State Treasurer John Chiang today announced awarding tax credits and tax-exempt bonds to 16 affordable housing projects in 12 counties that will add approximately 1,815 rental units to the housing market. The affordable housing credits, valued at $319 million, provide a 4 percent tax incentive to potential investors who may help to finance the housing developments. The $295 million of tax-exempt bonds awarded will allow affordable housing construction to be financed at below market interest rates. In order to qualify for the credit and bonds, the housing development must remain affordable for a period of no less than 55 years
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