Get the free 2012 Low Income Housing Tax Credit Qualified Allocation Plan

This document outlines the administrative structure, requirements, and processes for allocating Low Income Housing Tax Credits (LIHTC) in Oregon to support affordable housing initiatives.

How to fill out 2012 low income housing

How to fill out 2012 Low Income Housing Tax Credit Qualified Allocation Plan

1. Review the guidelines provided by the state housing agency regarding the Low Income Housing Tax Credit (LIHTC) program.
2. Gather all necessary documentation, including financial statements, property descriptions, and tenant income data.
3. Complete the application form with accurate information, detailing project costs, funding sources, and intended use.
4. Calculate the tax credit amount based on eligible costs relating to the development.
5. Include all required attachments, such as project plans, market studies, and compliance documentation.
6. Submit the completed application by the designated deadline established by the state housing agency.
7. Follow up with the agency to ensure the application is received and to address any queries they may have.
8. Await the allocation decision and prepare for potential interviews or additional information requests.

Who needs 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

1. Developers seeking to build or rehabilitate affordable housing projects.
2. Investors looking for tax incentives related to low-income housing investments.
3. State and local housing agencies responsible for administering the LIHTC program.
4. Nonprofit organizations focused on affordable housing development.

People Also Ask about

What is the maximum income for low-income housing?

Section 8 Housing Income Limits in California Household SizeIncome Limit 5 $38,300 6 $41,150 7 $44,000 8 $46,8004 more rows

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.

What are the requirements for low-income housing in Los Angeles?

To be eligible for the program, a family's gross annual income must be below 50% of the Area Median Income (AMI) in Los Angeles County. Seventy-five percent of new admissions must have gross annual incomes at or below 30% of the AMI. The U.S. Department of Housing and Urban Development (HUD) determines the AMI yearly.

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 California low income limit?

Very-Low, Low and Moderate-Income Limits Household SizeVery-Low IncomeLow-Income 1 $11,550 or less $11,551 - $19,300 2 $13,200 or less $13,201 - $22,050 3 $14,900 or less $14,901 - $24,800 4 $16,550 or less $16,551 - $27,5504 more rows

What is the NYS low income housing tax credit program?

SLIHC provides a dollar-for-dollar reduction in state taxes to investors in qualified low-income housing which meet the requirements of Article 2-A of the Public Housing Law.

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 limit for the low income housing tax credit?

Congress sets a limit on the amount of LIHTC that can be allocated in any year. For 2023, each state was allocated $2.75 per capita. There is a floor of $3,185,000 million, which means states with low populations get a somewhat larger award on a per capita basis.

For pdfFiller’s FAQs

What is 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

The 2012 Low Income Housing Tax Credit Qualified Allocation Plan (QAP) is a document that outlines the procedures and criteria for allocating federal tax credits to support the development of affordable housing in the United States for that year.

Who is required to file 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

State housing agencies are required to file the 2012 Low Income Housing Tax Credit Qualified Allocation Plan as part of their application process to allocate credits for affordable housing development projects.

How to fill out 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

To fill out the 2012 Low Income Housing Tax Credit Qualified Allocation Plan, applicants must follow the guidelines set forth in the QAP, which typically include providing project details, compliance information, and demonstrating how the project meets state priorities.

What is the purpose of 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

The purpose of the 2012 Low Income Housing Tax Credit Qualified Allocation Plan is to ensure fair and efficient distribution of tax credits to foster the development of affordable housing while adhering to federal regulations and state policies.

What information must be reported on 2012 Low Income Housing Tax Credit Qualified Allocation Plan?

The information reported on the 2012 Low Income Housing Tax Credit Qualified Allocation Plan must include project descriptions, funding sources, financial feasibility assessments, compliance with housing goals, and any other requirements set by the state housing agency.