What good are national resources if local governments can’t put them to use?
Across America, federal funds remain unutilized because community development agencies lack qualified partners to implement their strategies. BB Housing builds bridges between agencies on the ground – at the city, county, and state levels – and the U.S. Department of Housing and Urban Development (HUD).
We are experts in the use of community development programs and resources, including the Low Income Housing Tax Credit (LIHTC), Section 8 housing vouchers, and the Community Development Block Grant Program (CDBG).
HUD recommends public-private partnerships for affordable housing and community development. BB Housing’s directors have the expertise to leverage HUD resources and the experience to ensure compliance with HUD program requirements.
The Low Income Housing Tax Credit (LIHTC) is an federal tax incentive that contributes to the vast majority of affordable housing development. Tax credits can often be combined with additional subsidies, but HUD advises that the complexity of program requirements and consequences of non-compliance demand the special expertise of an experienced developer.
Without further assistance, even seemingly low rents can burden very low-income households, forcing them to spend more than 30% of their income on housing. BB Housing accepts Section 8 rental certificates to increase the affordable housing choices available to households at or below 50% of area median income (AMI). Recipients of vouchers pay no more than 30% of their income as rent.
HUD’s Community Development Block Grant (CDBG) program provides local governments with flexible resources to address community development needs. These resources ensure decent affordable housing, a suitable living environment, and expanded economic opportunities for those in need. Established in 1974, the CDBG program is one of the longest continuously running programs at HUD. It is also one of the most successful, having made a difference in the lives of millions of people and their communities. BB Housing is proud to have contributed to this success and remains committed to CDBG partnership.
For a compelling example of the types of complex development projects BB Housing takes on, check out our Greenway Heights Family Housing project >
To learn more about how BB Housing can help your community development, please contact us.
"The properties they're renovating are truly assets to the neighborhood.”- Amy Brendmoen, St. Paul City Council Member