Incentives Directory

HUD Housing Choice Voucher Programs

AGENCY: Department of Housing and Urban Development (HUD)
DESCRIPTION: Housing choice vouchers allow very low-income families to choose and lease or purchase safe, decent, and affordable privately-owned rental housing. The various types of vouchers include Conversion Vouchers, Family Unification Vouchers, Homeownership Vouchers, Project Based Vouchers, Tenant Based Vouchers, Vouchers for People with Disabilities, and Welfare-to-Work Vouchers.
• Conversion Vouchers: Conversion Vouchers assist Public Housing Authorities (PHA) with ?relocation or replacement housing needs that result from the demolition, disposition, or mandatory conversion of public housing units. Also, Conversion Vouchers include providing assistance to families living in Section 8 projects for which the owner is opting out of the HAP contract. HUD is taking enforcement action against owners with project-based assistance, and projects for which the owner is prepaying the mortgage.
• Family Unification Vouchers: Family Unification Vouchers are made available to families for whom the lack of adequate housing is a primary factor in the separation, or threat of imminent separation, of children from their families or in the prevention of reunifying the children with their families. Family Unification Vouchers enable these families to lease or purchase decent, safe and sanitary housing that is affordable in the private housing market. Interested families should contact their local PHA.
• Homeownership Vouchers: For those who want to purchase their first home but need help meeting the monthly mortgage and other homeownership expenses via the local PHA
• Project Based Vouchers: PHA can attach up to 20 % of its voucher assistance to specific housing units if the owner agrees to either rehabilitate or construct the units, or the owner agrees to set- aside a portion of the units in an existing development. Rehabilitated units must require at least $1,000 of rehabilitation per unit to be subsidized, and all units must meet HUD housing quality standards.
• Tenant Based Vouchers: Tenant-Based Vouchers increase affordable housing choices for very low-income families.
• Vouchers for People with Disabilities: There are three options for people with disabilities, Mainstream Vouchers (any age family that cares for a person with disabilities), Designated Housing Vouchers (non-elderly families who would be eligible for public housing if occupancy were not restricted to elderly households), and Certain Development Vouchers (non-elderly families that care for a disabled person and do not currently receive housing assistance).
• Welfare-to-Work Vouchers: These vouchers were designed to address the lack of stable, affordable housing available to families attempting to transition from welfare to self-sufficiency. For a program overview, visit http://www.hud.gov/offices/pih/programs/hcv/wtw/overview.cfm.
ELIGIBILITY:
• Conversion Vouchers: If a family lives in a public housing unit that scheduled to be demolished, disposed of or converted, they will be contacted by the PHA when they are eligible for a Conversion Voucher. Families living in projects that are affected by the owner's decision to opt- out of a Section 8 project-based contract, or by the owner's decision to prepay the mortgage, will be notified by the owner to contact the PHA. PHAs having jurisdiction in a community where the projects are located for either of the two categories are eligible to submit an application for Housing Choice Conversion Voucher funding. In order to be eligible, the PHA must have:
2 A HUD approved application for demolition or disposition, a HOPE VI revitalization plan, or a plan for removal (mandatory conversion) of public housing units under Section 33 of the U.S. Housing Act of 1937, or 2. Jurisdiction in the areas where a project is located, and?3. The owner is opting out of a Section 8 project-based contract, prepaying a HUD issued mortgage, subject to an enforcement action brought against the owner by HUD.
• Family Unification Vouchers: PHAs authorized under state law to develop or operate housing assistance programs may apply. Each NOFA identifies allocation areas, amount of funds available per area and the selection criteria for rating and ranking applications. Families are eligible for these vouchers if they meet two conditions: (1) The Public Child Welfare Agency (PCWA) has certified that this is a family for whom the lack of adequate housing is a primary factor in the imminent placement of the family's child, or children, in out-of-home care, or in the delay of discharge of a child, or children, to the family from out-of-home care, and (2) The PHA has determined the family is eligible for a Housing Choice Voucher.
• Homeownership vouchers: First-time homeowner or cooperative member.
• Minimum income requirement: Except in the case of disabled families, the qualified annual income of the adult family members who will own the home must not be less than the federal minimum hourly wage multiplied by 2,000 hours. For disabled families, the qualified annual income of the adult family members who will own the home must not be less than the monthly Federal Supplemental Security Income (SSI) benefit for an individual living alone multiplied by 12. The PHA may also establish a higher minimum income requirement for either or both types of families. Except in the case of an elderly or disabled family, welfare assistance is not counted in determining whether the family meets the minimum income requirement.
• Additional PHA eligibility requirements: The family meets any other initial eligibility requirements set by the PHA.
• Homeownership counseling: The family must attend and satisfactorily complete the PHA's pre-assistance homeownership and housing counseling program.
• Project Based Vouchers: PHAs refer families, who have already applied to a PHA for housing choice vouchers and are on the PHA's waiting list, to properties that have project-based voucher assistance when units become vacant.
• Tenant Based Vouchers: Very low-income families (i.e. families with incomes below 50% of area median income) and a few specific categories of families with incomes up to 80% of the area median income are eligible. These include families that are already assisted under the 1937 U.S. Housing Act, such as families physically displaced by public housing demolition and owners opting out of project-based section 8 housing assistance payments (HAP) contracts. To determine eligibility, the PHA compares the family's annual income (gross income) with the HUD- established very low-income limit or low-income limit for the area. The family's gross income cannot exceed this limit.
• Vouchers for People with Disabilities: For details on mainstream vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/mainstream.cfm, designated housing vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/designated.cfm, and certain development vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/certain.cfm.
• Welfare-to-Work Vouchers: For an overview, visit http://www.hud.gov/offices/pih/programs/hcv/wtw/overview.cfm.
 

