The tax credit, the NAR says, is intended to encourage new construction and
substantial rehabilitation of homes for sale to low - and moderate - income families in economically distressed areas.
Newly built units were estimated using the NAHB apartment economic impact model,
while substantial rehabilitation and acquisition / rehabilitation unit impacts were estimated using the remodeling part of the model on aggregate dollar basis.
The substantial rehabilitation of the building will result in 52 apartments, including 43 affordable and nine market - rate units for seniors and physically - handicapped persons.
The substantial rehabilitation of the building produced 52 apartments for seniors, including 43 affordable and nine market - rate units.
Currently new homes must be built to the 100 - year or base flood elevation (BFE) but the agency is proposing to add two feet for floodplain new construction or
substantial rehabilitation.
These grants are designated for
the substantial rehabilitation or new construction of public housing developments that will increase energy efficiency and environmental performance.