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Ce payments made to a building owner on behalf of, or in respect to, a tenant under the Housing Opportunities for Persons With AIDS (HOPWA) program are not grants made with respect to a building or its operation under section 42(d)(5) of the Code. Rev. Rul. 99 39 Pursuant to 1.42 16(b)(3) of the Income Tax Regulations, the Internal Revenue Service has determined that certain rental assistance payments made to a building owner on behalf or in respect of a tenant under the Housing Opportun.
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FAQ
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The Section 42 housing program refers to that section of the Internal Revenue Tax Code which provides tax credits to investors who build affordable housing. Investors receive a reduction in their tax liability in return for providing affordable housing to people with fixed or lower income.
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A household must meet two tests in order to be eligible for Section 42 housing. First, the household must be income eligible. Second, the household must meet the program's student status rule. Before discussing these two rules, it is first important to understand the definition of household.
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Section 42(a) provides for a credit for investment in certain low-income housing buildings. The amount of the low-income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low-income building (as defined in § 42(c)(2)).
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What are the qualifications for low-income housing in Utah? You cannot earn more than the annual low-income limits for your household size. For a household of one, your annual income cannot exceed $40,150 to be considered low-income, while a family size of five cannot earn more than $61,950 a year.
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The eligible basis includes common areas that are reasonably associated with the residential rental property. The fees and charges may be nonoptional charges that are required as a condition of occupancy and included in the gross rent.
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Section 42 Housing: This type of housing is usually market rent or close to it (the set rent amount is NOT based on the tenant's income), but the tenants must be UNDER certain income limits in order to live in Section 42 housing. Units are typically a little nicer than you'd find for the same price in the area.
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The LIHTC program reduces the federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income and rent restricted over a long period (55 years for California).
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Section 42 Tax Credit Program The tax credit encourages developers to build affordable housing to meet the needs of the community. As a condition for receiving Housing Tax Credits, owners must keep the units affordable for a specified number of years.
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