This is interesting. Jervon from Norsouth, the Georgia company proposing a senior center in Kingwood, Texas, posted on a Kingwood Underground thread that the senior center is not subsidized housing and went to great lengths to say its not section 8 housing.
Technically it's not section 8, but it does appear subsidized. The new name of subsidized housing is New Markets Tax Credit program (NMTC).
The proposed complex appears to be using the New Markets Tax Credit program (NMTC) which is a subsidy in the form of a tax credit.
In a nutshell, the NMTC program encourages investments into low income communities by providing a tax credit for making those investments. The credit equals 39 percent of the investment, earned over seven years. For qualifying businesses, NMTCs can provide a permanent net subsidy of 15 to 20 percent of the amount financed. The best candidates are businesses that are:
- Located in or serve the residents of a distressed or low-income communityÂ
More info here:
cdfifund.gov/what_we _do/programs_id.asp? programID=5
Since Jervon from Norsouth is actively monitoring this Kingwood message board, he has the opportunity to retort. 4951