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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The report's key figure, the "Housing Wage," reveals the hourly earnings necessary for full-time workers to afford fair market rental homes without exceeding 30% of their incomes. Nationally, the 2023 Housing Wage is $28.58 per hour for a modest two-bedroom home and $23.67 per hour for a one-bedroom home.
t. e. The Low-Income Housing Tax Credit (LIHTC) is a federal program in the United States that awards tax credits to housing developers in exchange for agreeing to reserve a certain fraction of rent-restricted units for lower-income households. [1] The program was created under the Tax Reform Act of 1986 (TRA86) to incentivize the use of ...
There are few issues as urgent as this one. In 2021, the California Housing Partnership concluded that the state needs to build 1.2 million affordable homes to meet the needs of low-income renters ...
t. e. Single-room occupancy (SRO) is a type of low-cost housing typically aimed at residents with low or minimal incomes, or single adults who like a minimalist lifestyle, who rent small, furnished single rooms with a bed, chair, and sometimes a small desk. [1] SRO units are rented out as permanent residence and/or primary residence [2] to ...
The chasm between the nation’s priciest housing markets and the most affordable regions has been growing wider. The typical home price in Silicon Valley eclipsed $2 million during the second ...
For example, San Francisco's Planning Code Section 415 (set forth the requirements and procedures for the Inclusionary Affordable Housing Program) "requires residential projects of 10 or more units to pay an Affordable Housing Fee, or to provide a percentage of units as affordable "on-site" within the project or "off-site" at another location ...
Specifically, Harris said she wanted to build 3 million new housing units, provide $25,000 in down-payment assistance to help first-time homebuyers, and cap rent increases at 5% annually ...