Low-Income Housing Tax Credit
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The Low-Income Housing Tax Credit is a U.S. federal tax incentive program that encourages private investment in affordable rental housing for low-income households.
Aliases (3)
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
U.S. federal tax incentive program
→
affordable housing program → tax expenditure → |
| administeredBy |
Internal Revenue Service
→
state housing finance agencies → |
| affordabilityStandard |
rent limits based on area median income
→
tenant income limits based on area median income → |
| allocationAuthority |
U.S. Congress
→
|
| allocationMethod |
per-capita state allocation
→
|
| alsoKnownAs |
LIHTC
→
Section 42 credit → |
| beneficiary |
equity investors
→
low-income renters → private housing developers → |
| benefits |
federal income tax credits to private investors
→
|
| compliancePeriod |
minimum 15 years
→
|
| country |
United States
→
|
| creditPeriod |
10 years
→
|
| distinctFrom |
Housing Choice Voucher Program
→
public housing program → |
| eligibleProperties |
acquisition and rehabilitation of existing rental housing
→
newly constructed rental housing → substantially rehabilitated rental housing → |
| enactedBy |
Tax Reform Act of 1986
→
|
| enactmentYear |
1986
→
|
| extendedUsePeriod |
at least 30 years in many states
→
|
| financingStructure |
syndicated to equity investors
→
|
| fundingForm |
foregone federal tax revenue
→
|
| housingType |
rental housing
→
|
| implementedBy |
state housing credit allocation plans
→
|
| legalBasis |
Section 42 of the Internal Revenue Code
→
|
| mechanism |
dollar-for-dollar reduction in federal income tax liability
→
|
| monitoredBy |
state housing finance agencies
→
|
| oversight |
Internal Revenue Service compliance monitoring rules
→
|
| policyGoal |
leverage private capital for affordable housing production
→
promote mixed-income and community development → |
| policyType |
supply-side housing subsidy
→
|
| primaryUsers |
for-profit developers
→
nonprofit housing developers → |
| purpose |
encourage private investment in affordable rental housing
→
increase supply of rental housing for low-income households → |
| relatedLegislation |
Housing and Economic Recovery Act of 2008
→
Omnibus Budget Reconciliation Acts affecting credit allocation → |
| requires |
annual reporting by property owners
→
income limits for tenant eligibility → long-term affordability restrictions → rent restrictions → |
| sector |
affordable housing finance
→
|
| targetPopulation |
low-income households
→
|
Referenced by (6)
| Subject (surface form when different) | Predicate |
|---|---|
|
Capital Magnet Fund
→
NMTC Program → Section 8 Housing Choice Voucher Program ("Low-Income Housing Tax Credit program") → |
relatedTo |
|
Oregon Housing and Community Services
("Low-Income Housing Tax Credit program in Oregon")
→
|
administers |
|
Low-Income Housing Tax Credit
("LIHTC")
→
|
alsoKnownAs |
|
United States housing policy
→
|
includesProgram |