Monday, July 23, 2007

Did you know there were programs available for developers involved with low income housing?

Low Income Housing Tax Credit Program Allocates a 4% tax credit to developers of new or rehabilitated affordable rental housing.
Must meet affordable housing guidelines:
  • Min. 20% affordable housing for persons with 50% of median income and
  • 40% for persons with 60% of median income

    MD-VA-DC MSA median income is $85,600*
    *Statistic as of FY2001. Subject to change.

  • Tax-Exempt and Taxable Multi-Family Rental and Co-op Bond Financing and Tax Credits Bond financing is available for permanent and construction debt associated with the construction/renovation of rental and cooperatives. Four percent (4%) tax credit is available to developers of low-income housing.

    Housing Production Trust Fund Program (HPTFP) Provides financial assistance to nonprofit and commercial developers for rental and ownership of low- to moderate-income rental and ownership housing and related facilities.
    Must provide low to moderate-income housing and related facilities.

    Local

    Distressed Properties Improvement Program (DPIP) Deferral or forgiveness of real estate taxes, water charges, and other public debts owed on rental properties, as an inducement for owners to rehabilitate previously vacant housing.

    See Title VIII of the DC Rental Housing Act of 1985
    15% of completed units must serve low- and moderate-income households.

    Local

    Single-Family Residential Rehabilitation Program Provides low-cost financing for the rehabilitation of 1 - 4 unit residential housing. Provides low-interest amortizing loans for up to 20 years, depending on the financial circumstances of the borrower and the amount of rehab required to correct code deficiencies.

    Special monies set aside for handicapped access and senior living improvements.
    Residential property must be owner-occupied or investor-owned and located in Community Development Area or Enterprise Community.

    Local

    Multi-Family Housing Rehabilitation Loan Program (MfHRLP) Provides low-cost interim construction financing for the rehabilitation of residential property containing five (5) or more units. Program available to developers of rental housing and lower-income cooperative housing.

    Local

    Apartment Improvement Program Provides technical assistance to owners of rental housing for property improvements.
    Available to owners of rental housing

    Local
    from here.

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