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This document outlines the Qualified Allocation Plan (QAP) for the Low Income Housing Tax Credit program administered by the Montana Board of Housing. It describes the application process, eligibility
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How to fill out MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN
01
Obtain the MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN application form from the official website.
02
Review the guidelines and eligibility requirements outlined in the plan to ensure compliance.
03
Gather all necessary documentation, including financial statements, project descriptions, and developer information.
04
Complete each section of the application form, providing accurate and detailed information.
05
Prepare supporting documents such as site plans, partnership agreements, and market studies as required.
06
Double-check the application for completeness and accuracy before submission.
07
Submit the application by the stated deadline, ensuring it is sent to the correct address.
08
Follow up with the Montana Board of Housing to confirm receipt of your application and inquire about the review timeline.
Who needs MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
01
Developers and property owners seeking tax credits for low-income housing projects.
02
Non-profit organizations focused on affordable housing initiatives.
03
Real estate investors looking for incentives to support low-income housing developments.
04
Local governments and municipalities aiming to enhance affordable housing availability in their communities.
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People Also Ask about
What is the affordable housing tax credit investment?
The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Investors' equity contribution subsidizes low-income housing development, thus allowing some units to rent at below-market rates.
What is the section 42 low income housing tax credit?
2085 (1986 Act) created the low-income housing credit under § 42 of the Code. Section 42(a) provides that the amount of the low-income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low-income building.
What is a land use restriction agreement for low income housing tax credit?
A Land Use Restriction Agreement (LURA) is most common to low-income housing tax credits (LIHTC) where the property owner agrees to limit the rent it may charge at the property and in so doing becomes eligible for certain tax credits.
What is the meaning of Section 42?
The Section 42 housing program refers to that section of the Internal Revenue Tax Code which provides tax credits to investors who build affordable housing.
What is a qualified allocation plan?
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.
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What is MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
The Montana Board of Housing Low Income Housing Tax Credit Program Qualified Allocation Plan (QAP) is a document that outlines the policies and procedures for the allocation of federal low-income housing tax credits in Montana. It provides guidelines for project eligibility, selection criteria, and the administration of tax credits to promote the development of affordable rental housing.
Who is required to file MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
Entities that wish to apply for low-income housing tax credits through the Montana Board of Housing are required to submit a Qualified Allocation Plan. This typically includes developers, property management companies, and other stakeholders involved in affordable housing development.
How to fill out MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
To fill out the Qualified Allocation Plan for the Montana Board of Housing Low Income Housing Tax Credit Program, applicants should complete the required forms and provide detailed information about the proposed housing project, including project location, budget, target population, and compliance with selection criteria as outlined in the QAP. It is advisable to review the most recent guidelines provided by the Montana Board of Housing.
What is the purpose of MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
The purpose of the Montana Board of Housing Low Income Housing Tax Credit Program Qualified Allocation Plan is to ensure the fair and efficient allocation of tax credits to projects that meet the housing needs of low-income individuals and families in Montana. It aims to prioritize projects that are cost-effective, sustainable, and promote community development.
What information must be reported on MONTANA BOARD OF HOUSING LOW INCOME HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN?
The information required to be reported on the Qualified Allocation Plan includes project details such as the applicant's contact information, project location, financial projections, development plans, tenant demographics, and evidence of community support. Additionally, it must address compliance with the selection criteria established by the Montana Board of Housing.
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