The Vendor is required to provide The Low-Income Housing Tax Credit or LIHTC program was enacted in 1986 during the Reagan Administration by the Tax Reform Act and is the largest producer of affordable housing today.
- If housing tax credits are awarded, private investors contribute equity to build the housing development and receive the benefits of the tax credits.
- Developers compete to win 9% tax credits.
- Housing is constructed, typically within two years of the award, and rents must remain affordable for at least 30 years. Usually, rents are 60% of the Area's Median Income.
- The tax credit is distributed over 10 years and begins once the unit or units are inhabited.
- The city’s website should be updated to provide the most up-to-date application letter instructing developers on how to apply for the housing tax credit letter of support.
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