Are you looking for information about tax incentives related to affordable housing in Hawaii? The Low-Income Housing Tax Credit Program (LIHTC) is a great option for private developers and non-profit entities to build or rehabilitate affordable rental units. Administered in Hawaii by the Hawaii Public Housing Authority (HPHA), this program allows investors in affordable rental housing to apply for an annual credit to cover their tax obligations over a 10-year period. The maximum tax credit a project can receive is based on a percentage of the share of the rental home (whether the home is newly built or renovated) that the landlord agrees to maintain with rent and income restrictions for a period of at least 18 years. To learn more about the LIHTC Program, contact HPHA at (80) 587-0567 for a low-income housing tax credit application package.
The Affordable Housing Tax Credit Coalition is a union organization of housing professionals who advocate for the tax credit for low-income housing. To discuss how the credit can be applied to a specific project, call the Low-Income Housing Tax Credit Program at. The Low-Income Housing Tax Credit Program is an investment instrument created by the Federal Tax Reform Act of 1986, which aims to increase and preserve affordable rental housing by replacing previous tax incentives with a credit directly applicable to taxable income. Across Hawaii, the Housing Credit has provided more than 12,900 affordable housing to low-income families, seniors, veterans, and people with disabilities. Financial institutions can also receive credits under the Community Reinvestment Act for their participation in tax credit projects, while corporate entities will contribute to the creation of affordable housing in Hawaii communities.
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