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Subcommittee hears overview of low-income housing tax credits; two Buncombe-area projects noted
Summary
A presenter reviewed the federal Low Income Housing Tax Credit program, how credits are allocated in North Carolina and two recent NCHFA awards affecting Buncombe County: Pillows at Swannanoa (9%) and Rocky River Apartments (4%).
The Buncombe County Affordable Housing Subcommittee heard a primer on the federal Low Income Housing Tax Credit program and an update on two local projects during its meeting.
Matt Card, presenter, told the panel that “the Low Income Housing Tax Credit is a federal program. It's a tool to incentivize affordable housing” and that the credit was created in 1986. He said the program is codified in Section 42 of the Internal Revenue Code and that tax credits are allocated to each state on a per-capita basis. Card explained that North Carolina's program is administered by the North Carolina Housing Finance Agency, which issues a Qualified…
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