How Does the Low Income Housing Tax Credit Work for Elderly Residents?
The Low Income Housing Tax Credit (LIHTC) is a program designed to issue substantial tax credits to multifamily housing build...
Section 202, a housing subsidy program for the elderly, was originally rolled out in 1959 by the Housing and Urban Development (HUD) program and some of it is still alive and kicking today. Subsidized rental vouchers are awarded to low-income seniors based on their income levels and need to help pay for their rent.