A-42: Verification of Professional Services Eligibility 2026

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  1. Click ‘Get Form’ to open the A-42 document in our editor.
  2. Begin by filling in the 'Name of Grantee' and 'LCDBG Contract Number' in the first section, which requests clearance for professional services.
  3. In the second section, provide details about the professional firm. Enter the firm's 'Name', 'Address', 'City and State', 'Zip Code', and 'Phone Number(s)'.
  4. Next, list the names and titles of the firm's principals in section three. Use complete names for clarity.
  5. Describe the professional services being requested in section four, ensuring that your description is clear and concise.
  6. Finally, sign and date the form in section five as a City/Parish CEO or representative before submission.

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Section 42 The assessable income of the following categories shall be exempt for the purpose of income tax calculation: (1) Per diem or transport expenses that an employee or a person performing work spends honestly, necessarily, exclusively and wholly in carrying out his duties.
Section 42(h)(6)(D) defines the term extended use period as the period beginning on the first day in the compliance period on which the building is part of a qualified low-income housing project and ending on the later of (1) the date specified by the agency in the extended low-income housing commitment, or (2) the
If you want to live in Section 42 housing, you must meet the income and asset qualifications based on the size of your family. In order to qualify: Your income must be no less than 30 percent and no greater than 50 percent of your areas median income limits as defined by HUD.
Form 8609 can be used to obtain a housing credit allocation from the housing credit agency. A separate Form 8609 must be issued for each building in a multiple building project. Form 8609 is also used to docHub certain information. Housing credit agency.
Renters living in Low Income Housing Tax Credit (LIHTC - Section 42) units pay a fixed rent amount. The rent amounts are often similar to other market rate units in the area. However, the LIHTC buildings often have much nicer amenities than market rate units renting for a similar price.

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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.

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