low-income housing


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low-income housing

(1) Generically, any housing that is limited to occupancy by persons whose family income does not exceed certain preset maximum levels.(2) For purposes of special tax incentives provided to persons who build or rehabilitate “qualified low income housing projects,”the IRS defines the term as (a) any project in which 20 percent or more of the units are both rent restricted and occupied by persons whose income is 50 percent or less of the area median gross income or (b) one in which 40 percent or more of the units are both rent restricted and occupied by persons whose income is 60 percent or less of the area median gross income.

References in periodicals archive ?
Alliant has long-standing experience with a proven track record of a trusted syndicator of low-income housing tax credits helping developers and investors increase efficiencies in the affordable housing market.
The court, however, found that the value of the tax credits were properly included in the valuation because, "the right to claim the low-income housing tax credits goes to the owner of the LIHTC property and this right cannot be separated from the land.
Both Eugene and Springfield need more low-income housing - two years ago HACSA had 3,000 households waiting an average of 18 months for its 1,363 units.
The low-income housing tax credit development participation initiative encourages the utilization of emerging businesses in the planning, design, and construction of low-income housing tax credit developments.
Planning tip: Under the passive activity loss rules, the low-income housing credit is the only credit a high-income taxpayer can use that will offset up to $25,000 of income without reference to the taxpayer's AGI.
Developers scoff at the idea they'll make big bucks building low-income housing.
HUD proposed significantly tougher affordable and low-income housing regulations, which if ultimately adopted will force Fannie and Freddie to devote more resources to the less profitable and riskier underserved market.
5 billion low-income housing tax credit equity program.
While this proposal is not entirely new, it certainly brings a new emphasis to an old dream that nonprofit organizations, which are involved with the provision of low-income housing, should fully understand.
But because it's building low-income housing, GEO-Beazer is receiving rich subsidies from the city, the state and federal government-owned mortgage provider Fannie Mae, which is extending a $3 million credit line through its Housing Impact Fund.
These groups also got help from two federal government programs, the Community Reinvestment Act and the Low-Income Housing Tax Credit, which brought banks and private companies into an area they had previously shunned.
In July 1995, Congressman Bill Archer, House Ways and Means Committee chairman, asked the General Accounting Office to investigate the low-income housing credit.

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