Get 42 Unit Apartment Complex - Hud

How is rent determined? Rent for section 42 apartments is determined by guidelines set by HUD. Rent is calculated based on the number of bedrooms and the area median income (AMI). For example, a two bedroom apartment in an area where the AMI of a three-person household is $48000 would be rented for a maximum of $1200.

Benefits of Section 42 housing You'll also be able to rely on your landlord or property manager to take good care of your apartment unit. The unit must comply with certain maintenance and safety requirements for your landlord to receive the tax benefit. That means no broken appliances or out-of-date fire extinguishers.

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)).

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.

Whereas Section 8 considers part- and full-time student status for household members who are enrolled in higher education, the Section 42 program considers all household members who are full-time students, including minors who are attending K-12 programs.

What is Section 42? Some of our apartment complexes are considered Section 42 properties. This means that these locations are committed to offering apartments at affordable rates that comply with the guidelines established by the Wisconsin Housing and Economic Development Authority and the State of Wisconsin.

Section 42 Housing allows our residents to pay a lower rent if the resident's household qualifies. To qualify for this program your household's gross annual income must be below the maximum gross annual income and each household member must meet all requirements included in our Section 42.