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Overview. You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,417 for tax year 2022 as a working family or individual earning up to $30,000 per year.
Many types of properties are LIHTC-eligible, including single-family homes, apartment buildings, multifamily homes, townhouses and duplexes. While low-income families dont qualify for the tax credit, they can qualify to live in a LIHTC program property.
Affordable housing cost for lower-income households is defined in State law as not more than 30 percent of gross household income with variations (Health and Safety Code Section 50052.5). The comparable federal limit, more widely used, is 30 percent of gross income, with variations.
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.
The LIHTC program reduces the federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income and rent restricted over a long period (55 years for California).
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Affordable housing cost for lower-income households is defined in State law as not more than 30 percent of gross household income with variations (Health and Safety Code Section 50052.5). The comparable federal limit, more widely used, is 30 percent of gross income, with variations.
To be eligible for the program, a familys gross annual income must be below 50% of the Area Median Income (AMI) in Los Angeles County. Seventy-five percent of new admissions must have gross annual incomes at or below 30% of the AMI. The U.S. Department of Housing and Urban Development (HUD) determines the AMI yearly.

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