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Find similar grantsLow Income Housing Tax Credits is sponsored by Florida Housing Finance Corporation. Offers tax credits to developers in exchange for the development of affordable rental housing in Florida.
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Low Income Housing Tax Credits [](https://www. floridahousing. org/home "Florida Housing Finance Corporation")[](https://www.
floridahousing. org/home "Florida Housing Finance Corporation") * [](https://www. floridahousing.
org/ "Home") * About Florida Housing Overview * Board Meeting Agendas and Information * Audited Financial Statements * Long Range Program Plan * Quarterly Performance Measure Reports * Public Records Requests * Public Meeting Notices and Events * Municipal Advisor Notice * Affordable Housing Workgroup * Universal Application Proceedings * Procurement & Contracts * Procurement & Contracts Overview * Credit Underwriting, Loan Servicing and Compliance Monitoring * Requests for Applications (Other Florida Housing Programs)) * Invitations to Negotiate * Request for Information * Request for Qualifications * Single Source Procurement * Public Records Requests * Multifamily Programs Overview * Competitive Funding Information Overview * RFA Submitted Applications * Elderly Housing Community Loan * Grants for Persons with Developmental Disabilities * HOME Investment Partnerships * Low Income Housing Tax Credits * Multifamily Mortgage Revenue Bonds * National Housing Trust Fund * State Apartment Incentive Loan * Multifamily Mapping Application * Lender and Real Estate Agent Locator * Mortgage Credit Certificate (FAQs)) * Top Performing Lenders and Contacts * Homeownership Pool (HOP) Program-program) * Current Homeowners Overview * Florida's Hardest-Hit Fund * Insurance Claim Check Endorsement Requests * Recapture Tax Reimbursement Plan * FloridaHousingSearch.
org * Preservation Opportunities * Special Needs Housing Overview * Housing Stability for Schoolchildren Program * Florida Assessment of Housing for Homeless and Special Needs Populations * Important Announcements * Research & Publications * Education, Training & Technical Assistance * Universal Design & Accessibility in Housing * Home Investment Partnerships Program (HOME) from the American Rescue Plan Act (HOME-ARP)-from-the-american-rescue-plan-act-(home-arp)) * Special Programs Overview * Predevelopment Loan Program * SHIP - State Housing Initiatives Partnership Program * SHIP - State Housing Initiatives Partnership Program Overview * SHIP Technical Bulletins * Disaster Relief Resources and Information * Local Government Information * Local Housing Assistance Plan (LHAP)) * Current Local Housing Assistance Plans/current-local-government-lhaps) * LHAP Template and Exhibits/lhap-template-and-exhibits-(docs)) * Homeownership Development * Statewide Permanent Supportive Housing Workgroup * Live Local Act Overview * Live Local Program Tax Credit * Multifamily Middle Market Certification * Hometown Heroes Program * Additional SAIL-like Funds * Data , Docs & Reports Overview * Board Meeting Agendas and Packages * Audited Financial Statements * Municipal Advisor Notice * Long Range Program Plan * Public Records Requests * Government Relations Contact * Public Records Requests * Submit Public Inquiries The Housing Credit (HC) program provides for-profit and nonprofit organizations with a dollar-for-dollar reduction in federal tax liability in exchange for providing equity financing for the rehabilitation (with or without acquisition), or new construction of low and very low-income rental housing units.
A Housing Credit allocation to a development can be used for 10 consecutive years once the development is placed in service and is designed to subsidize either 30 percent (the 4 percent tax credit) or 70 percent (the 9 percent tax credit) of the low-income unit costs in a development. Qualifying buildings include garden, high-rise, townhouses, duplexes/quads, or mid-rise with an elevator.
Ineligible development types include hospitals, sanitariums, nursing homes, retirement homes, trailer parks, and life care facilities. This program can be used in conjunction with the HOME Investment Partnerships program, the State Apartment Incentive Loan program, the Predevelopment Loan program, or the Multifamily Mortgage Revenue Bonds program.
Each development must set aside a minimum percentage of the total units for eligible low or very low income residents for the duration of the compliance period, which is a minimum of 30 years with the option to apply for a Qualified Contract after the 14th year, unless this option is waived by the Applicant in the Application, or pursuant to requirements in a competitive solicitation.
Applicants must commit to one of the following set aside commitments: (i) at least 20 percent of the housing units set aside for households earning 50 percent or less of the area median income (AMI), (ii) 40 percent of the units set aside for households earning 60 percent or less of the AMI, or (iii) 40% of the units set aside for households whose earnings may range from 20% to 80% of the AMI provided the average on the income designations within that range do not exceed 60% of the AMI.
Because of the competition among developers seeking an allocation of tax credits from Florida Housing, most Developers commit to provide deeper set asides and for a longer period of time than the minimums described above as required by the IRS Code.
Housing need is assessed based on the current statewide market study, and funds are distributed annually to meet the need and demand for targeted housing in large, medium, and small-sized counties throughout Florida.
Additionally, competitive 9 percent housing credits are sometimes reserved for affordable housing that addresses specific geographic or demographic needs, including the homeless, elderly, persons with special needs, the Florida Keys Area of Critical State Concern, or for disaster recovery efforts.
The Housing Credit program is governed by the U.S. Department of Treasury under Section 252 of the Tax Reform Act of 1986 and Section 42 of the Internal Revenue Code, as amended. Each year, the U.S. Department of Treasury awards each state an allocation authority consisting of a specific per capita dollar amount multiplied by the state population plus the state's share of the national pool (unused credits from other states).
Starting in 2003, the per capita amount is adjusted annually for inflation. For 2023, the per capita amount used is $2. 75.
Eligible applicants should apply for funding through Florida Housing's Request for Applications (RFA)")process (for competitive 9% tax credits), the Non-Competitive Application Package(for non-competitive 4% tax credits), or contact our office for further information. This program is governed by Rules 67-48 and/or 67-21 of the Florida Administrative Code.
* HC Qualified Contract Package * Affordable Housing Study Commission * Property Owners & Managers * Requests for Applications * Report Fraud Waste or Abuse **Florida Housing Finance Corporation** 227 N. Bronough Street, Suite 5000 Tallahassee, Florida 32301 [](https://www. instagram.
com/fl_housing/ "Instagram")[](https://twitter. com/Florida_Housing "Twitter")[](https://www. linkedin.
com/company/florida-housing-finance-corporation/ "LinkedIn")[](https://www. facebook. com/floridahousing/ "Facebook")
Based on current listing details, eligibility includes: Nonprofit and for-profit developers in Florida. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates Varies by project Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
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