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California Form 3521 (Low-Income Housing Credit)

California Form 3521 (Low-Income Housing Credit)-2025

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The document is the California Form 3521 for the Low-Income Housing Credit for the taxable year 2022. It outlines the process for claiming available credits, including calculations for current year credits, pass-through credits from affiliated entities, and carryover computations. The form requires information about building identification numbers and eligible basis adjustments if applicable.

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Click ‘Get Form’ to open California Form 3521 in our 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, indicate whether the eligible basis of any project has decreased since you received form CTCAC 3521A. Select 'Yes' or 'No' accordingly.
Fill in the current year credit amount in line 2 and any affiliated corporation credits in line 3. Ensure all identification numbers are accurate.
Continue through lines 4 to 11, performing necessary calculations as instructed. Be sure to follow the guidelines for passive activities where applicable.
If required, complete Part II for carryover computations and Part III for basis recomputations only if there has been a decrease.

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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 credit score is needed for low-income housing?

Low-income home loans Loan TypeCredit ScoreDown Payment FHA loans 580 for 3.5% down, 500 for 10% down 3.5% with a 580+ score, 10% with a 500-579 score VA loans Varies by lender, often 580+ No down payment required USDA loans Usually 640 No down payment required Apr 23, 2025

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.

How does the low-income housing tax credit work?

The federal government issues tax credits to state and territorial governments. State housing agencies then award the credits to private developers of affordable rental housing projects through a competitive process. Developers generally sell the credits to private investors to obtain funding.

What are the requirements for low-income housing in California?

Low-income housing describes residences designed to support renters struggling to keep up with rising rental costs. Affordable housing defines properties that take up less than 30% of a renters income. If youre struggling to afford rent, youre not alone.

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.

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.

California Form 3521 (Low-Income Housing Credit)-2025

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Do I qualify for a low-income housing tax credit?

What credit score is needed for low-income housing?

What is the form 3521 for low-income housing credit?

How does the low-income housing tax credit work?

What are the requirements for low-income housing in California?

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California Form 3521 (Low-Income Housing Credit)-2025

Here's how it works

How to use or fill out California Form 3521 (Low-Income Housing Credit) with DocHub

See more California Form 3521 (Low-Income Housing Credit) versions

Complete this form in 5 minutes or less

Got questions?

Do I qualify for a low-income housing tax credit?

What credit score is needed for low-income housing?

What is the form 3521 for low-income housing credit?

How does the low-income housing tax credit work?

What are the requirements for low-income housing in California?

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People also ask

What is form 3521?

What is the 50% test for low-income housing tax credit?

Related links

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