Angel began attending Expresiones after-school program as a fourth grader when his family moved to one of Hacienda’s affordable rental housing communities. Before attending Vamos, Angel was at least one year behind in reading level and did not have many friends outside his immediate family. Typical of low-income city neighborhoods, Angel’s previous housing did not...
Since its creation in 1993, Hacienda has built or rehabilitated 381 units of affordable housing in some of the most depressed areas of Northeast Portland. Beginning in 1999, Hacienda developed a new neighborhood plan of market-quality affordable housing complexes centered around playgrounds, community centers, gardens, and other social gathering spaces. Our housing includes many hard to find three and four bedroom units to meet the needs of large families and incorporates innovative green building and energy–efficient designs not typically found in affordable rental housing. All of Hacienda’s housing is equipped with free wi-fi internet service for residents.
Hacienda properties are more than just housing; they are places where families can thrive in safe, supportive, community-centered environments.
Most of Hacienda's housing is made affordable by the investment of private equity partners in an indirect federal program known as the Low Income Housing Tax Credit Program (LIHTC). About 70% of the cost of a new project is funded with this program. The remaining funds are made up of about eight additional sources including HOME, Section 108, low-income weatherization, OHCS trust fund, and small private grants.
The LIHTC Program, which is based on Section 42 of the Internal Revenue Code, was enacted by Congress in 1986 to provide the private market with an incentive to invest in affordable rental housing. Federal housing tax credits are awarded to developers of qualified projects. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents.
Provided the property maintains compliance with the program requirements, investors receive a dollar-for-dollar credit against their Federal tax liability each year over a period of 10 years. The amount of the annual credit is based on the amount invested in the affordable housing.
In addition to Hacienda's LIHTC projects, our farm worker housing in Molalla, Plaza Los Robles, is funded by USDA Rural Development and Oregon's Farm Worker Tax Credit Program (FWTC).
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