Get the free Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits...

This plan outlines the distribution of federal and state resources for financing rental housing affordable to low and very low-income households in Georgia, detailing legislative requirements, financing

How to fill out georgias 1998 combined qualified

How to fill out Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits

1. Obtain the 1998 Combined Qualified Allocation Plan (QAP) document from the Georgia Department of Community Affairs.
2. Review the eligibility requirements for applicants outlined in the QAP.
3. Gather necessary documentation, including financial statements, project proposals, and photographs of the proposed site.
4. Complete the application form, ensuring all required information is filled out accurately.
5. Detail the project’s intended use and the specific population it aims to serve, highlighting compliance with low-income housing standards.
6. Prepare a development budget that itemizes costs and shows funding sources.
7. Submit the completed application by the specified deadline, along with any required fees.
8. Respond to any follow-up questions from the reviewing agency promptly.
9. Await notification regarding the approval status of your application.

Who needs Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

1. Developers seeking to finance low-income housing projects in Georgia.
2. Investors interested in tax credits to support affordable housing initiatives.
3. Non-profit organizations focused on community housing development.
4. Property management companies involved in low-income housing programs.
5. Local government entities planning housing projects for low-income families.

People Also Ask about

What is a qualified allocation plan for low income housing tax credit?

The federal Low Income Housing Tax Credit program requires each state agency that allocates tax credits, generally called a housing finance agency, to have a Qualified Allocation Plan (QAP). The QAP sets out the state's eligibility priorities and criteria for awarding federal tax credits to housing properties.

Is low-income housing based on credit?

The government looks only at your income and assets to determine whether you qualify for low-income housing or other government benefits, not your credit history. No matter how low your credit score might be, you can get the assistance you need as long as you meet the income requirements.

Who is eligible for the low income tax credit in Georgia?

To qualify for the low income credit, your federal adjusted gross income must be less than $20,000, you cannot be claimed as a dependent on another person's return, and you cannot be an inmate in a correctional facility. The low income credit is a nonrefundable credit.

How do LIHTC developers make money?

The Low-Income Housing Tax Credit (LIHTC) program has been the backbone of new affordable housing construction nationwide for the last 37 years. Developers who receive LIHTC financing are paid twice: they collect a developer fee, and they own the building.

How much does the low income housing tax credit cost?

An LIHTC housing project must rent to tenants whose average income is below the area's median income, and this commitment must be maintained for a period of 15 years. The tax credit costs the U.S. government an estimated $13.5 billion every year.

What is the purpose of the Low Income Housing Tax Credit Program?

Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of approximately $10.5 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.

What is the federal tax credit for low income?

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.

Who gets the $250 Georgia refund?

As in previous years, single tax filers and married individuals who file separately could receive a maximum refund of $250, head of household filers could receive a maximum refund of $375, and married individuals who file joint returns could receive a maximum refund of $500, based on an individual or couple's tax

What is the 50% test for low income housing tax credit?

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 the low income tax credit in Georgia?

Georgia offers a small low-income tax credit for individuals with an income below $20,000 and does not require filers to have worked or earned income in order to qualify.

For pdfFiller’s FAQs

What is Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

Georgia's 1998 Combined Qualified Allocation Plan outlines the process and criteria for allocating Low Income Housing Tax Credits (LIHTC) to encourage the development and rehabilitation of affordable rental housing for low-income individuals and families in the state.

Who is required to file Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

Developers and property owners seeking to obtain Low Income Housing Tax Credits in Georgia must file the Combined Qualified Allocation Plan.

How to fill out Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

To fill out Georgia's 1998 Combined Qualified Allocation Plan, applicants should gather necessary documentation, complete the required forms with accurate project information, financial details, and compliance with the outlined criteria before submitting it to the relevant state authority.

What is the purpose of Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

The purpose of the plan is to allocate tax credits in a manner that promotes the development of affordable housing, supports low-income households, and ensures that housing projects meet community needs and federal guidelines.

What information must be reported on Georgia's 1998 Combined Qualified Allocation Plan for Low Income Housing Tax Credits?

The report must include information about the project's location, applicant details, financial projections, compliance with federal and state housing requirements, affordability plans, and other relevant data that demonstrates the viability and impact of the housing project.