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Tax Credit Compliance Form
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People also ask
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What is the Texas Low Income Housing Tax Credit Program?
Low Income Housing Tax Credits (LIHTCs) play a key role in the development and preservation of affordable rental housing for low-income households. Tax credits provide a source of equity financing that multifamily developers can use to create affordable rental housing. -
Which three types of housing are typically created under the LIHTC program?
Many types of properties are LIHTC-eligible, including single-family homes, apartment buildings, multifamily homes, townhouses and duplexes. -
What is the 140% rule?
140% Rule. Also called the “Available Unit Rule” or “Next Available Unit Rule,” the 140% Rule is triggered when a household's income goes over 140% of the current maximum income limit for the household size. -
What is the 140% rule?
140% Rule. Also called the “Available Unit Rule” or “Next Available Unit Rule,” the 140% Rule is triggered when a household's income goes over 140% of the current maximum income limit for the household size. -
What is contained in section 42 of the treasury regulations and irs notices rulings and procedures?
Section 42(a) provides for a credit for investment in certain low-income housing buildings. The amount of the low-income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low-income building (as defined in § 42(c)(2)). -
What can happen to a development that falls out of compliance during the compliance period?
Although LIHTC properties must commit to at least 30 years of affordability, they are only subject to a 15-year “compliance period.” This is the period of time where the tax credits that have been given to developers can be taken away or “re-captured” if the property fails to comply with LIHTC regulations. -
What is the land use restriction agreement in California?
The land use restriction agreement is a contract that requires any real estate that is a multifamily property using LIHTCs to land use restrictions. In this agreement, the investor or owner of the project agrees to give up some of their rights. All LURAs have the LIHTC standard rental restriction agreement. -
What is the compliance period for Ctcac?
CTCAC allocates state and federal tax credits to qualifying affordable housing developments as well as oversees a 55-year Compliance period for each project receiving credits.
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