
LOW INCOME HOUSING TAX CREDIT LIHTC COMPLIANCE TRAINING Pahra Form
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People also ask
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What is the California state tax credit program?
The California Earned Income Tax Credit (CalEITC) is a refundable tax credit providing financial support to low-income Californians, including undocumented workers who file with an ITIN, helping them cover essentials like housing and food.
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How does LIHTC work in California?
The LIHTC program reduces the federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income and rent restricted over a long period (55 years for California).
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What is the Affordable Housing Program California Tax Credit Allocation Committee?
CTCAC administers federal and state low-income housing tax credit programs to boost affordable rental housing development and rehabilitation. BFPM, specializing in affordable housing, handles day-to-day operations, tenant relations, and maintenance for affordable housing properties.
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Which three types of housing are typically created under the LIHTC program?
Most kinds of properties (single-family, multi-family, apartment complexes, and townhouses) can qualify for the LIHTC credit.
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What are the requirements for affordable housing in California?
“Affordable housing cost” for lower-income households is defined in State law as not more than 30 percent of gross household income with variations (Health and Safety Code Section 50052.5). The comparable federal limit, more widely used, is 30 percent of gross income, with variations.
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