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When developers seek financial resources for affordable rental housing development, many combine funds generated through the LIHTC program offered by the IRS with housing block grant funds provided through the HOME Investment Partnerships (HOME) program administered by HUD. For example, to establish affordable rents in many markets, a site’s rents may not adequately support sufficient conventional mortgage debt. The equity raised from the LIHTC may not be sufficient to provide all of the additional capital required by the project.
