Private funds, public housing: an effective use of tax credits

Article Abstract:

An interim rule issued by the US Dept of Housing and Urban Development (HUD) in 1996 has given rise to a new 'mixed finance' program that allows local housing authorities (LHAs) to build privately owned public housing units using both public housing development funds and private financing, including low income housing tax credits. The types of HUD public housing funds that can be used for mixed financing projects are public housing development funds, public housing operating subsidies, public housing modernization funds and HOPE VI Urban Revitalization funds. The tax credits that can be combined with these funds can be accumulated on the costs of constructing public housing for the private sector. The mixed finance program creates new opportunities for LHAs and the private sector to provide housing to low-income families.

Residential Building Construction, Public Residential Bldgs, Usage, Residential construction, Private sector, Housing authorities, Property tax credit

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Tax credits fuel growth of affordable housing

Article Abstract:

An increasing number of investors are participating in multifamily housing development as a result of federal income tax credits for the construction or rehabilitation of low-income housing. The National Real Estate Investor estimates that 100,000 units of the 250,000 new multifamily housing projects in 1994 were constructed under the Low Income Housing Tax Credit program. Investors are realizing that these investments are not only socially desirable but also profitable. Return on these investments can range between 12% to 18%. Moreover, investors can use the tax credits as an element of a good tax-planning strategy. The decision of Congress to make the credit a permanent provision of the tax code has prompted many organizations to make long-term commitments to housing development under the tax credit program.

Public Finance Activities, Tax Deductions & Exemptions, Evaluation, Tax deductions, Housing development, Tax credits

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2005 public housing financing update

Article Abstract:

The US Department of Housing and Urban Development (HUD) has approved over $1.5 billion in funds of borrowing under Capital Fund Financing Program (CFFP). The volume of CFFP loans would continue to be related to the speed and efficiency of HUD processing of requests for approval.

United States, United States. Department of Housing and Urban Development

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