13,750 (Population 108)
An affordable housing complex serving seniors in downtown Columbia has been sold, forcing its low-income residents to find new homes. The buyer is pitching a $1.4 million restoration of the ...
Others highlight that mixed income housing also serves to improve neighborhoods and catalyze additional private investments and real estate development in otherwise neglected areas of a city. [31] Vale, citing Marcuse articulates a tri-fold goal of neighborhood revitalization, better housing quality, and support of low-income residents. [32]