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Form DTF-625:10 11:Low-Income Housing Credit Allocation and

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The document DTF-625 is a form from the New York State Department of Taxation and Finance for the allocation and certification of the Low-Income Housing Credit. It includes sections for the allocation of credit by the New York State Division of Housing and Community Renewal, as well as first-year certification by the building owner. The form requires information about the building's address, ownership, credit amounts, eligibility criteria, and compliance with relevant laws. It also outlines filing instructions and necessary certifications under penalties of perjury.

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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.

What is the Section 42 low-income housing tax credit?

2085 (1986 Act) created the low-income housing credit under 42 of the Code. Section 42(a) provides that the amount of the low-income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low-income building.

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 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.

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.

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What do investors who buy low-income housing tax credits from syndicators get out of the deal?

The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing.

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.

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How are tax credits priced?

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What do investors who buy low-income housing tax credits from syndicators get out of the deal?

How much does the low-income housing tax credit cost?

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