The Benefits of the Low-Income Housing Tax Credit Program

Attorney Juan Carlos Benitez serves as the chairman of Latte Training Academy, which provides vocational training to residents of the Northern Mariana Islands. The president of Washington Pacific Economic Development Group, LLC, Juan Carlos Benitez established the first Low-Income Housing Tax Credit (LIHTC) project in the Marianas. 

LIHTC is the US government’s primary federal subsidy to promote the development and rehabilitation of affordable homes for the low-income population. The program, established in 1986 by the Tax Reform Act, gives approximately 8 billion dollars to state and local agencies annually as tax credits for developing or rehabilitating affordable housing. 

LIHTC has benefited communities in the Mariana Islands and across the United States in many ways. The main benefit is affordable housing, as close to 50 percent of LIHTC households have incomes below the federal poverty level, according to research by the NYU Furman Center. Another benefit is revitalized neighborhoods. Research has shown that LIHTC developments reduce poverty and crime and improve access to better quality education.

Workforce Development Programs at the Latte Training Academy

Juan Carlos Benitez is the chairman of the board of the Latte Training Academy, Inc., a workforce development company based in the Northern Mariana Islands. In his leadership role with the company, Juan Carlos Benitez provides skilled and certified vocational training for workers in a variety of industries. 

In 2017, the Latte Training Academy received a grant from the United States Department of Agriculture (USDA) Rural Business Enterprise Grant program. Together with the CNMI Small Business Development Center, Latte will connect entrepreneurs with the technical services and training necessary to succeed in their business ventures. Looking forward, the program hopes to support at least 10 new startup companies within its first year of operation.

In addition to its work with entrepreneurs, the Latte Training Academy offers several different types of information technology (IT) certification. As a CompTIA Authorized Academy Partner, the academy provides certifications such as A+, Security+, and Network+. The Latte Training Academy also offers training in the allied health and hospitality sectors.