The Housing Tax Credit (“HTC”) Program helps finance the development of attractive, high quality affordable rental housing through partnerships with private developers.
Properties financed through the program must reserve specific numbers of units for income eligible tenants and cap rents at set levels to ensure affordability.
In addition to a reduced rent, most properties also offer supportive services tailored to tenants’ needs, such as after school child care, computer and GED classes, consumer credit counseling, and other programs.
Beyond that, the program is a significant economic engine. The typical 100-unit property developed through tax credits generates $7.9 million in local income, $827,000 in fees and taxes, and 122 construction and related jobs. More »
(HPF Web site)
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