Fall River, like many other cities, recognizes the importance of affordable housing development and has implemented various tax credit programs to encourage its growth. These tax credits serve as incentives for developers to invest in affordable housing projects, ultimately benefiting low-income individuals and families in the community.

One example of a tax credit program in Fall River is the Low-Income Housing Tax Credit (LIHTC) program. This federal program provides tax credits to developers who build or rehabilitate rental housing for low-income tenants. The LIHTC program allows developers to claim tax credits over a period of 10 years, which helps offset the costs of construction or renovation.

In addition to the LIHTC program, Fall River also offers local tax incentives to further support affordable housing development. These incentives may include property tax abatements or exemptions for affordable housing projects. By reducing the financial burden on developers, these incentives encourage the creation of more affordable housing units in the city.

One notable affordable housing development project in Fall River that has benefited from tax credits is the Flint Village Apartments. This development, funded in part by LIHTC, provides affordable housing options for low-income residents. The tax credits received by the developers helped make the project financially feasible and allowed for the inclusion of amenities and services that enhance the quality of life for residents.

References:

1. HUD - Low-Income Housing Tax Credit (LIHTC)
2. Massachusetts Department of Housing and Community Development - Affordable Housing Tax Incentives
3. SouthCoast Today - Flint Village Apartments

By leveraging tax credit programs and offering local incentives, Fall River is actively promoting the development of affordable housing. These initiatives not only address the housing needs of low-income individuals and families but also contribute to the overall growth and well-being of the community.