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Rental Assistance Demonstration
The Rental Assistance Demonstration is a federal housing program that was enacted as part of the Consolidated and Further Continuing Appropriations Act, 2012, and is administered by thU.S. Department of Housing & Urban Development(HUD). Broadly, the purpose of the Rental Assistance Demonstration (or RAD) is to provide a set of tools to address the unmet capital needs of deeply affordable, federally assisted rental housing properties in order to maintain both the viability of the properties and their long-term affordability. It also simplifies the administrative oversight of the properties by the federal government. Specifically, RAD authorizes the conversion of a property's federal funding from one form to another, where the initial form presents structural impediments to private capital investment and the new form (project-based section 8) is not only familiar to lenders and investors but, since its enactment in 1974, has leveraged billions in private investment for the development a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Public Housing In The United States
In the United States, subsidized housing is administered by federal, state and local agencies to provide subsidized rental assistance for low-income households. Public housing is priced much below the market rate, allowing people to live in more convenient locations rather than move away from the city in search of lower rents. In most federally-funded rental assistance programs, the tenants' monthly rent is set at 30% of their household income. Now increasingly provided in a variety of settings and formats, originally public housing in the U.S. consisted primarily of one or more concentrated blocks of low-rise and/or high-rise apartment buildings. These complexes are operated by state and local housing authorities which are authorized and funded by the United States Department of Housing and Urban Development (HUD). In 2020, there were 1 million public housing units. Subsidized apartment buildings, often referred to as ''housing projects'' (or simply "the projects"), have a comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Relocation Assistance And Real Property Acquisition Act (1970)
The Uniform Relocation Assistance and Real Property Acquisition Policies Act (1970) ("URA") was passed by the U.S. federal government in 1970. It was intended to ensure fair compensation and assistance for those whose property was compulsorily acquired for public use under "eminent domain" law. Similar provisions have been introduced by most of the individual States. History and purpose Constitutional rights and pre-URA programs The Fifth Amendment's Takings clause does not provide for the compensation of relocation expenses if the government takes a citizen's property. Therefore, until 1962, citizens displaced by a federal project were guaranteed just compensation for the property taken by the government, but had no legal right or benefit for the expenses they paid to relocate. Prior to the URA's passing, starting in 1962, the federal government acted under two separate legislative programs to handle relocation caused by urban blight renewal and federal highway expansion. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
