Financial Tools to Modernize or Construct Elderly Public Housing - Other Financing Tools

US Department of Health and Human Services - Public Housing Primary Care (PHPC)

The mission of the PHPC Program is to provide residents of public housing with increased access to comprehensive primary health care services through the direct provision of health promotion and disease prevention activities and primary health care services. Services are provided on the premises of public housing developments or at other locations immediately accessible to residents of public housing.

US Department OF Health and Human Services -State Medicaid Agencies

Medicaid is a program that helps pay for supportive services for needy and low-income persons using state and federal funding. State agencies run the Medicaid program. Locate the Medicaid Agency in your state.

US Department of Transportation - Federal Transit Administration and the Department of Health and Human Services Memorandum of Understanding to Increase Coordination of Transportation Services for Older Adults

The Federal Transit Administration and the Department of Health and Human Services signed a Memorandum of Understanding (MOU) to increase coordination of transportation services for older adults. The MOU outlines activities in five areas: public awareness and outreach, data collection and promising practices, technical assistance stakeholder input, and local and state transportation plan development. The overall goal of the MOU is to make it easier for local transportation providers to serve older people and help them remain independent to participate fully in their communities.

USDA's Food and Nutrition Service (FNS) Food Stamp Program for the Elderly or Disabled

Most food stamp rules apply to all households, but there are a few special rules for households that contain an elderly or disabled member.

Tax-Exempt Bond Financing

The Internal Revenue Service (IRS) allows state or local government, such as public housing authorities (PHA's), to create wholly owned or controlled subsidiary corporations to issue tax-exempt bonds on behalf of the state or local government. This is done to develop and own housing and other assets to further the PHA's purpose. The financing is tax-exempt, but the debt is solely that of the subsidiary corporation. These corporations are named after the revenue procedure issued by the IRS recognizing this structure. The PHA will be both the owner of the project and the issuer of the tax-exempt bonds financing the project. Learn more about tax exempt bond financing at the IRS website.

New Markets Tax Credit (NMTC)

The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. The credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven-year period.

NMTCs will be allocated annually by the Fund to CDEs under a competitive application process. These CDEs will then sell the credits to taxable investors in exchange for stock or a capital interest in the CDEs. To qualify as a CDE, an entity must be a domestic corporation or partnership that:
1) has a mission of serving, or providing investment capital for, low-income communities or low-income persons;
2) maintains accountability to residents of low-income communities through their representation on a governing board of or advisory board to the entity; and
3) has been certified as a CDE by the CDFI Fund. The Fund is currently accepting applications from entities seeking CDE certification.

Throughout the life of the NMTC Program, the Fund is authorized to allocate to CDEs the authority to issue to their investors up to the aggregate amount of $15 billion in equity as to which NMTCs can be claimed. The Fund submitted its second annual NMTC Program Notice of Allocation Availability (NOAA) to the Federal Register on July 15, 2003. The NOAA invites CDEs to compete for tax credit allocations in support of an aggregate amount of $3.5 billion in qualified equity investments in CDEs. 2003 NMTC Allocation Applications were due September 30, 2003.

US Treasury CDFI Fund website has vital information on future CDFT application dates.

Low-Income Housing Tax Credits for The Construction and Modernization of Elderly Public Housing

I. The Enterprise Foundation offers an educational low-income housing tax credit 101tutorial.

The Enterprise Foundation also describes what equity investors look for in a low-income housing tax credit deal.

II. The US Department of Housing and Urban Development (HUD) offers a national database list of projects built using LIHTC.

III. The National Council of State Housing Agencies offers a contact list for each state's housing finance agency to learn application deadlines and other requirements.

Training and Professional Development

The Enterprise Foundation provides community development practictioners across the country with training and information to help them do their jobs more effectively and efficiently. Find more information regarding Training and upcoming Network Conferences.

The National Association of Housing and Redevelopment Officials (NAHRO) provides various seminars, certification and technical services programs which are recognized industry-wide and are presented throughout the country.

Housing Trust Funds

Information about Housing Trust Funds is found through the National Housing Trust Fund.

Also, available is the information about State, City, County, Multi-Jurisdictional Housing Trust Funds .