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LOW INCOME HOUSING TAX CREDIT LIHTC ORIGINAL QUALIFIED BASIS TRACKING SHEET DATE As part of our monitoring review SPECTRUM requires that this form be completed to show the original qualifying tenants in each building of your LIHTC project. This data should reflect only the original LIHTC tenant household that qualified each unit for the LIHTC and should include market rate tenants along with the LIHTC qualified households.

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Under a typical LIHTC transaction, a developer must secure a conventional loan from a private mortgage lender or public agency, gap financing from a public or private source and equity from the developer or private investor in exchange for the tax credits.

SLIHC provides a dollar-for-dollar reduction in state taxes to investors in qualified low-income housing which meet the requirements of Article 2-A of the Public Housing Law. The SLIHC Credit allocation is not calendar year-specific.

New York State household credit full- or part-year resident. married or head of household with a federal adjusted gross income (FAGI) of $32,000 or less (allowed for married filing separate) single with an FAGI of $28,000 or less.

Overview. The New York State Affordable Housing Corporation (AHC) creates homeownership opportunities for low- and moderate-income families by providing grants to governmental, not-for-profit and charitable organizations to help subsidize the cost of newly constructed houses and the renovation of existing housing.

Form 8609 is the IRS document that credit allocating agencies give to property owners, evidence that the owner is eligible to claim low-income housing tax credits. Credit allocating agencies accomplish this by completing and signing part one of the Form 8609.

Housing credit agencies use Form 8823 as part of their compliance monitoring responsibilities under section 42(m)(1)(B)(iii) to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions. The housing credit agency should also give a copy of Form 8823 to the owner(s).

The Low-Income Housing Tax Credit (pronounced “Ligh-TECK”) program provides a dollar-for-dollar reduction in federal income tax liability for investors in rental housing that serves very low-income and low-income households.

Housing credit agencies use Form 8823 as part of their compliance monitoring responsibilities under section 42(m)(1)(B)(iii) to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions. The housing credit agency should also give a copy of Form 8823 to the owner(s).

The minimum set-aside election for a project is made by the owner after the first year of the credit period on IRS Form 8609 line 10(c).

What is the New York City enhanced real property tax credit? The New York City enhanced real property tax credit may be available to New York City residents who have household gross income of less than $200,000, and pay real property taxes or rent for their residences, or both. The credit can be as much as $500.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232