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 Tenant Income Certification City of Chicago 2020

Tenant Income Certification Fillable 2020-2025 Form

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Instructions and help about certification tenant form

the lowincome housing tax credit or litec is famously complex essentially it's a tax credit offered to investors in exchange for financing the construction of affordable housing unfortunately the way the tax credit was designed leaves more than 50% of tenants in litech housing paying more than they can afford let's take a look at how this happens unlike public housing or Section 8 housing where a tenant's rent is typically limited to 30% of their income litec rent isn't based on the tenant's income instead rents are based on income limits which are calculated using the area median income or Ami only households earning less than the income limit for a litec unit are eligible to rent there what exactly does this mean let's break it down ing to the US Department of Housing and Urban Development housing is considered affordable if the cost accounts for less than 30% of the resident's income this is known as the 30% rule litec rent cal

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