Tuesday, November 19, 2013

Financial Help for Builders of of Low-Income Housing

Patrons come by the reference desk on a regular basis, looking for free money and money for businesses.  Some in particular are looking for funds to build low-income housing.  I am not an expert in low-income housing financing, just in how to find the sources of information.  But in a couple of ways, this is like looking for other business money in that 1) government only pays you to do things it would like you to do, not what you would like to do and 2) those that got, get.  By that I mean that the money is not to start a home building business.  The firms that they are looking for are those with some of their own financial resources already, who just need incentives or some help with funding. 

From what I can find in Ohio, it's mostly financing loans and tax credits, which developers can sell for the money to develop low-income housing.  The details of programs for Ohio low-income housing developers is here.  The HDAP (housing development assistance program) includes low-interest, deferred payment loans, or SOMETIMES, outright grants.  If you are interested in finding tax credits and loans to build low-income housing, see your state's housing development agency. In some states the housing credit is not administered by the housing development agency.  This is the list of all state housing credit agencies. 

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