The Office of the Comptroller of the Currency is offering an instructional handbook and video detailing how national banks can benefit from the federal low-income housing tax credit program.
"This program reduces tax liability for banks, so it can be very profitable for them," Janice A. Booker, director of the OCC's community development division, said in an interview Thursday. "It is working so well that we felt it was important to get the word out."
Banks can earn these tax credits when they finance affordable housing projects that are deemed eligible for the program by state housing finance authorities.
The handbook and three-hour video may be ordered by sending a check for $100 to the OCC, P.O. Box 73150, Chicago, Ill. 60673-7150.