low-income housing tax credits
A package of allowed tax credits issued by the IRS to state housing agencies.The IRS has formulas for determining the size of credits issued to each state.The state housing agency then reviews applications from developers who wish to build or rehabilitate lowincome housing and receive the benefit of the tax credits. If approved, the state agency will then award a certain amount of tax credits to the developer,who may use them on its federal income taxes.
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