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  • Essay / Low-Income Housing Tax Credit Projects - 2643

    OverviewLow-Income Housing Tax Credit (LIHTC) projects are key catalysts for community improvement in many disadvantaged areas of the State of Texas. These affordable rental housing developments provide the main impetus for the revitalization of the urban core and attempt to reshape the design of underserved communities and the lives of many low-income families. While these important efforts are undertaken, community concerns regarding the long-term impact of optional environmental and sustainable housing designs are concerns that the current LIHTC program does not fully address. These public concerns about green and sustainable building practices highlight how more efficient developments with energy efficiency programs, lower utility costs, healthier living environments, and sites located near public transportation /utilities should be a mandatory inclusion in the allocation of all LIHTC funds. .Without state “required” measures for green and sustainable standards in the allocation and allocation of LIHTC funds and the absence of review sanctions (e.g. deduction of review points from applications) in the event of non-compliance with existing sustainability specifications, the LIHTC program fails. a far cry from meeting the compelling need to develop “green” projects in many of our publicly subsidized low-income multifamily developments. The purpose of this guidance note is to show and recommend that 1). TDHCA must formally adopt mandatory green or sustainable standards to which all applicants seeking funding must adhere; and 2). With the adoption of these mandatory green and sustainable standards, all LIHTC-funded projects will reap lifelong benefits that are energy efficient and environmentally friendly, sustainable...... middle of paper ......//www.housingfinance.com /economic-development/texas-stampede.aspxLawrence, P. (July 2011). Making affordable housing greener: moving from niche to industry standard. Novogradac Tax Credit Journal, 2-4.MortgageLoan.com. (April 23, 2013). Green Mortgages – Guide to Energy Efficient Mortgages. Retrieved April 3, 2014 from Mortgage Loan.com: http://www.mortgageloan.com/environment/Murray R. (2008). McGraw-Hill Construction 2009 Green Outlook: Trends Driving Change Report. McGraw-Hill. Novogradac & Company, L. (2014). Low-Income Housing Tax Credit: Federal LIHTC. Retrieved April 15, 2014 from the Novogradac Federal Housing Resource Center: http://www.novoco.com/low_Income_housing/lihtc/federal_lihtc.phpPartners, EC (2009). Enterprise calls on Congress to strengthen the low-income housing tax credit program. Washington: Business Community Partners.