The Florida Housing Finance Corporation Board of Directors announced this week that it recently approved more than $54.7 million in housing tax credits to developers of 22 affordable housing properties across the state.
Low Income Housing Tax Credits provide developers with a dollar-for-dollar reduction in federal tax liability in exchange for the development of affordable rental housing. The $54.7 million approved at last week’s board meeting will go towards 22 developments, adding nearly 2,000 new affordable rental units for families and seniors in 18 counties throughout the state.
A Housing Credit allocation can be used for 10 consecutive years once the development is placed in service and is designed to subsidize the low-income unit costs. Tax credit funds are extremely competitive and eligible applicants must go through a rigorous selection process.
In addition to the funding awarded last week, Florida Housing will be accepting applications for approximately $104.5 million in SAIL funding throughout the end of the year for housing projects for elderly residents, mixed use development, public lands development, urban infill, and youth aging out of foster care.
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