PROGRAM/LOAN STRUCTURE:
• Conversion Vouchers: Upon being notified of HUD approval of their plan for the demolition or 3 disposition or mandatory conversion of public housing units, the PHA is also notified to submit the housing choice voucher program application. Also, PHAs will be invited to apply for conversion vouchers by HUD when an owner opts-out of a Section 8 project-based contract or elects to prepay a HUD issued mortgage. The PHA then compares the family’s annual income (gross income) with the HUD-established very low-income limit or low income limit for the area to determine if a family is eligible for a conversion voucher; the family cannot earn more than this limit. In the case of mortgage prepayments, moderate income families may be eligible for assistance. Families that are affected by the conversion action will automatically receive a voucher if the family meets all other program requirements.

• Family Unification Vouchers: Public Housing Agencies (PHAs) respond to notices of funding availability (NOFAs). The PHA compares the family’s annual income (gross income) with the HUD-established very low-income limit or low income limit for the area. The family's gross income cannot exceed this limit.
• It is the responsibility of a family to find a unit that meets their needs. If the family finds a unit that meets the housing quality standards, the rent is reasonable, and the unit meets other program requirements, the PHA executes a HAP contract with the property owner. This contract authorizes the PHA to make subsidy payments on behalf of the family.
• If the family moves out of the unit, the contract with the owner ends and the family can move with continued assistance to another unit. In the case of a housing conversion action, the family also has the option to select to remain in the former project-based unit.
• The PHA pays the owner the difference between 30% of family income and PHA determined payment standard or the gross rent whichever is lower. In some cases (e.g., housing conversion actions) gross rent may be higher than the payment standard and the family will receive the benefit of an "enhanced" voucher.
• Homeownership vouchers: To apply for a housing choice voucher at the local PHA. Monthly homeownership expenses include:
• Mortgage principal and interest;
• Mortgage insurance premium;
• Real estate taxes and homeowner insurance;
• PHA allowance for utilities,
• PHA allowance for routine maintenance costs;
• PHA allowance for major repairs and replacements;
• Principal and interest on debt to finance major repairs and replacements for the home; and
• Principal and interest on debt to finance costs to make the home accessible for a family member with disabilities if the PHA determines it is needed as a reasonable accommodation.
• The housing assistance payment (HAP) is the lesser of either the payment standard minus the total tenant payment or the family's monthly homeownership expenses minus the total tenant payment.
• The monthly tenant payment is generally 30% of the family's adjusted monthly income.
• Families that are eligible may purchase a home outside the initial jurisdiction if the PHA, but the family may only use the voucher to purchase a unit in an area where the family is income eligible at admission to the program.
• Project Based Vouchers: The PHA and the owner execute an agreement to enter into housing assistance payments (HAP) contract. Under this contract the owner agrees to construct or rehabilitate the units, and the PHA agrees to subsidize the units upon satisfactory completion of the rehabilitation or construction. Upon satisfactory completion of the rehabilitation or construction and for existing development, the PHA and the owner execute a HAP contract for a ten-year term that is dependent on availability of funding under the PHA's ACC with HUD. The 4 HAP contract establishes the initial rents for the units and the contract term, and describes the responsibilities of the PHA and the owner. HAP contracts can be renewed subject to availability of funding. The PHA must adopt a written policy for selection of units to which assistance will be attached and must publicly advertise that it will accept owner proposals for the Project-Based Voucher Program. Generally, rents are set based upon market comparables and may not exceed 110% of the published existing housing fair market rents. Substandard rental housing is eligible if rehabilitation costs are at least $1,000 per unit.
