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A low-income housing tax credit’s value originally floated with interest rates, but the credit rate was temporarily fixed at 9 percent under the Housing and Economic Recovery Act (HERA), and this flat rate was again extended through Dec. 31, 2013 and 2014 under two additional legislative acts. The 9 percent minimum credit rate simplified the administration of the program and removed the financial uncertainty and risk associated with underwriting LIHTC-financed properties.
