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Housing staff lay out tax‑credit development basics and city‑owned-site suitability
Summary
Housing staff reviewed how low‑income housing tax credits (LIHTC) work and presented a city‑owned vacant‑lot analysis aimed at accelerating infill affordable housing; staff said 113 city‑held lots can be used for affordable housing but 15 were not suitable without remediation or assemblage.
Housing and Community Development staff briefed the council on tax-credit development mechanics and on a city inventory of vacant lots that could support affordable housing.
What staff explained: Director Emily Dutton and staff said the Low-Income Housing Tax Credit (LIHTC) program is the primary source of affordable rental production in the U.S. Staff reviewed the difference between 9% credits (more subsidy, competitive) and 4% credits (less subsidy, generally non‑competitive when paired with tax‑exempt bonds) and explained the city’s “4% gap‑financing” program that has…
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