Get the free Low Income Housing Tax Credit Project History Form - phfa

Este formulario debe ser completado y enviado a PHFA cuando sus edificios se hayan puesto en servicio. Este formulario solo necesita completarse una vez, a menos que sea necesaria una revisión. Debe

How to fill out low income housing tax

How to fill out Low Income Housing Tax Credit Project History Form

1. Start by gathering all necessary documentation related to the project, including financial statements and project development history.
2. Fill in the project name and address in the designated fields.
3. Provide details about the developers, including their contact information and history of previous projects.
4. List the funding sources used for the project, indicating whether they are public or private.
5. Complete the section regarding compliance with Low Income Housing Tax Credit (LIHTC) program requirements.
6. Include a timeline of the project, highlighting key milestones such as acquisition, construction start, and completion dates.
7. Make sure to provide information on the project's target population and the number of units designated for low-income residents.
8. Review the completed form for accuracy and completeness before submission.

Who needs Low Income Housing Tax Credit Project History Form?

1. Developers of low-income housing projects seeking tax credits.
2. Investors interested in financing low-income housing developments.
3. Housing authorities and agencies that manage or allocate LIHTC funds.
4. Non-profit organizations involved in affordable housing initiatives.

People Also Ask about

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 a form 8609?

Purpose of Form Form 8609 can be used to obtain a housing credit allocation from the housing credit agency. A separate Form 8609 must be issued for each building in a multiple building project. Form 8609 is also used to certify certain information.

What is the meaning of recapture of low-income housing credit?

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 maximum income for low-income housing?

Eligible basis is a component of the qualified basis of an LIHC project. It is generally equal to the adjusted basis of the building, excluding land but including amenities and common areas. An existing building is a building that has been previously placed in service.

Who does the low-income housing tax credit give federal income taxes to?

The Low-Income Housing Tax Credit provides a tax incentive to construct or rehabilitate affordable rental housing for low-income households. The Low-Income Housing Tax Credit (LIHTC) subsidizes the acquisition, construction, and rehabilitation of affordable rental housing for low- and moderate-income tenants.

What is the eligible basis for the low income housing tax credit?

Conditions for recapture of the credit And, the building must continue to meet certification requirements. If not, the owner may have to recapture a portion of the credit allocation using Form 8611, Recapture of Low-Income Housing Credit. Recapture refers to adding back income that a credit previously reduced.

What is the form 8586 for low-income housing credit?

Use Form 8586 to claim the low-income housing credit. This general business credit is allowed for each new qualified low-income building placed in service after 1986. Generally, it is taken over a 10-year credit period.

For pdfFiller’s FAQs

What is Low Income Housing Tax Credit Project History Form?

The Low Income Housing Tax Credit Project History Form is a document used to track and report the history and status of projects that receive funding through the Low Income Housing Tax Credit (LIHTC) program.

Who is required to file Low Income Housing Tax Credit Project History Form?

Developers, owners, and operators of projects that have received LIHTC allocations are required to file the Low Income Housing Tax Credit Project History Form.

How to fill out Low Income Housing Tax Credit Project History Form?

To fill out the form, individuals must provide detailed information about the project including its history, ownership, financing, and compliance with LIHTC regulations. Each section of the form must be completed accurately and submitted according to state guidelines.

What is the purpose of Low Income Housing Tax Credit Project History Form?

The purpose of the form is to ensure accountability and transparency in the utilization of tax credits for low-income housing, making it easier for regulatory agencies to monitor compliance and assess the impact of the LIHTC program.

What information must be reported on Low Income Housing Tax Credit Project History Form?

Information that must be reported includes project identification, history of ownership, changes in financing, occupancy rates, compliance with LIHTC requirements, and any significant developments related to the project.