14 May 2008

American Samoa accepted into Federal 'low-income housing tax credit'

8:48 am on 14 May 2008

American Samoa has been accepted into the federal 'low-income housing tax credit' programme, which provides a tax credit to companies to build rental homes for low income families.

Govenor Togiola Tulafono says this is good news for the territory and the Governor's Office is currently working an a plan to be submitted to the appropriate federal agency.

The Governor said this program will be carried out by the Development Bank of American Samoa, which has been designated as the territory's housing authority.

The programme encourages the construction and rehabilitation of apartments affordable to low-income families by offering them a tax credit for 10 years.

The Governor says companies also benefit under the scheme.