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low-income housing

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low-income housing

(1) Generically, any housing that is limited to occupancy by persons whose family income does not exceed certain preset maximum levels.(2) For purposes of special tax incentives provided to persons who build or rehabilitate “qualified low income housing projects,”the IRS defines the term as (a) any project in which 20 percent or more of the units are both rent restricted and occupied by persons whose income is 50 percent or less of the area median gross income or (b) one in which 40 percent or more of the units are both rent restricted and occupied by persons whose income is 60 percent or less of the area median gross income.



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NAA/NMHC are working with a broad coalition of organizations to seek legislation to address the severe loss of investor capital in the Low-Income Housing Tax Credit (LIHTC) program.
With letter of credit fees rising and the value of the Federal Low-Income Housing Tax Credits still depressed, nyhomes decided to expand mortgage insurance for rehab projects of affordable multifamily projects where tenants remain in place during the renovation.
During the past 20 years, the traditional method for stimulating the development of affordable housing throughout the United States has been the low-income housing tax credit.
 
 
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