• Tenant Based Vouchers: Families apply to a local Public Housing Agency (PHA) that administers this program. When an eligible family comes to the top of the PHA's housing choice voucher waiting list, the PHA issues a housing choice voucher to the family.
• Vouchers for People with Disabilities: For details on mainstream vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/mainstream.cfm, designated housing vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/designated.cfm, and certain development vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/certain.cfm.
• Welfare-to-Work Vouchers: For an overview visit http://www.hud.gov/offices/pih/programs/hcv/wtw/overview.cfm.
QUALIFICATION/CRITERIA COMMENTS:
• Conversion Vouchers, Family Unification Vouchers, and Tenant Based Vouchers: A family may choose a unit anywhere in the United States where there is a PHA that administers a Tenant- Based Voucher Program. However, the family may only use the voucher to rent a unit in an area where the family is income eligible at admission to the program. HUD makes a special allocation of funds to the PHA when it approves the PHA's demolition or disposition application. Similarly, when an owner opts-out of a Section 8 project-based contract or the owner prepays the mortgage, HUD makes a special allocation to the PHA.
• Homeownership vouchers: The home must pass an initial housing quality standards inspection conducted by the PHA and an independent home inspection before the PHA may approve the purchase by the family. There is no preference based on the fact that you desire to use your voucher for homeownership. There is no time limit for an elderly household or a disabled family. For all other families, there is a mandatory term limit of 15 years if the initial mortgage incurred to finance purchase of the home has a term that is 20 years or longer, and for all other cases the maximum term of homeownership assistance is 10 years. The regulations are found in 24 CFR Part 982 (particularly see sections 625-642).
• Project Based Vouchers: There are no appropriations for this program and HUD does not allocate funding for project-based voucher assistance. Instead, funding for project-based vouchers comes from funds already obligated by HUD to a PHA under its annual contributions contract (ACC). The PHA can use up to 20% of its housing choice vouchers for project based vouchers. Any eligible family on a PHA's housing choice voucher waiting list that is interested in moving into the specific project is eligible. The PHA pays the owner the difference between 30% of family income and the gross rent for the unit. Under the Project-Based Voucher Program, a PHA enters into an assistance contract with the owner for specified units and for a specified term. The PHA refers families from its waiting list to the project owner to fill vacancies. Because the assistance is tied to the unit, a family who moves from the project-based unit does not have any right to continued housing assistance. However, they may be eligible for a tenant based voucher when one becomes available. Contact the local PHA to determine whether the PHA administers a Project-Based Voucher Program and to obtain information.
• Vouchers for People with Disabilities: For details on Mainstream Vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/mainstream.cfm, Designated Housing

• Vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/designated.cfm, and certain Development Vouchers, visit http://www.hud.gov/offices/pih/programs/hcv/pwd/certain.cfm.

• Welfare-to-Work Vouchers: For an overview, visit http://www.hud.gov/offices/pih/programs/hcv/wtw/overview.cfm.
• For all variations of the voucher program, regulations are found in 24 CFR Part 982.
• Visit the homepage at www.hud.gov or call the federal office (202) 708-1112.

