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What is l i l a?
The Low-Income Housing Tax Credit (LIHTC) Income Limit Adjustment (LILA) is a provision that allows certain properties to increase their maximum rent levels to accommodate changes in the area median income.
Who is required to file l i l a?
Property owners or managers of affordable housing properties receiving Low-Income Housing Tax Credits are required to file LILA.
How to fill out l i l a?
To fill out LILA, property owners or managers must access the required forms from the appropriate housing agency and submit the necessary income limits for approval.
What is the purpose of l i l a?
The purpose of LILA is to adjust the maximum allowable rents in affordable housing properties to align with changes in the area median income, ensuring that low-income individuals can afford housing.
What information must be reported on l i l a?
LILA requires reporting of the property's location, number of units, tenant income limits, and proposed rent increases.
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