Home > Program Details |
Puzzled about the Housing Tax Credit Program? |
| So you've applied for a Housing Tax Credit apartment... Now what? We'd like to help you better understand the process of determining your eligibility. |
The Section 42 Housing Tax Credit Program | ||||||||
| The Section 42 Housing Tax Credit Program is an affordable housing program for individuals and families with moderate incomes. The Program was created by Congress in 1986 as part of the Tax Reform Act and is administered by the Internal Revenue Service. Difference from Other Housing Programs This program is not a subsidized housing program. Each Resident is responsible for the full amount of rent each month. The rental amount is not based on your individual household income, but rather on the pre-set income limits in the area. |
Determining your Eligibility To find out if you are eligible for the Housing Tax Credit Progam, management must determine if you: • Are Income Eligible • Meet the Other Program Requirements • Meet their Resident Selection Criteria If it is determined that you meet all program requirements and our community’s rental criteria, you will be qualified for the Housing Tax Credit apartment. Program Requirements Please note that all program requirements may not be listed on this site. Our management staff will discuss any additional program requirements with you. |
Income Eligibility To be income eligible, your Total Household Income, including income from your assets, must be less than or equal to the pre-set income limit for the area. To make this determination, we will need to: • Interview you and other adult members of your household to determine all income and asset sources. • Verify all income and assets through the appropriate source. It will be your responsibility to assist management with this step and to provide all the necessary information to expedite this process. (Give names, phone numbers, and addresses of all sources, etc.) If your Total Household Income is less than or equal to the pre-set area income limit, your household is… Income Eligible! |
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The HUD - Project Based Section 8 Program | ||||||||
| The HUD - Project Based Section 8 Program is a rent subsidized program for multifamily communities. This program represents an important and valuable resource in addressing the nation's affordable housing needs Difference from Other Housing Programs This program is a subsidized housing program. Each Resident is responsible for their portion of the rent. The balance of rent is paid by the Federal Government. The rental amount is based on your individual household income. |
Determining your Eligibility |
Income Eligibility To be income eligible, your Total Household income including income from your assets, must be less than or equal to the pre-set income limit for the area. To make this determination, we will need to: • Interview you and other adult members of your household to determine all income and asset sources. • Verify all income and assets through the appropriate source. It will be your responsibility to assist management with this step and to provide all the necessary information to expedite this process. (Give names, phone numbers, and addresses of all sources, etc.) If your Total Household Income is less than or equal to the pre-set area income limit, your household is… Income Eligible! |
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