LIHTCP-7 BLANKS 2025

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The document outlines the Regulatory and Restrictive Covenants for a Land Use Agreement related to the Low-Income Housing Tax Credit Program administered by the West Virginia Housing Development Fund. It establishes conditions for property owners to receive tax credits, detailing obligations regarding property use, occupancy, and transfer to ensure compliance with federal regulations. The agreement includes definitions, recording requirements, representations by the owner, and enforcement mechanisms to maintain low-income housing standards.

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How do developers make money on LIHTC?

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 do LIHTC developers make money?

They have a development, construction, and property management company. They take a fee for construction, a developers fee, and then a management fee once the property is occupied.

What are the developer fees for LIHTC?

Affordable developments, as well as those using the LIHTC program, can often qualify for a developer fee. Typically, these developer fees can be anywhere between 10% to 15% of the eligible project costs, or $12,000- $15,000 per unit. However, this varies upon the authority issuing the tax credit.

How do developers make money on affordable housing?

They put some money down and borrow the rest, use the construction loan to build the development. Depending on the purpose of the development, they may sell the homes/condo units to pay off the loan or they may get a longer term mortgage paid off through the rents from the office space or apartments.

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.

What is the NYS low-income housing tax credit program?

The New York State Low-income Housing Tax Credit Program (SLIHC) is modeled after the federal LIHTC Program and provides a dollar-for-dollar reduction in state income taxes to investors in qualified low-income housing.

Where does LIHTC money come from?

The federal government issues tax credits to state and territorial governments. State housing agencies then award the credits to private developers of affordable rental housing projects through a competitive process. Developers generally sell the credits to private investors to obtain funding.

How to qualify for 4% LIHTC?

A project qualifies to receive the 4 percent credits if at least 50 percent of its funding comes from tax-exempt private activity bonds provided by the state, and it meets some criteria set out in the states QAP.

LIHTCP-7 BLANKS 2025

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