What low-cost financing programs are available for low-income housing development?
For affordable multi-family rental developments, the Department of Housing and Community Development administers, coordinates, or provides a conduit for several programs. Tax-exempt Multi-family Housing Revenue Bond Programallows the County issuance of tax-exempt revenue bonds and the proceeds of the bond sales are used to finance the construction and permanent financing for rental housing developments. At a minimum, the borrower can elect to reserve either 20% of the total units at affordable rents for households at or below 50% of AMI or 40% of the total units at affordable rents for households earning 60% or less of AMI. Tax Credits for Low-income Rental Housing Programprovides tax credits for owners and investors of low-income rental housing. Applications for funding for this program are through the State’s Tax Credit Allocation Committee. As with the tax-exempt bond financing program, there are minimum occupancy and rental rate restrictions for developments receiving federal tax c
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