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LIHTC Application SupplementRecertification Questionnaire 2025

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The document is a LIHTC (Low-Income Housing Tax Credit) Application Supplement/Recertification Questionnaire designed for households to provide necessary information during their recertification interview. It includes sections for household information, income, and assets, requiring details about household members, their relationships, income sources, and any changes in household composition. The document emphasizes the importance of accurate reporting and certifies that the information provided is true to the best of the applicant's knowledge.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the 10 year rule for tax credits?

10-Year Rule: The building is eligible for acquisition credit so long as the existing building was not placed-in-service during the 10-year period preceding the acquisition.

What does section 42 mean?

Section 42 housing can be especially helpful in expensive rental markets like San Francisco, CA and Seattle, WA. Section 42 housing was created as part of the Tax Reform Act of 1986. The subsidy comes in the form of a tax credit given to your landlord.

What is the LIHTC 50% test?

The test is to verify that 50% or more of the tax-exempt bond proceeds are used to finance the aggregate basis of any building and the land on which the building is located. Failure to meet the 50% Test is catastrophic to a low-income housing tax credit project.

What is Section 42 of the LIHTC program?

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.

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.

What is a 50 test?

WHAT IS THE 50% TEST? Affordable housing developments are eligible for the maximum amount of 4% Housing Credit equity if at least 50% of the cost is financed with Private Activity Bonds.

How does section 42 work in Minnesota?

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.

What is the difference between subsidized and Section 42?

Subsidized housing is vital for low-income individuals and families, offering stability. Section 8 directly assists tenants by bridging rent gaps, while Section 42 provides tax incentives to developers, ensuring affordability.

LIHTC Application SupplementRecertification Questionnaire 2025

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