Category: State Incentives, Tax Incentives

More State Incentives, Tax Incentives

AGENCY: Department of Health and Human Services, Administration for Children and Families, Administration for Native Americans (ANA) DESCRIPTION: Provides financial assistance through grants or contracts to further the three goals of the ANA: governance, economic development and social development. ELIGIBLE USES: • Technical assistance and... Learn More
DESCRIPTION: The Advanced Energy Tax Credit provides a 6% credit against gross receipts tax, compensating tax, withholding tax, personal income tax or corporate income tax liability for the generation of electricity. ELIGIBILITY: A taxpayer that holds an interest in a qualified electric generating facility... Learn More
AGENCY: Federal Home Loan Bank (FHLBank) via Dallas DESCRIPTION: This program finances home-ownership for families with incomes at or below 80% of the median income for an area. Also provides financing for rental housing in which 20% of the units must be affordable and... Learn More
AGENCY: Federal Aviation Administration DESCRIPTION: The Airport Improvement Program (AIP) provides grants to public agencies and, in some cases, to private owners and entities, for the planning and development of public-use airports that are included in the National Plan of Integrated Airport Systems (NPIAS)... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: The Angel Investment Tax Credit provides a 25% credit on the qualifying investment in a high-technology or manufacturing business. The maximum investment for which a credit will be allowed for a business is $100,000. The maximum credit will... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: The Biodiesel Blending Facility Tax Credit provides a credit equal to 30% of the cost of purchasing and installing biodiesel blending equipment. ELIGIBILITY: A taxpayer who is a rack operator as defined in the Special Fuels Supplier Tax... Learn More
DESCRIPTION: An ESOP is classified as an employee benefit plan that can be used for corporate debt financing. ELIGIBLE USE: • ESOPs are empowered to fulfill many different financing roles for a business: • Buy out shareholders; • Finance capital expansion; • Refinance existing... Learn More
AGENCY: Construction Programs Bureau, New Mexico Environment Department DESCRIPTION: The Bureau has money to lend as part of its mission to protect human health and the environment via its administration of drinking water and wastewater projects. ELIGIBILITY: Eligible public entities include municipalities, counties, special... Learn More
DESCRIPTION: Leasing is an alternative to purchasing general equipment, furniture, medical equipment, office machines, typewriters and computers. ELIGIBLE USE: • Leasing provides the following benefits: • A tax advantage through accelerated depreciation; • Frees up cash for other uses; • Allows lines of credit to... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: An eligible film production company may apply for, and the Taxation and Revenue Department may allow, a tax credit of 25%. New changes will become effective July 1, 2011. ELIGIBILITY: •  Expenses including the direct production expenditures made... Learn More
AGENCY: Flywheel Ventures DESCRIPTION: Flywheel Ventures is a seed and early-stage venture capital firm focused on information technology and physical sciences ventures in the Southwest/Rockies region. The firm matches talented entrepreneurs with market opportunities where Flywheel’s capital, entrepreneurial experience and industry relationships help accelerate... Learn More
AGENCY: U.S. Department of the Interior, National Park Service DESCRIPTION: Tax incentives are available where historic structures are certified as having received rehabilitation to preserve and enhance their historic character. ELIGIBLE USES: A certified historic structure listed in the National Register of Historic Places or... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: To finance Medicaid and indigent healthcare recipients, the governing body of any county may enact an ordinance imposing an excise tax of 1/16% for each purpose. ELIGIBILITY: Any county is eligible to pass the 1/16% increase to fund... Learn More
AGENCY: Department of Housing and Urban Development (HUD) and local Public Housing Authorities DESCRIPTION: Family Self-Sufficiency is a HUD program that encourages communities to develop local strategies to help voucher families obtain employment that will lead to economic independence and self-sufficiency. ELIGIBILITY: Families that... Learn More
PROGRAM: Indian Intergovernmental Tax Credit AGENCY: Taxation and Revenue Department DESCRIPTION: A company engaged in growing, processing or manufacturing may receive a tax credit from taxes imposed by an Indian nation, Tribe or Pueblo located wholly or partly in New Mexico. PROGRAM/LOAN STRUCTURE: Maximum... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: To encourage travel by turboprop or jet-type powered airlines, the 2006 Legislature has allowed for a deduction for fuel to power those types of airplanes. ELIGIBILITY: Any supplier of fuel prepared and sold for use in turboprop and... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: The Job Mentorship Tax Credit encourages New Mexico businesses to hire youth participating in career preparation education programs. ELIGIBILITY: A company that files a corporate income tax return. STRUCTURE: • This tax credit provides for a tax credit... Learn More
AGENCY: Mortgage Finance Authority (MFA) DESCRIPTION: The Low-Income Housing Tax Credit Program was created by the Tax Reform Act of 1986. The purpose of the program is to stimulate the development of low-income rental housing (new construction and rehabilitation) by providing tax credits to... Learn More
