Purchasing a property for low income housing
I was wondering if you knew when purchasing a multi unit or smaller apartment building- is it possible to get loans through your county or state if the property you are purchasing is going to be used to help house low income/subsidized renters?
Thank you for the help!
Our apologies for the delayed response to your question. Many states, either directly through a state agency, or through funds allocated to an area non-profit have programs that are available to assist with the acquisition and/or construction of low-income housing. Larger housing projects are often financed through a combination of Low Income Housing Tax Credit (LIHTC) funding, conventional, and federal government financing.
There are a couple of federal agencies that specialize in low-income housing, the most commonly known is HUD (Housing and Urban Development), and for properties located in rural areas USDA Rural Development also provides financing for multi-family housing. Either of these agencies should be able to inform you of local funding sources.