Where does the money to build affordable housing come from? It’s a complicated jigsaw puzzle requiring as many as 20 different funding sources! The largest part of that funding puzzle comes from the Low-Income Housing Tax Credit or LIHTC. In order to receive LIHTC developers must dedicate a certain percentage of housing units to people earning less than the area’s median income. Other funding sources include federal block grants, local and state housing trust funds, and rental assistance. Because the process for obtaining funding for affordable housing is not standardized, funding opportunities are limited and applications for assistance are very competitive. Check out the full story here.
Michael Lewyn, Director of the Institute on Land Use and Sustainable Development and Associate Professor of Law at Touro Law Center, hits hard on zoning issues. Read the details here.
by Lynnette Khalfani-Cox’s article on AARP.org shows why affordable rentals are as important as affordable for-sale homes. Read more here.