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Tax Credits

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.

Click here to learn more about the 2017 FHLB Affordable Housing Program.

2017-2018 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.