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Click ‘Get Form’ to open it in the editor.
Begin by filling out Part I: Development Data. Enter the property name, address, county, unit number, BIN number, and the number of bedrooms.
Move to Part II: Household Composition. List each household member's last name, first name and middle initial, relationship to the head of household, date of birth, full-time student status (Y or N), and social security or alien registration number.
Calculate the total annual household income and enter it in the designated field. Include all income from assets.
Fill in the tenant-paid rent and utility allowance amounts. Then calculate and enter the gross rent for the unit.
Indicate if all occupants are full-time students. If yes, circle the applicable exception and attach any required documentation.
Finally, review your entries for accuracy. Sign and date where indicated in the Household Certification & Signatures section.
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The New Jersey LIHTC program uses tax credits to draw private investments for affordable housing. These credits can be used to lower federal tax bills. NJHMFA gives out LIHTC based on the rules in the yearly Qualified Allocation Plan (QAP). This plan sets the rules for granting tax credits.
Who receives a tax incentive for the low income housing tax credit program?
The Bottom Line Developers can receive substantial tax credits for building, buying, or renovating properties intended for tenants who earn less than their areas median income. Prospective tenants seeking low-income housing must locate a property that qualifies for the tax credit and meet certain income requirements.
How are tax credits priced?
The yield from a tax credit investment is often calculated on an after-tax rate of return or present value net equity, although many investors also have a more elaborate internal model that calculates a return on book equity or other internal analytical metric.
How much does the low income housing tax credit cost?
Calculating Costs and Benefits. The Joint Committee on Taxation estimates LIHTC will cost around $13.2 billion in 2023, increasing to $15.2 billion by 2025. It is by far the largest federal program encouraging the creation of affordable rental housing for low-income households.
How much is a low-income housing tax credit?
The 70 percent subsidy, or 9 percent tax credit, supports new construction without any additional federal subsidies. Rental properties that qualify for the LIHTC tend to have both lower debt service payments and lower vacancy rates than market-rate rental housing.
Related Searches
Tax Credit Self Certification FormIncome Self Certification formTenant Income Certification formNJHMFA formsNJHMFA complianceAddendum to Tenant Income Certification form4 Low-Income Housing Tax Credit9 Tax Credit program
People also ask
What is the tenant income certification?
The primary purpose of Tenant Income Certification is to verify that tenants incomes fall within the limits established for a particular affordable housing program.
How do LIHTC developers make money?
Affordable housing developers monetize these tax credits by selling them to investors or tax credit syndicators who aggregate tax credits from different projects into a single fund and solicit investments from other private investors.
Related links
New Jersey Housing and Mortgage Finance Agency - NJ.gov
Tenant Income Certification - HOTMA Tenant Income Certification Addendum Tenant Self-Certification Form - For 100% LIHTC Projects Only Asset Questionnaire
Health, Hospitals and Affordable Housing: National and New
May 4, 2022 A large share of the funding for the project came directly through 4% Low Income Housing Tax Credits (LIHTC). While there were several other
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