Get the free Low-Income Housing Credit Summary 2005

This document summarizes the Low-Income Housing Credit for projects in Massachusetts for the calendar year 2005 and outlines the necessary information for distribution of the credit among partners,

How to fill out low-income housing credit summary

How to fill out Low-Income Housing Credit Summary 2005

1. Obtain a copy of the Low-Income Housing Credit Summary 2005 form.
2. Enter the property name and address in the appropriate fields.
3. Fill in the tax credit allocation amount received for the property.
4. Provide details about the number of low-income units in the property.
5. Specify the income limits that apply to the low-income units.
6. Include the total number of units in the property.
7. Complete any additional sections that request information about utilities or amenities.
8. Review all entries for accuracy and completeness.
9. Sign and date the form before submission.

Who needs Low-Income Housing Credit Summary 2005?

1. Developers and owners of affordable housing projects seeking tax credits.
2. Investors looking to understand the tax benefits associated with low-income housing investments.
3. Regulatory agencies needing information on compliance and monitoring of low-income housing credits.

People Also Ask about

Who is eligible for the NYS property tax relief credit?

The real property tax credit may be available to New York State residents who have household gross incomes of $18,000 or less, and pay either real property taxes or rent for their residences. The amount of the credit for each household will vary depending on income and real property taxes paid (see table to the right).

What are the problems with low income housing tax credits?

The LIHTC has had substantial bipartisan support, but it is a complex and inefficient solution to housing affordability. The tax credits raise the costs of housing projects and partly displace market-based housing. They generate fraud and corruption in some places, and only a portion of the tax benefits go to tenants.

Who qualifies for housing tax credit?

Qualifying for the Credit At least 20 percent of the project's units are occupied by tenants with an income of 50 percent or less of area median income adjusted for family size (AMI). At least 40 percent of the units are occupied by tenants with an income of 60 percent or less of AMI.

What is the history of the low income housing tax credit?

The low-income housing tax credit (LIHTC) program, created in 1986 and made permanent in 1993, is an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing.

What is the low income housing tax credit program in NY?

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. The SLIHC Credit allocation is not calendar year-specific.

What is the NYS low income housing tax credit program?

The New York State Low-income Housing Tax Credit Program (SLIHC) is modeled after the federal LIHTC Program and provides a dollar-for-dollar reduction in state income taxes to investors in qualified low-income housing.

How do you qualify for low-income housing in NY?

The Affordable Housing Program designates 20% of the units in an Affordable Housing Project to be occupied by applicants who earn up to 60% of the Annual Median Income (AMI) which is currently set at $38,100 per year for an individual, and $54,360 for a family of four.

What is the most to qualify for low-income housing?

Income Limit Extremely Low Income = Income does not exceed the higher of the federal poverty level or 30% of area median income. Very Low Income = 50% of area median income. Low Income = 80% of area median income.

For pdfFiller’s FAQs

What is Low-Income Housing Credit Summary 2005?

The Low-Income Housing Credit Summary 2005 is a form used to report information related to low-income housing tax credits, which are federally supported incentives to encourage the development of affordable rental housing for low-income individuals and families.

Who is required to file Low-Income Housing Credit Summary 2005?

Owners of low-income housing projects who receive tax credits under the Low-Income Housing Tax Credit (LIHTC) program are required to file the Low-Income Housing Credit Summary 2005.

How to fill out Low-Income Housing Credit Summary 2005?

To fill out the Low-Income Housing Credit Summary 2005, provide accurate information regarding the property, including project identification, the number of units, tenant income levels, and the amount of credits allocated. Follow the instructions provided with the form carefully.

What is the purpose of Low-Income Housing Credit Summary 2005?

The purpose of the Low-Income Housing Credit Summary 2005 is to ensure that property owners report the necessary data for compliance with the tax credit program and to facilitate the monitoring and tracking of the affordability of housing provided under this program.

What information must be reported on Low-Income Housing Credit Summary 2005?

The information that must be reported includes the project name and address, the number of low-income units, tenant income certifications, applicable low-income percentages, and the total amount of low-income housing credits claimed.