AGENCY: Mortgage Finance Authority (MFA) DESCRIPTION: The purpose of Access Loans is to provide federally insured construction and permanent financing for small scale affordable housing projects throughout New Mexico. It is designed to minimize transaction and due diligence costs and expedite processing for small... Learn More
AGENCY: Mortgage Finance Authority (MFA) DESCRIPTION: The HOME/Rental Gap Financing Programs provide gap financing for a variety of affordable and special needs housing projects throughout the state of New Mexico. As gap financing, HOME funds are typically the last dollars committed to a project... Learn More
AGENCY: Mortgage Finance Authority (MFA) DESCRIPTION: The HOME/Single Family Development Program provides partial or “gap” financing to non-profit and for-profit developers, public and tribal entities, and Community Housing Development Organizations (CHDOs) for the construction, acquisition and rehabilitation of single family homes throughout New Mexico... Learn More
AGENCY: Mortgage Finance Authority (MFA) DESCRIPTION: The Housing Tax Credit Program (HTC) provides federal income tax credits to individuals or organizations that develop affordable housing through either new construction or acquisition and rehabilitation. The tax credits provide a dollar for dollar reduction in the... Learn More
AGENCY: New Mexico Finance Authority (NMFA) DESCRIPTION: The NMFA has the authority to form, operate, own, or co-own any number of qualified community development entities to participate in the federal New Markets Tax Credits Program. The program was established primarily to provide greater access... Learn More
AGENCY: Department of Cultural Affairs, Historic Preservation Division ELIGIBILITY: The state income tax credit is available to owners of historic structures who accomplish qualified, rehabilitation on a structure or stabilization or protection of an archaeological site. Eligible applicants must own or lease a property that... Learn More
AGENCY: New Mexico State Investment Council (SIC) DESCRIPTION: The SIC invests in private equity through limited partnerships to enhance the economic climate in the State of New Mexico. ELIGIBLE USE: The SIC, through the Private Equity Investment Program, provides a source of equity to... Learn More
AGENCY: Loan Fund DESCRIPTION: NMCDLF’s mission is to provide loans and assistance to improve the economic and social conditions of New Mexicans. NMCDLF programs are designed to alleviate the high poverty rate in the state and to assist New Mexicans in becoming economically self-sufficient... Learn More
DESCRIPTION: Production Credit Associations are customer-owned, credit cooperatives established by farmers and ranchers to provide themselves a source of reliable credit. PCAs form a nationwide system operated under the Farm Credit System created by Congress in 1917. ELIGIBLE USE: • PCAs may offer •... Learn More
AGENCY: Taxation and Revenue Department ELIGIBILE USES: Real and tangible property is subject to taxation at the local level is eligible for the exemption. PROGRAM LOAN/STRUCTURE: • Maximum Program Benefits: Land, buildings and equipment associated with an eligible project are exempt from ad valorem... Learn More
AGENCY: New Mexico State Investment Council (SIC) DESCRIPTION: Severance Tax Permanent Fund (STPF) investment in the U.S. government guaranteed portion of business and/or agriculture loans by financial institutions. ELIGIBLE USES: • The STPF serves as a secondary market. • Loan proceeds may be used... Learn More
AGENCY: New Mexico State Investment Council (SIC) DESCRIPTION: Often referred to as the "Oregon Plan". The Severance Tax Permanent Fund (STPF) may be invested in participations of real estate loans made by financial institutions. ELIGIBLE USES: • Loan proceeds may be used: • Purchase... Learn More
AGENCY: Cibola Communities Economic Development Foundation DESCRIPTION: A variety of incentives offered to encourage economic development in Cibola County. PROGRAM/LOAN STRUCTURE: Financial assistance is provided through gap financing and small business loans. QUALIFICATION CRITERIA/COMMENTS: • Available to qualified manufacturing and processing businesses located or willing... Learn More
AGENCY: Energy, Minerals, and Natural Resources Department DESCRIPTION: To encourage the growth of and investment in renewable sources of energy, the state of New Mexico allows a certain amount of credit for those eligible against their corporate income tax. ELIGIBILITY: A person is eligible... Learn More
AGENCY: Taxation and Revenue Department ELIGIBILITY: Any taxpayer that is a qualified research and development small business is eligible. The costs of a qualified research and development business are eligible for this tax credit. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: Credit may be taken... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: As of the 2006 Legislature, a 10% tax credit on the installation and purchase of solar thermal and photovoltaic systems in a residence, business, or agricultural enterprise in New Mexico is allowed; the desire is to encourage the... Learn More
AGENCY: North Central New Mexico Economic Development District (NCNMEDD) DESCRIPTION: The Tri-County Regional Revolving Loan Fund is an incentive implemented to assist counties impacted by program changes experienced by Los Alamos National Laboratory (LANL). ELIGIBLE USE: • The types of organizations and projects that... Learn More
DESCRIPTION: Venture capital is a source of private capital. ELIGIBLE USE: • Fund raising technique. • Generally requires the exchange of equity in return for funding. • Generally requires a high rate of return on investment (20% per annum). • Typical investment ranges from... Learn More