Path to Home Ownership: A Guide to Single-Family Lease Purchase Projects Funded with 9% Tax Credits

2015
|   By
Robert Curry ,
Cleveland Housing Network
Kate Monter Durban, Cleveland Housing Network
Report Cover
Summary
This manual describes how to use the LIHTC as a home ownership tool for low-income families; how to develop and execute the program to sustain a financially viable housing program for the developer; and how to achieve successful outcomes for families when the home reaches 15 years under the tax credit.
Description

This guide was created to assist organizations who use the Low Income Housing Tax Credit (LIHTC) to develop affordable housing for low-income families. Specifically, the manual focuses on comprehensively ensuring the success of single-family lease purchase projects throughout the 15-year rental phase, as well as in Year 16—the year in which families can purchase their homes.

This manual describes how to use the LIHTC as a home ownership tool for low-income families; how to develop and execute the program to sustain a financially viable housing program for the developer; and how to achieve successful outcomes for families when the home reaches 15 years under the tax credit. Specifically, the manual discusses critical considerations that must be addressed early on in order for the program to be successful for the families as well as for the developer and owner.

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