NettetAffordability Period - is a minimum 30-year period in which the owner agrees to maintain rent, income, and all restrictions in accordance with the LIHTC program. Some developments may have up to a 45-year affordability period. The Credit, Compliance and Extended Use Periods are component parts of the Affordability Period. NettetDefine LIHTC Housing Requirements. means applicable Low-Income Housing Tax Credits requirements as provided in Section 42 of the Code, and as required during the compliance period specified therein and any extended use period under the Extended Use Agreement.

Post Year-15 Compliance Monitoring - Novoco

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 … Nettet6. aug. 2024 · Every year, the owner of a LIHTC project must certify to certain provisions of Internal Revenue Code (IRC) Section 42, known as the annual owner certification … sims four disney princess challenge

Section 42 Low-Income Housing Tax Credit Program

Nettet20. sep. 2015 · As outlined in §42 (h) (6), all LIHTC properties allocated credits after 1989 must have an extended use agreement (EUA). The agreement is entered into by the … Nettet22. jun. 2024 · Although LIHTC properties must commit to at least 30 years of affordability, they are only subject to a 15-year “compliance period.” This is the period of time … NettetAnswer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, … rc porsche 918 spyder