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Low-Income Housing Tax Credit
The Low-Income Housing Tax Credit (LIHTC - often pronounced "lie-tech", Housing Credit) is a dollar-for-dollar tax credit in the United States for affordable housing investments. It was created under the Tax Reform Act of 1986 (TRA86) and gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans, with affordability restrictions on the properties expiring 15-30 years later. LIHTC accounts for the majority (approximately 90%) of all newly created affordable rental housing in the United States today. As the maximum rent that can be charged is based upon the Area Median Income ("AMI"), LIHTC housing remains unaffordable to many low-income (<30% AMI) renters. The credits are also commonly called Section 42 credits in reference to the applicable section of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Credit
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate. Refundable vs. non-refundable A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference. In other words, it makes possible a negative tax liability. For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing Finance Agencies
Housing, or more generally, living spaces, refers to the construction and assigned usage of houses or buildings individually or collectively, for the purpose of shelter. Housing ensures that members of society have a place to live, whether it is a home or some other kind of dwelling, lodging or shelter. Many governments have one or more housing authorities, sometimes also called a housing ministry or housing department. Housing in many different areas consists of public, social and private housing. In the United States, it was not until the 19th and 20th century that there was a lot more government involvement in housing. It was mainly aimed at helping those who were poor in the community. Public housing provides help and assistance to those who are poor and mainly low-income earners. A study report shows that there are many individuals living in public housing. There are over 1.2 million families or households. These types of housing were built mainly to provide people, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United States
The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. The United States had the seventh-lowest tax revenue-to-GDP ratio among OECD countries in 2020, with a higher ratio than Mexico, Colombia, Chile, Ireland, Costa Rica, and Turkey. Taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others. For example, individual spending on higher education can be said to be "taxed" at a high rate, compared to other forms of personal expenditure which are formally recognized as investments. Taxes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affordable Housing
Affordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affordable housing refers to mortgages and a number of forms that exist along a continuum – from emergency homeless shelters, to transitional housing, to non-market rental (also known as social or subsidized housing), to formal and informal rental, indigenous housing, and ending with affordable home ownership. Housing choice is a response to an extremely complex set of economic, social, and psychological impulses. For example, some households may choose to spend more on housing because they feel they can afford to, while others may not have a choice. Definition and measurement There are several means of defining and measuring affordable housing. The definition and measurement may change in different nations, cities, or for specific p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Barriers Clearinghouse
The Regulatory Barriers Clearinghouse (RBC) collects, processes, assembles, and disseminates information on existing barriers that inhibit the production and conservation of affordable housing. RBC is part of the U.S. Department of Housing and Urban Development's (HUD's) Office of Policy Development and Research (PD&R) overall effort to help create cohesive, economically viable, and healthy communities. It was created in response to the American Homeownership and Economic Opportunity Act of 2000 and in recognition that as much as a third of the cost of a new home is driven by state and local regulations. RBC's Services RBC maintains a searchable online database, which categorizes actual state and local regulatory reform strategies that support affordable housing. The database now contains over 4,000 barriers and proposed solutions. Database entries are divided into the following 10 categories: administrative processes, building and housing codes, fair housing and neighborhood d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HUD USER
HUD USER is an information source containing reports and reference documents for the U.S. Department of Housing and Urban Development (HUD). HUD USER was established by the HUD's Office of Policy Development and Research (PD&R) in 1978. Background HUD USER contains over 800 documents, comprising a variety of reference material for researchers and policy makers. In addition to published works, HUD User hosts data sets and a bibliographic database. Most of the material can be downloaded for free or purchased in print-form. Periodicals HUD USER publishes at regular intervals: the Research Works newsletter, the Breakthrough e-newsletter, the tri-quarterly Cityscape journal, and a quarterly report on U.S. housing market conditions. Data sets HUD USER provides researchers with access to the original data sets generated by PD&R-sponsored data collection efforts. These data sets include the American Housing Survey, HUD median family income limits, microdata from research initiat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The dep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Housing And Urban Development
The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Urban Development, who reports directly to the President of the United States and is a member of the president's Cabinet. Although its beginnings were in the House and Home Financing Agency, it was founded as a Cabinet department in 1965, as part of the " Great Society" program of President Lyndon B. Johnson, to develop and execute policies on housing and metropolises. History The idea of a department of Urban Affairs was proposed in a 1957 report to President Dwight D. Eisenhower, led by New York Governor Nelson A. Rockefeller. The idea of a department of Housing and Urban Affairs was taken up by President John F. Kennedy, with Pennsylvania Senator and Kennedy ally Joseph S. Clark Jr. listing it as one of the top seven legislative priori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whitehouse
Whitehouse may refer to: People * Charles S. Whitehouse (1921-2001), American diplomat * Cornelius Whitehouse (1796–1883), English engineer and inventor * E. Sheldon Whitehouse (1883-1965), American diplomat * Elliott Whitehouse (born 1993), English footballer * Eula Whitehouse (1892–1974), American botanist * Frederick William Whitehouse (1900–1973), Australian geologist * Jimmy Whitehouse (footballer, born 1924) (1924-2005), English footballer * Mary Whitehouse (1910–2001), British Christian morality campaigner * Morris H. Whitehouse (1878–1944), American architect * Paul Whitehouse (born 1958), Welsh comedian and actor * Paul Whitehouse (police officer) (born 1944) * Sheldon Whitehouse (born 1955), American politician from the state of Rhode Island * Wildman Whitehouse (1816–1890), English surgeon and chief electrician for the transatlantic telegraph cable Places ;in the United Kingdom * Whitehouse, Aberdeenshire, location of the Whitehouse railway sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NARA
The National Archives and Records Administration (NARA) is an " independent federal agency of the United States government within the executive branch", charged with the preservation and documentation of government and historical records. It is also tasked with increasing public access to those documents which make up the National Archive. NARA is officially responsible for maintaining and publishing the legally authentic and authoritative copies of acts of Congress, presidential directives, and federal regulations. NARA also transmits votes of the Electoral College to Congress. It also examines Electoral College and Constitutional amendment ratification documents for prima facie legal sufficiency and an authenticating signature. The National Archives, and its publicly exhibited Charters of Freedom, which include the original United States Declaration of Independence, United States Constitution, United States Bill of Rights, and many other historical documents, is headqua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Credit Assistance Program
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, p ... which was signed by President Obama on February 17, 2009. The program is designed to assist troubled LIHTC deals struggling to find a tax credit investor. As a result of the faltering economy and financial markets, the value of Low Income Housing Tax Credits plummeted in 2008 and continued to decline during 2009. Most LIHTC deals struggle to find investors. The TCAP program provides supplemental grant funds to make the project feasible. Administration of the TCAP funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
