Income Housing Tax Credit
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The low income housing tax credit is a united states federal subsidy program that was enacted in 1986.
Income housing tax credit. Low income housing tax credit. Since the mid 1990s the lihtc program has supported the construction or. This is achieved by granting tax credits to developers which they can sell to investors. The lihtc has subsidized over 3 million housing units since it was established in 1986 the largest source of affordable.
It s paid for by the federal government and administered by the states according to their own affordable housing needs. The low income housing tax credit lihtc program is a popular housing program that helps create economic apartment communities that grant rents lower than what is offered on the market by housing developers and property owners. Even though the term affordable housing can be widely interpreted it generally refers to housing that serves families with 30 to 120 of the area median income. It was created under the tax reform act of 1986 tra86 and gives incentives for the utilization of private equity in the development of affordable housing aimed at low income americans.
There are two tax credit rates that projects quality for based on a percentage of the qualified basis either 4 or 9 and the requirements vary between both as do the rates. Tax credit rate 9 or 4. The low income housing tax credit lihtc subsidizes the acquisition construction and rehabilitation of affordable rental housing for low and moderate income tenants. The low income housing tax credit is a tax credit for real estate developers and investors who make their properties available as affordable housing for low income americans.
In columbus this is. The low income housing tax credit lihtc often pronounced lie tech housing credit is a dollar for dollar tax credit in the united states for affordable housing investments. This act provides an incentive for home developers to build buy and refurbish housing for low income taxpayers. The aim of this initiative is to provide incentives for the development of housing for low income individuals in every state.
It has a tiered rent structure which means that an apartment unit can have different rent amounts based on the. These are the rate that we multiply the qualified basis with and then multiply by 10 years to get the total tax credits available to the.
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