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How to use or fill out Low-Income Housing Tax Credit (LIHTC) Tenant Data Collection
- Click ‘Get Form’ to open it in the editor.
- Begin with Part I: Development Data. Fill in the Certification Type, Effective Date of Certification, and LIHTC Qualification Date. Ensure all fields are accurately completed.
- Proceed to Part II: Household Composition. Indicate if the unit was vacant on December 31, 2017, and list all household members along with their details such as relationship to head of household, race, ethnicity, and disability status.
- In Part V: Determination of Income Eligibility, enter the Total Annual Income from all sources and confirm if the household meets LIHTC income restrictions. This section is crucial for compliance.
- Complete Part VI: Monthly Rent by entering tenant-paid rent, utility allowance, and any other charges. Verify that these amounts align with LIHTC rent restrictions.
- Finally, review all sections for accuracy before submitting your form through our platform for a seamless experience.
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How is LIHTC different from other housing programs?
LIHTC focuses on developers and investors to increase the supply of affordable housing. Section 8 focuses on tenants, providing them with subsidies to afford housing.
What are LIHTC program requirements?
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 eligible basis in LIHTC?
Eligible basis represents the total costs that are eligible within the project for generating tax credits. These costs typically include the costs associated with acquiring, rehabilitating, or constructing a low-income housing property.
Is LIHTC the same as affordable housing?
The Low-Income Housing Tax Credit (LIHTC) is the largest national affordable housing program in the U.S. NLIHC works to achieve deeper income targeting within the LIHTC program so that it better contributes to the expansion of affordable housing available to extremely low-income people.
How does 4% LIHTC work?
The LIHTC is designed to subsidize either 30 percent or 70 percent of the low-income unit costs in a project. The 30 percent subsidy, which is known as the so-called automatic 4 percent tax credit, covers new construction that uses additional subsidies or the acquisition cost of existing buildings.
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How long do you keep LIHTC files?
The records for the first year of the credit period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period. The federal compliance period is fifteen (15) years.
What are the basics of the LIHTC program?
The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Investors equity contribution subsidizes low-income housing development, thus allowing some units to rent at below-market rates.