Tax credit housing provides housing for those individuals making 50 or 60% of the area median income. Browse: Tax credits What you can get. It’s not easy to find affordable housing in Washington, DC. DIFFERENCES BETWEEN TAX CREDITS AND BONDS . Under the program a developer receives federal income tax credits over a 10-year period in exchange for (i) acquiring, rehabbing or newly constructing rental housing for low-income households, and then (ii) operating the project under LIHTC guidelines for a certain compliance period. The Hodge, at 7th and P NW, was built using Low-Income Housing Tax Credits. Be prepared to provide: As you can see, a number of documents are required to determine your income category, and it’s up to you to collect and have all the information submitted in a timely fashion. We had some problems performing your search. Tax credit apartment homes sometimes referred to as ‘workforce housing,’ are available for rent by anyone who falls into the income guidelines. A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA that is designed for lower-income borrowers.  −  BUT the Tax credit applications are long and detailed. What Is the Low-Income Housing Tax Credit (LIHTC)? Bond projects must meet either the 20/50 or 40/60 tests on a project basis.