The Arizona Department of Housing (ADOH) has announced $10 million to retain and rehabilitate properties built with Low-Income Housing Tax Credits (LIHTCs), preserving up to 500 units of existing affordable housing. "Today's investment will incentivize low-income housing tax credit property owners to rehabilitate instead of selling, allowing more Arizonans in need to keep a roof over their heads," said Arizona Governor Doug Ducey. "We will continue to work with private and public partners to protect vulnerable Arizonans and combat homelessness." LIHTCs allow for the acquisition, rehabilitation or new construction of rental housing targeted to lower-income households. After 15 years, a LIHTC property owner can exercise an option to sell, thus removing units from the state's affordable housing stock.
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