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Apply for Grants > Low Income Housing Trust Fund
The Account for Low-Income Housing (Trust Fund) is a state-funded program for affordable housing.Funds are allocated by formula to participating jurisdictions (state and local governments) to expand and improve the supply of rental housing through new construction and rehabilitation of multifamily projects. Trust Funds may also be used to provide financing for down payment assistance and homeowner rehabilitation of single-family residences, and to provide emergency assistance to families who are in danger of becoming homeless. Funding is supported with a real property transfer tax of ten cents for each $500 of value or fraction thereof.
All funds allocated must be used to benefit individuals and families whose incomes do not exceed 60% of the Area Median Income (AMI), as defined by the U.S. Department of Housing and Urban Development. For example, within the city of Las Vegas, the median income for a family of four is currently $54,300. Therefore, a family of four cannot earn more than $32,580 in order to qualify for affordable housing funded through the LIHTF program. Affordable housing developments must remain affordable to households earning 60% or less of AMI for a period of thirty (30) years as a requirement of the LIHTF program.
Examples of developments using LIHTF funds either alone or in combination with other sources are Louise Shell, a 100 unit Senior Apartments at Lake Mead and Martin Luther King Blvd.; City Center Apartments, (300 units) at Bridger and 8th Street and the Evergreen Apartments (100 units) to be constructed on Monroe Avenue.
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