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Consultant briefs Champlain board on using LIHTC for affordable housing; no action taken
Summary
An AES Northeast representative outlined how the Low Income Housing Tax Credit (LIHTC) works, how municipalities support LIHTC projects and how the Miramar and sewer-served sites in Champlain might be positioned for future affordable senior or workforce housing development.
Alex, a brand manager with AES Northeast, gave a 90-minute informational briefing to the Town Board on the Low Income Housing Tax Credit (LIHTC) program and how municipalities can support LIHTC-funded affordable rental projects.
Alex explained that LIHTC is a federal tax-credit program administered through state housing finance agencies; the IRS issues an allocation of credits to each state, and state agencies (in New York, the Office of Homes and Community Renewal) award credits to developers through a competitive Qualified Allocation Plan. He emphasized that LIHTC provides equity to developers via investors purchasing the credits and is not a direct local tax exemption.
Alex described the two main LIHTC types he addressed in plain terms: the 9% (competitive) credit, which can finance a larger share of project costs, and the 4%…
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