State Affordable Housing Tax Credit
These are some of the oldest state tax credits around.
This credit approach has encouraged private developers to build projects to replace the 50s and 60s “HUD-style” federal housing projects which have become eyesores in many communities over the years.
The presence of state credits adds capital to the budgets for these projects, allowing for higher quality projects and better amenities. This state tax credit equity also allows additional units to be developed annually.
Projects are awarded tax credits by state housing agencies through a competitive process. The LIHTC program provides quality affordable housing to low-income residents, both families and seniors.
The presence of state credits adds capital to the budgets for these projects, allowing for higher-quality projects and better amenities. For example, a bigger budget might allow for medical clinics or learning centers.