Low Income Housing Tax Credit - Worcester Regional Chamber of Commerce

Low Income Housing Tax Credit

The Low-Income Housing Tax Credit is the most important resource for creating affordable housing in the United States today.

The LIHTC is a federally authorized program for non-profit and for-profit developers to promote the construction and rehabilitation of affordable rental housing.

Problem

At the chamber we believe the funding for the Low-Income Housing Tax Credit should be expanded to alleviate the housing crisis in Massachusetts.

Solution

The LIHTC should be adjusted to meet inflation needs for the further development and investment of low-income housing.

Eligibility

  • At least 20% of the units must be reserved for persons with incomes at/or below 50% of the area median income adjusted for family size.
  • Or at least 40% of the units must be made affordable for persons with incomes at/or below 60% of the area median income adjusted for family size.

In addition, the project must be retained as low-income housing for at least 30 years.