Posts tagged ‘Low Income housing Tax Credit’
National Housing Trust Fund Bill Passes the Senate and House!
This could be a major milestone in the quest to get more affordable housing for the folks who need it. It is currently in conference committee which is where the two versions of the bill are reconciled prior to going to the President for his signature.
From the National Low Income Housing Coalition Site (http://www.nlihc.org/template/page.cfm?id=40)
“This housing trust fund, drafted by Senator Jack Reed (D-RI), would be a stand-alone fund that, in addition to the Fannie Mae and Freddie Mac resources identified in the bill, could also accept other sources of revenue. This provision will allow the housing trust fund to continue to grow over time so that more housing affordable to extremely and very low income people can be produced and preserved.
The bill would target at least 75% of the funds to be used for rental housing to people with income below 30% of area median. All of the funds would have to benefit people with incomes below 50% of area median. Furthermore, the bill places a cap on using housing trust fund resources for home ownership at 10%. This will help ensure that the housing trust fund focuses on the very lowest income households, which have the greatest housing affordability problems.”
As always I thank you for your time and interest. Please take the time to Digg, Stumble Upon or add to the other social network of your choice to help me spread the word about these issues. Please forward any questions or suggestions to: askthefm@gmail.com
Senator’s Urge IRS to be more flexible on Low Income Tax Credits
This may be a little bit esoteric for some you this evening, but this is a very important topic and part of my particular advocacy. The Internal Revenue Service (IRS) has for some time been interpeting the rules applying to the way low income tax credits are used as to severly restrict their effectivenss in getting housing built. This is critically important to the many Americans who would qualify to live in this housing if it were only made available.
To construct a new apartment building cost somewhere in the neighborhood of $350,000 an apartment, including the property acquisition costs. It is impossible without government subsidizing the construction and operation of these units that they will get built. They just don’t pencil out when the people who qualify for the low income units can only afford $450 a month for a one bedroom apartment. (Note: I live in Southern California where a one bedroom aprtment in a marginal area goes for $900 a month if you can find one)
The article on the Southern California Assocation of Non-Profit Housing Developers (SCANPH) can be found here: (http://www.scanph.org/node/552) and full text of the Senator’s Letter is Here: (http://www.scanph.org/files/Final%20Occupational%20Letter.pdf)
So please write you Congressional representitives, both in the Hous and Senate to get them on board on this issue. Because you never know where life will take you and the housing you build or save today may someday be you own!
As always I thank you for your time and interest. Please take the time to Digg, Stumble Upon or add to the other social network of your choice to help me spread the word about these issues. Please forward any questions or suggestions to: askthefm@gmail.com
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