The low income housing tax credit lihtc program established under the tax reform act of 1986 is the largest source of federal assistance for developing affordable rental housing and cost an estimated 8 billion in. In its may 2016 report on the low income housing tax credit lihtc program of the internal revenue service irs gao found that state and local housing finance agencies allocating agencies implemented requirements for allocating credits reviewing costs and monitoring projects in varying ways. The low income housing tax credit lihtc program was created in 1986 and is the largest source of new affordable housing in the united states there are about 2000000 tax credit units today and this number continues to grow by an estimated 100000 annually. The bill would increase the allocation of low income housing tax credits lihtcs by 50 over a five year period make the 4 tax credit rate floor permanent for acquisition and bond financed projects and establish an income averaging provision. The low income housing tax credit lihtc subsidizes the acquisition construction and rehabilitation of affordable rental housing for low and moderate income tenants the lihtc was enacted as part of the 1986 tax reform act and has been modified numerous times
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