HACSC News Item
Staff Member Named
to PCR Advisory Board
The Property
Compliance Report (PCR), a national publication published by Novogradac &
Company LLP, has named Laura Ellenberger, Marketing and Compliance Manager in
the Housing Authority's Property Management Department, to its Advisory Board.
PCR is a monthly publication on Low-Income Housing Tax Credit compliance.
The Housing
Authority has long been utilizing the Low-Income Housing Tax Credit (LIHTC)
program to develop numerous properties, including Helzer Courts Apartments,
Blossom River Apartments and Poco Way Apartments in San Jose. (See the box
below for more details on LIHTC).
As a PCR
Advisory Board member, Ms. Ellenberger will write articles for the
publication and promote the newsletter to other providers of tax credit
housing. She is excited about the opportunity and says, "As a board member,
I will be able to share with other tax credit housing providers the fact
that HACSC is also involved in tax credit housing and aggressively pursues
these and other kinds of alternative financing strategies to create
affordable housing rather than relying on HUD subsidies."
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Low-Income Housing Tax Credit (LIHTC) Program
The LIHTC
Program offers property owners and investors a credit or reduction in their tax
liability, each year for 10 years, that is based on the costs of development and
the number of qualified low income units in a newly constructed or rehabilitated
development. In exchange, the owners must offer quality units to
low-income tenants at fixed below market rate rents that are set at 30% of the
applicable Area Median Income. Tenants must meet income eligibility
requirements to qualify for residency.
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