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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 ...
Many LIHTC properties are operated as 55+ or 62+ communities, or senior apartments. Residents must generally have limited or fixed incomes of around 60% of the area’s median income.
Independent senior living. Independent senior living communities (also known as retirement communities, senior living communities or independent retirement communities) are housing designed for seniors 55 and older. Independent senior living communities commonly provide apartments, but some also offer cottages, condominiums, and single-family ...
The cost for living in a 55-and-older community can vary widely depending on where it is located. In the least expensive states, median monthly costs are less than half those in the most expensive ...
An age-restricted community is a residential community, often gated, that legally discriminates on the basis of age to limit residency to a majority fraction of older individuals—typically 80% over a set age. The minimum age is frequently set at 55 years old, but it can vary. These communities are set up to accommodate older individuals who ...
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009. The program is designed ...
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related to: 2009 retirement tax credit for low income seniors apartment living communities for 55 and older near meTaxAct is user-friendly, and very affordable - Doughroller