Housing authority gets federal stimulus-backed tax credits for affordable housing

The credits will go to developers who want to build or repair multi-family developments using low-income housing tax credits, said Kim King, a spokeswoman for the housing authority.

Developers have not yet been selected to receive the tax credits, King said. Applicants have estimated for the housing authority that projects could create or save between 130 and 150 jobs, she said.

Developers must hire local workers to be eligible for the credits, she said.

Last year, the housing authority awarded $20 million in low-income housing tax credits to 35 developers, according to King. This year, the agency traded in a portion of its annual federal tax credits to receive the $76 million, which is supported by stimulus money, she said.

The tax credits will help re-start housing projects that have been stalled because of the recession. The credit crisis has held up approximately 30 projects tied to low-income tax credits previously given out by the housing authority, King said.

This is the fourth bucket of stimulus money the Treasury Department has sent to help boost affordable housing.

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