The housing department of Arizona now grants affordable housing tax credits to its residents.
Housing in Arizona (Photo: ADOH)
ADOH Now Allocates Affordable Housing Tax Credits to Its Residents.
The ADOH, Arizona Department of Housing, has just announced that it now grants low-income tax credits to the residents of the state. The state allocates more than $22 million of federal Low-Income Housing Tax Credits, also known as LIHTC. The state hopes that this would make housing affordable for its people to survive amidst the state’s meet current housing crisis. According to Governor Katie Hobbs, the current housing crisis is something that should be addressed as soon as possible. Hobbs added that the grant would allow Arizonians access to affordable and safe housing.
Arizona receives $22 million that goes into the LIHTC every year from the government. Tax credits are actually allowed by the federal law to be forward allocated annually, allowing Arizona to allocate the 2025 LIHTC for next year’s upcoming awards. In the past, ADOH forward allocated some of the tax credits of the succeeding year. Given the state’s history, this would be the first time that Arizona would use 100% of the succeeding year’s credits within the current year.
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The Estimated Impact of The Affordable Housing Tax Credits
Joan Serviss, ADOH’s director, stated that the credits would fund the development and that they would have all the flexibility they need to use the following year’s batch, which would give way for more affordable housing in a short time span.
ADOH is announced that they launched 15 latest affordable housing projects for this year. Within those projects are 7 projects for the rural communities. With these latest projects, the state of Arizona would have generated housing units amounting to 1,049 in total. Hobbs added that they hope to alleviate the housing crisis of the state through adjusting the tax credits.
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