Housing Tax Credit Program
The Housing Tax Credit Program by Mississippi Home Corporation offers federal tax credits to spur affordable rental housing development and preservation across Mississippi.
Funder: Mississippi Home Corporation
Due Dates: Annually (competitive 9% cycle) | Rolling (4% tax-exempt bond applications)
Funding Amounts: Annual tax credits for 10 years; 9% or 4% of eligible costs, subject to state allocation and federal formula.
Summary: Provides annual tax credits to incentivize development and preservation of affordable rental housing in Mississippi.
Key Information: Nonprofit and for-profit developers eligible; compliance and affordability restrictions for at least 15 years.
Description
The Housing Tax Credit Program, administered by the Mississippi Home Corporation (MHC), provides annual federal tax credits over a ten-year period to owners and investors in affordable-income rental housing developments. The credits are calculated based on the costs of development and the number of qualified affordable-income units. The program supports both new construction and rehabilitation of rental housing, with credit rates typically around 9% for new construction/rehabilitation and 4% for acquisition or developments with tax-exempt financing. Credits are designed to ensure long-term affordability and tenant protections, requiring a minimum 15-year compliance period and extended use restrictions.
