It is designed to help answer questions regarding the procedures, rules, and regulations that govern LIHTC developments following allocation of tax credits. Created by the Tax Reform Act of 1986, the Low-Income Housing Tax Credit (LIHTC) program gave state and local LIHTC-allocating agencies authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households. This system allows selective access to data from HUD's Low-Income Housing Tax Credit Database. Corporations provide equity to build the projects in return for the tax credits. Low Income Housing Tax Credit program (LIHTC) is a federal housing assistance program that assists developers to finance the development of affordable housing. The Low Income Housing Tax Credit (LIHTC) program provides housing for low- to moderate-income renters in exchange for tax credits for the developers.The LIHTC program is overseen by the Washington State Housing Finance Commission.. 2) Waiting List and Application Process Key Findings. The surveyed portfolio of more than 22,000 properties reported, on a median basis, a 97.8% physical occupancy rate in 2016, demonstrating that nearly all units financed under the program are occupied. These tax credits are sold to investors to raise capital to build affordable home communities. Developers seeking an allocation of federal Low-Income Housing Tax Credits must submit an application for each rental property to be considered during the single competitive annual cycle. Data output is in either easy-to-read HTML tables, or a comma-delimited text file suitable for further analysis with spreadsheet, database, or statistical software. Know Your Rights » Low Income Housing » Subsidized Housing & Section 8 Tax Credit Properties 1) Program Overview. Low Income Housing Tax Credits, Qualified Allocation Plan, LIHTC 4 percent application The Property Tax Department has developed a self-study training session designed to provide general information about the assessment of properties financed using low-income housing tax credits. Data are now available for projects placed in service through 2016. The donor can choose to transfer the credits to the project, which creates additional project financing through syndication of the credits. Outlined below are some items to consider as 2020 approaches. Low-Income Housing Tax Credit: This act provides an incentive for home developers to build, buy and refurbish housing for low-income taxpayers. A tax credit property is an apartment complex owned by a landlord who participates in the federal low-income housing tax credit program. Box 49005 Baltimore, MD. DCA offers a streamlined, single application to access funds available through the HOME Rental Housing Loan and Housing Tax Credit programs. To be eligible for the tax credits, owners agree to keep rents affordable for a period between 15 and 30 years for families and individuals with incomes at or below 80 percent of the local median income. How much a developer receives in credits involves the consideration of (1) the investment the developer made in the project, (2) the percentage of low-income units it creates, (3) type of project (i.e., acquisition and rehab, new construction, or rehabilitation of a developer-owned property), and (4) whether the project is also funded by tax-exempt, private activity bonds. What Happens to Low-Income Housing Tax Credit Properties at Year 15 and Beyond, to determine whether properties that reached the end of the 15-year compliance period remain afford-able, the types of properties that do or do not remain affordable, and the major factors by which owners reach the decision to remain or leave. The program, administered in Virginia by Virginia Housing, encourages the development of affordable rental housing by providing owners a federal income tax credit. The California Tax Credit Allocation Committee (TCAC) facilitates the investment of private capital into the development of affordable rental housing for low-income Californians. Tax credits that are allocated to a development are claimed in equal amounts for a 10-year period. The tax credit program assumes a 1.5 person bedroom size. 21297. 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