The low-income housing tax credit (LIHTC) has been critical to public housing authorities (PHAs) to address preservation, development and redevelopment goals.
To achieve these goals, LIHTCs complement other programs created by Congress and administered by the U.S. Department of Housing and Urban Development (HUD), including Moving to Work (MTW), the Choice Neighborhoods Initiative (CNI) and the Rental Assistance Demonstration (RAD). PHAs use these programs and LIHTCs to address a variety of objectives:
- preservation of existing public housing through recapitalization,
- demolition and redevelopment where needs extend beyond rehabilitation,
- neighborhood revitalization if needs extend beyond a public housing site,
- demolition and production of replacement housing at alternative locations, and
- production of special needs housing.
Novogradac
Published by Arlene Conn on Thursday, January 7, 2021