Yes it's double dipping IMHO but that's one of the reasons it is so lucrative. And 30k "administrative overhead" on a 90k build cost home is really obscene IMHO.
Nope. The house on E. Hinman is a new build LIHTC house. And voucher. "Rent to own" but not really. Locked in for 15 years.
Note the "call for price".
I think were misunderstanding each other now. Section 8 is a voucher program where people pay at most 30% of the market rate. You can't use the vouchers to go higher than the LIHTC gross rents.
In a LIHTC project because of the money received from tax credits they cant charge higher than a certain amount.
So for example lets say the market rate for rent in an area is $1000. The section 8 recipient we be responsible to pay at most $300 of that $1000. Now an LIHTC project would have lower than market rents that are based off the area median income (AMI). You can get different credits depending on whether you do 40% of AMI or 60% for example and it varies on family size.
So lets say the LIHTC program maximum rent is $750. You would have to have an income below that percentage of the AMI but if you only make $10,000 a year they are not going to accept you because you cant afford to pay.
So since you only make $10,000 you qualify for section 8. Section 8 is now going to make sure that you don't pay more than 30% of the $750. So now the LIHTC project can accept you but they're still only getting a maximum of $750 and not the $1000 market rent. This isn't double dipping.