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The National Low Income Housing Coalition President and CEO Diane Yentel said the money from the first round has been distributed and about 60% of communities have programs open, which increases ...
Living spaces. The Low-Income Housing Tax Credit (LIHTC) is a federal program in the United States that awards tax credits to housing developers in exchange for agreeing to reserve a certain fraction of rent-restricted units for lower-income households. [1] The program was created under the Tax Reform Act of 1986 (TRA86) to incentivize the use ...
In the 1970s, when studies showed that the worst housing problem afflicting low-income people was no longer substandard housing, but the high percentage of income spent on housing, Congress passed the Housing and Community Development Act of 1974, further amending the U.S. Housing Act of 1937 to create the Section 8 Program. In the Section 8 ...
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 ...
City Center Apartments, East Providence: $1.6 millionin low income housing tax credits, $1 million in Community Revitalization Program funds and $20.6 million in loans. 144 income-restricted units ...
Low-Income Housing Tax Credit. In the Low-Income Housing Tax Credit program, developers and investors receive tax credits from the state to buy, rehab or construct rental housing for lower-income ...
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