Tax Credits
The Low Income Housing Tax Credit Program (LIHTC) is designed to provide an incentive to owners developing multifamily rental housing. Developments that may qualify for credits include new construction, acquisition with rehabilitation, rehabilitation and adaptive reuse. Owners of and investors in qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability. Allocations of credits are used to leverage public, private and other funds in order to keep rents to tenants affordable.
2010 Program Information
- 2010 Final Point Score List
- 2010 Tier Two Final Scores - revised 7-26-10
- 2010 Tier One Final Scores - revised 7-26-10
- 2010 Tier Two Point Scores
- 2010 Tier One Point Scores - revised 5-18-10
- 2010 Tier Two Application List
- 2010 Tier One Application List
- 2010 Tax Credit Bulletin # 1
- 2010 Tax Credit Bulletin # 2
- 2010 Tax Credit Bulletin # 3
- 2010 Tax Credit Bulletin # 4
- 2010 Tax Credit Bulletin # 5
- QAP - Amendment - 02/02/10
- Public Notice
- QAP- Final
- Manual-Final
- LIHTC Market Study Request for Proposal
- 2010 LIHTC Program Schedule
- 2010 Low-Income Housing Tax Credit Application - Revised
- Tax Credit/HOME Addendum Manual - Application Checklist Revised
- Tax Credit/HOME Addendum Application
- County Codes
- 2009 Public Analysis - Excel format
- Exhibit A
-LIHTC Tier One Application Checklist
-LIHTC Tier Two Application Checklist
-LIHTC Verification of 10% Expenditure
-LIHTC Placed-in-Service Application Checklist
- Exhibit C - Attorney Letter for all Developments Requesting Allocation of Tax Credits
- Exhibit D - Attorney Letter for Acquisition/Rehabilitation Developments Only
- Exhibit E - Attorney Letter for Eligible Nonprofits
- Exhibit F - Attorney Letter for all Developments Submitting Verification of 10% Expenditure
- Exhibit G -
-Tier Two Architect and/or Professional Engineer Certification
-Placed-in-Service Architect and/or Professional Engineer Certification - Exhibit H - Certification of 10% Expenditure
- Exhibit I - CPA Certification of Costs and 10% Expenditure
- Exhibit J
-Form of CPA Final Allocation Certification Letter
-CPA Schedule of Eligible and Qualified Basis (by building)
-CPA Schedule of Total Development Costs
-CPA Schedule of Qualified Basis
- Exhibit K - Previous Participation Certicate
- Exhibit L - Progress Report
- Exhibit N - Gross Rent Floor Designation
- Exhibit OR
-Syndicator Certification
-Owner Certification Requesting a Release of Operating Reserves
- Exhibit P - Identity of Interest Certification
- Exhibit R - Physical Needs Assessment Certification Form
- Exhibit U - Example of Utility Allowance Schedules
- Form 1 - Developer Certification for Project Rejection Form
- Form 3 - Developer Relocation Certification and Tenant Profile Form
- Form CORP - Corporation Form
- Form LLC - Limited Liability Company Form
- Form LP - Limited Partnership Form
- 2010 QCT/DDA Designations
Click here for the 2009 Program Information
Who Is Eligible for Tax Credits? - Individuals
- Partnerships
- Corporations
- For-profit and Nonprofit Organizations
LIHTC Requirements:
- Eligible developers must submit proposals to be reviewed in accordance with the Qualified Allocation Plan (QAP). The QAP describes housing need priorities and other criteria that should be incorporated into the proposed development. The evaluation will also ensure that a development does not receive more tax credits than are needed for it to be financially feasible.
- Developments must comply with IRS guidelines governing the tax credit program.
- To be eligible, a development must have at least 20% of its units occupied by households earning at or below 50% of the area median income, or 40% of its units occupied by households earning at or below 60% of the area median income.
Year 15
Questions regarding the Low Income Housing Tax Credits Program can be directed to Laura Nicholson in the Housing Development Division at (803) 896-9190.
Equal Housing Opportunity