The Low-Income Housing Tax Credit (LIHTC) has historically provided subsidies that allowed residents, like John Leyva, to afford their homes in gentrifying areas. After 30 years, these credits expire, as is happening soon at 63 Tiffany Place, raising concerns of displacement for long-term tenants. Leyva, who has lived there for three decades, is now facing increased rent, which could exceed market rates, threatening his stability and community ties. As this subsidy ends, many residents may face challenges affording their housing in an increasingly expensive market.
During these last three decades, Leyva and other residents of 63 Tiffany have been able to afford their rents, even amidst Carroll Garden's swift gentrification.
This federal subsidy, called LIHTC for short, has one catch: it expires after 30 years. And 63 Tiffany is nearly there.
On March 15, the building's LIHTC agreement will officially end, removing any federal affordability requirements, at which point the landlord can begin to charge higher rents.
Leyva, now 54 years old, still calls the building home. In the 30 years he has lived in his apartment at 63 Tiffany Place...
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