 |
|
|
|
|
 |
|
|
|
|
|
|
Ten-year credit against federal taxes for owners of newly constructed or renovated rental housing who set aside a specified percentage of units for low-income persons for a minimum of 15 years. The credit varies for new construction and renovation.
Availability: Project must receive allocation of State's annual credit ceiling or use multifamily housing tax-exempt bonds that receive allocation of State's bon volume cap. Allocations are made on basis of State plan. The project does not have to be located in an EZ, EC, or RC to qualify.
The Low-Income Housing Tax Credit (LIHTC) is available over a 10-year period to the tax owners of rental projects who set aside a specified percentage of units for low-income persons for a minimum of 15 years. The project owner must receive an allocation of tax credits to qualify for this incentive. Information on the LIHTC can be obtained from IRS Publication Form 8586 and from the National Council of State Housing Agencies on their Internet site at www.ncsha.org. (Little information on this credit is provided here because LIHTC is not included in the Internal Revenue Service (IRS) publication 954. Because this is a very complicated tax credit, please contact the IRS for more information.)
PowerPoint Presentation
|
|
