Description
The Low-Income Housing Tax Credit program provides affordable rental housing opportunities to families throughout the United States. Often, these communities are brought to life through the acquisition of existing properties and substantial rehabilitation. For some sites, this process in the introduction of LIHTC, for others it is a resyndication (or second allocation) of credits.
In this session, we will review and compare compliance requirements for acquisition/rehabilitation and LIHTC resyndication, including:
- Rules for qualifying existing tenants
- Identifying income and rent limits
- The importance of student eligibility
- Testing for the available unit rule
- Qualifying units, and
- Handling vacant units