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LIMITS ON ALLOCATION OF CREDITS - arkansas

LIMITS ON ALLOCATION OF CREDITS - arkansas 2025

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The document outlines the 2008 Qualified Allocation Plan for the Arkansas Development Finance Authority's Housing Credit Program, detailing the allocation of federal low-income housing tax credits. It includes sections on the development of the plan, limits on credit allocation, application procedures, scoring criteria for developments, and compliance requirements. The plan aims to encourage investment in affordable housing for low and moderate-income individuals and families in Arkansas.

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What is low-income in Arkansas?

A tax credit property is a residential development owned by a developer or landlord involved in the federal Low-Income Housing Tax Credit (LIHTC) program. This initiative allows property owners to receive tax credits in exchange for offering rental units to low-income individuals or families at below-market rates.

What is the housing credit?

The Low Income Housing Tax Credit (Housing Credit) is a federal tax credit created by President Reagan and Congress in the Tax Reform Act of 1986 designed to encourage private sector investment in the new construction, acquisition, and rehabilitation of rental housing affordable to low-income households.

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.

How much is the earned income credit?

You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,644 for tax year 2024 as a working family or individual earning up to $31,950 per year. You must claim the credit on the 2024 FTB 3514 form, California Earned Income Tax Credit, or if you e-file follow your softwares instructions.

Is there a tax credit for renting a house?

Renters tax credit For example, Arizona provides a tax credit based on rent or property taxes for eligible seniors, while California allows qualifying renters to receive a tax credit of up to $60 (single filers) or $120 (joint filers).

What is the income credit for housing?

The Low-Income Housing Tax Credit provides a tax incentive to construct or rehabilitate affordable rental housing for low-income households. The Low-Income Housing Tax Credit (LIHTC) subsidizes the acquisition, construction, and rehabilitation of affordable rental housing for low- and moderate-income tenants.

What is a qualified allocation?

(B) Qualified allocation For purposes of subparagraph (A), the term qualified allocation means any allocation to a tax-exempt entity which (i) is consistent with such entitys being allocated the same distributive share of each item of income, gain, loss, deduction, credit, and basis and such share remains the same

LIMITS ON ALLOCATION OF CREDITS - arkansas 2025

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