A partnership for low-income housing rehabilitation

Article Abstract:

New York City was able to provide affordable housing to low-income families, despite the shortage in federal housing subsidies, by establishing a partnership with private investors. It relied on private housing developers and nonprofit housing groups to create a scheme that will allow the rehabilitation of the city's housing program within the limits of city funds. The scheme evolved into the 'Ten Year Housing Plan' in 1986 and included the renovation of 36,000 apartment houses and converted them into rental units for the homeless.

Housing Programs-Local, Finance, Public housing, Housing rehabilitation

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Lessons from Nehemiah for the low-cost housing market

Article Abstract:

The Nehemiah plan was envisioned by the New York City government in the 1980s to provide its citizens with low-cost housing. Under the plan, 3,000 homes costing only $71,000 each were constructed. This amount translates to only $60.7 per square foot compared to $104.46 per square foot for Partnership homes built in Coney Island. The success of this program underscores the need for a nationwide low-cost housing project that will make a qualitative change degenerated urban neighborhoods.

New Housing Programs, Planning, Housing development

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Low-income housing credits: proceed with caution

Article Abstract:

Real estate developers and financial institutions should have a thorough understanding of the requirements of the Low-Income Housing Tax Credit (LIHC) to acquire tax credits easily and avoid the recapture of credits previously taken. Under the provisions of the LIHC, a residential rental project must be made available to the general public and at least 20% of its units should be occupied by tenants whose incomes do not exceed 50% of the area's media gross income.

Housing Programs, Analysis, Laws, regulations and rules, Low income housing tax credit

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