Nettet9. feb. 2024 · Extended-use period. The maintenance decline at Grace Place corresponded with the end of its 15-year initial compliance period. When buildings are financed using Low-Income Housing Tax Credits, the owners agree to maintain them as low-income housing for 30 years — or longer. For Grace Place, that period ends in 2031. Nettetensure that LIHTC developments remain in compliance with the Internal Revenue Code (the “Code”), the Regulatory Agreement, the Chapter 36 Rules, and other applicable regulations for theduration of the compliance period. This manual describes how to meet LIHTC requirements, but it is not an operation manual.
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NettetFor example, the compliance period is set at 15 years with an additional 15 years for the extended use period. The initial 15 year compliance period is enforced by IRS … Nettet8. feb. 2024 · The Low-Income Housing Tax Credit (LIHTC) is a tax incentive for housing developers to construct, purchase, or renovate housing for low-income individuals and … is ketorolac strong
Low-Income Housing Tax Credit (LIHTC) Program - Louisiana
NettetFact sheet: Extended use period (post year 15) Employment verification form: H.R. 3221: Housing & Economic Recovery Act of 2008: Full-time student eligibility form: Housing Tax Credit Year 15 Policy--Details on compliance monitoring after Year 15, incl. Qualified Contract Process: Resident annual self-certification: IRS 8823 Audit Technique Guide NettetThe second 15 years are known as the extended use period, when owners can leave the LIHTC program through a relief process. Once the 15-year affordability period is over, LIHTC owners who seek and are granted regulatory relief from the program can … Nettet7. apr. 2024 · While the LIHTC affordability period is 30 years nationally, states can extend it. And they have. In Vermont, a project must commit to perpetual affordability or it won’t even be considered for the 9 percent LIHTC housing credit, or the state tax credit. keyboard sound setting windows 10