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Oregon Housing and Community Services LIHTC Compliance Manual CHAPTER 4 2025

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The Oregon Housing and Community Services (OHCS) LIHTC Compliance Manual outlines the compliance monitoring procedures for Low-Income Housing Tax Credit (LIHTC) projects. It emphasizes the owner's responsibility for compliance with tax credit regulations, details the ongoing monitoring process, and specifies required documentation and training. The manual also describes the consequences of noncompliance, including reporting to the IRS, and provides guidelines for utility allowance calculations, tenant income certifications, and annual compliance certifications. Additionally, it includes information on inspection standards and associated fees.

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What are tax credits for the poor?

The California Earned Income Tax Credit (CalEITC) offers support for low-income, working Californians. You may qualify for up to $3,644 cash back or a reduction of the tax you owe. Plus, CalEITC may help you access additional credits, like the Young Child and Foster Youth tax credits.

Who qualifies for Georgia low income tax credit?

Notes: Georgia offers a small low-income tax credit for individuals with an income below $20,000 and does not require filers to have worked or earned income in order to qualify.

What is the LIHTC program in Oregon?

LIHTC gives investors a dollar-for-dollar reduction in federal tax liability in exchange for investing in affordable rental housing. Investors equity subsidizes the development, allowing units to rent below-market rates. In return, investors are eligible to receive tax credits paid in annual allotments over ten years.

What is the 4 tax credit for affordable housing?

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.

How does the State Housing Finance Agency document and report non compliance findings to the IRS?

Any authorized housing credit agency that becomes aware that a low-income housing building was disposed of or is not in compliance with the provisions of section 42 must file Form 8823.

What are the three types of tax credits?

Tax credits come in three categories: refundable, partially refundable and nonrefundable.

What is a 4% deal?

On the other hand, the 4% credit covers 30% of the costs over ten years. Its usually used for buying existing buildings or new projects using tax-exempt bonds. These percentages were decided when the program started to ensure projects get enough money.

What is general public use for LIHTC?

What Is General Public Use? To be eligible for the housing credit, a residential rental project must be available to the public such that the general public may avail itself of the use of the property.

Oregon Housing and Community Services LIHTC Compliance Manual CHAPTER 4 2025

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