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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.
Since 1987, the Low Income Housing Tax Credit has become the most important resource for creating affordable housing in the United States, responsible for more than three million units of affordable housing. [4] NEF has invested over $16.75 billion in 2,494 housing developments, creating 158,907 affordable homes since its founding in 1987.
The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...
SSI recipients automatically are entitled to Section 8 Housing as they meet the low income criteria yet they have to be approved by the Department of Housing and Urban Development. Ticket to Work All SSI beneficiaries ages 18–64 interested in working are eligible for free employment support services through the Social Security Administration.
Volunteers of America (VOA) is a nonprofit organization founded in 1896 that provides affordable housing and other assistance services primarily to low-income people throughout the United States. Headquartered in Alexandria, Virginia , the organization includes 32 affiliates and serves approximately 1.5 million people each year in 46 states ...
Workforce housing can refer to any form of housing, including ownership of single or multi-family homes, as well as occupation of rental units. Workforce housing is generally understood to mean affordable housing for households with earned income that is insufficient to secure quality housing in reasonable proximity to the workplace.
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