What does LIHTC mean for our community?
The US Dept. of Housing and Urban Development (HUD) has published a new study of the LIHTC program. LIHTC (“lie-tech”) which stands for “low income housing tax credit”, is a provision in the tax code that creates an incentive for investment in projects that create or rehabilitate rental housing for low income residents.
The new study profiles the low income tenants that are the ultimate beneficiaries of the program. Included in the tenants sampled are the people who live at the Scottsville School, Monticello Vista and Friendship Court Apartments. Piedmont Housing redeveloped each of these properties using LIHTC funds. Read the study, and imagine the statistics you read transforming into your neighbor, your grandmother or your friend with a disability, living in a decent and affordable home. These homes are your tax dollars at work.