Editor's Note: Michelle Yarbrough Korb is special counsel in the Real Estate Practice Group of Pepper Hamilton LLP, resident in the Pittsburgh office. Her practice focuses in the affordable housing industry with an emphasis on development, including the utilization of low-income housing tax credits, federal programs and programs offered by individual states, as well as the Federal Home Loan Bank's Affordable Housing Program. In this exclusive two-part Q&A, she describes programs that support affordable housing development.
Q: How do developers figure out all of the incentives and financing choices they face in the affordable housing market?
A: If you are a real estate developer looking to enter the affordable housing marketplace, you have likely seen the acronym LIHTC (low-income housing tax credit) but may be wondering how one works with a public housing agency (PHA) to obtain operating subsidy or project-based vouchers (PBVs). If you are dealing with a public housing agency's aging housing stock in need of revitalization or in the market for additional rental units, you may be wondering if a unit may be both a public housing and LIHTC unit.
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