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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.
LIHTC is a fixture of development across the country, and it fails the two things it sets out to do: provide substantial affordable housing and do it cost efficiently. LIHTC’s champions include ...
Tax increment financing. Tax increment financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects in many countries, including the United States. The original intent of a TIF program is to stimulate private investment in a blighted area that has been ...
Canada. In Canada, payment in lieu of taxes are made in place of property taxes on real property owned by federal, provincial, and municipal governments and government agencies to local governments and reserves. [4] They need for PILTs arises from Section 125 of the Constitution Act, 1867 which prohibits levels of government from taxing real ...
80/20 housing. In the United States, 80/20 housing is multifamily housing program that meets federal guidelines for tax-exempt financing. [ 1] 80/20 housing developments reserve 20 percent of units as affordable housing, only to be rented by low-income residents, leaving the remaining 80 percent of units to be rented at the typical market rate ...
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 ...
Fannie does offer some types of financing programs geared toward first-time or low-income borrowers, similar to FHA loans; but, as with those products, you actually obtain the financing through a ...
Revenue (2015) $136,957,578 [1] Expenses (2015) $121,483,767 [1] Website. www.lisc.org. The Local Initiatives Support Corporation (LISC) is a US non-profit community development financial institution (CDFI) that supports community development initiatives across the country. It has offices in nearly 40 cities and works across 2,100 rural ...