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Click ‘Get Form’ to open the 3521 low-income housing form in the editor.
Begin by entering your name(s) as shown on your California tax return, along with your SSN, CA Corporation number, or FEIN in the designated fields.
In Part I, assess if the eligible basis of any project has decreased since receiving form CTCAC 3521A. Select 'Yes' or 'No' accordingly.
For the current year credit, refer to the instructions and input the amount in line 2. If applicable, enter any affiliated corporation credits in line 3.
Continue filling out lines 4 through 11 by adding or subtracting amounts as instructed to determine your total available low-income housing credit.
If necessary, complete Part II for carryover computations and Part III for basis recomputations based on your specific situation.
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What is the form 3521 for low income housing credit?
Purpose. Use form FTB 3521, Low-Income Housing Credit, if you are an owner of a residential rental project providing low‑income housing in California. Also, use form FTB 3521 to claim a credit that was: Allocated from an affiliated corporation.
What is the maximum you can make for low-income housing?
FY 2025 Public Housing Section 8 Income Limits (Effective 04/15/2025) Number of PersonsExtremely Low Income 30% of MedianLow Income 80% of Median 1 $ 31,850 $ 84,850 2 $ 36,400 $ 96,950 3 $ 40,950 $ 109,050 4 $ 45,450 $ 121,1504 more rows Apr 15, 2025
Do I qualify for a low income housing tax credit?
Qualifying for the Credit At least 20 percent of the projects units are occupied by tenants with an income of 50 percent or less of area median income adjusted for family size (AMI). At least 40 percent of the units are occupied by tenants with an income of 60 percent or less of AMI.
What is the 50% test for low income housing tax credit?
The test is to verify that 50% or more of the tax-exempt bond proceeds are used to finance the aggregate basis of any building and the land on which the building is located.
What is form 3521?
Use form FTB 3521, Low-Income Housing Credit, if you are an owner of a residential rental project providing low-income housing in California. Also use form FTB 3521 to claim a credit that was: Allocated from an affiliated corporation.
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10 Corporations only: Amount of low-income housing credit allocated to affiliated corporations. See instructions. Corporation name. California corporation
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