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LOW INCOME HOUSING TAX CREDIT PROGRAM:RICHARD J. FERRARA
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Congressional Testimony
- Article date:
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May 12, 1999
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Testimony Senate Banking Committee The Low Income Housing Tax Credit
May 12, 1999
Good afternoon, I am Rick Ferrara, the Executive Director of the Housing
Opportunities Commission of Montgomery County, Maryland. I am very
pleased
to have the opportunity to speak to you about the Low Income Housing
Tax
Credit Program. With me is Patrick Maier, HOC's Director of Mortgage
Finance.
This program has become a mainstay of HOC's efforts to increase the
supply
of affordable housing and to maintain existing federally assisted
housing
with expiring subsidy contracts. However, due to the per capita limitation,
9% credits are virtually unavailable in Montgomery County and 4% ...
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