Housing Development Team
Keys to Affordable Housing
Affordable Housing Tax Credits (AHTC)
Goals

Create units that are affordable to households having the lowest incomes and for the longest time period.
Assist in the provision of financially viable, market appropriate housing in areas of greatest need in the State.
Assist in the provision of quality housing at a reasonable cost to meet a variety of needs.
Provide opportunities to a variety of qualified sponsors, both for-profit and non-profit, for a variety of housing development sizes.
Allocate only the amount of credit necessary for financial feasibility of a development and its viability as a qualified low-income housing development throughout the affordability period.
Allocate tax credits to rental housing developments which provide the greatest overall public benefits.
Allocate tax credits to as many quality rental housing developments as possible, considering cost, size, location, and income mix of proposals
Projects can be structured so that the sale of a project’s tax credits and other tax benefits provides a source of capital for the development of affordable rental housing for new construction of rental housing; the rehabilitation of existing units; and the acquisition of existing buildings under certain circumstances.
  Tax credits can be used for various types of rental housing, including housing for families; special needs housing; Single Residency Occupancy (SRO) housing, and housing for the elderly.
The annual tax credit amount is received over a 10 year period.
The tax credit program requires a 15 year tax-credit compliance period. In addition, under a 1989 amendment to the program, the taxpayer and the agency allocating the housing credit must enter into an agreement for an extended low-income housing commitment that continues at least 15 years after the end of the compliance period and that is binding on the taxpayer and all successors. During this period, a portion of a building covered by the agreement cannot be sold unless the entire building is sold, and the owner cannot refuse to lease units to Section 8 voucher holders solely because of their Section 8 status.
The IRS may recapture a portion of the tax credits taken if a project does not operate for the full 15-year compliance period.

 

Instructions
Application Form
Federal Regulations
Qualified Allocation Plan
State Rules
Income/Rent Limits
Utility Charts
Technical Assistance
Applications Under Review
In-service Developments
Developments Under Construction