LISC affordable housing pays off for New York
23 Jun 2010 - Amanda Fung | Crains 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.
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