LISC affordable housing pays off for New York
Study finds that lower rents mean more money for residents to spend on everything from health care to groceries, boosting local business and property values; federal tax credits seen playing critical role.
23 Jun 2010 - Amanda Fung | Crains New York
Excerpt:
Affordable housing built with help from the use of federal low-income housing tax credits has a positive impact on distressed neighborhoods in the city and is crucial to economic development, according to a new study scheduled for release Wednesday. The study found that the use of federal low-income housing tax credits is crucial to building and rehabilitating affordable housing, and to helping inner city neighborhoods. By paying affordable rent—monthly rents averaging $500—families were able to more than double their discretionary income, which in turn allowed them to pay for health care, reduce their debt or put money into savings. Continued[+]...
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Article Type: News