| FOR
IMMEDIATE RELEASE
Release Date: August 22, 2002
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Contact: |
Steve
Rector
Public Affairs Director
208-331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858 |
$1.8 Million in IHFA Housing Tax Credit Funds
Available to Developers
BOISE - Idaho affordable housing developers
have until September 3, 2002 to submit competitive applications for
approximately $1.8 million in 2003 Housing Tax Credit funds, the Idaho
Housing and Finance Association announced. This is the first round for
2003 tax credit applications; additional funds will be available after
the first of the year. Recipients of Housing Tax Credit allocations
may claim the annual credit each year for 10 years.
All developers will compete for credits under IHFA’s
Selection Criteria Point System described in the Allocation Plan. To
receive a copy of the plan or an application, contact: IHFA’s
Multifamily Financing Department, P.O. Box 7899, Boise, ID 83707-1899;
call 1-877-219-2285, TDD 1-800-545-1833, or fax 208-424-7092. A copy
is also available on our Web site at
http://www.ihfa.org/multifamily_taxcredit.asp.
The Housing Tax Credit provides an incentive to
developers for affordable rental housing. The credit provides a
dollar-for-dollar federal tax liability reduction for owners of newly
constructed or substantially rehabilitated rental housing. In 2002,
nearly $2.6 million in Housing Tax Credit funds were allocated by IHFA,
financing construction or rehabilitation of 441 total units of rental
housing. Of those 441 units, 383 were designated for affordable
housing.
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The
Idaho Housing and Finance Association, a financial services and
housing organization, provides funding for affordable housing in
Idaho communities where they are most needed and when it is
economically feasible. IHFA uses no state funds or state employees
to support its operations. For more information, visit our Web
site at www.ihfa.org.
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