In July 2008, the Housing and Economic Recovery Act (HERA) provided statutory There are about 2,000,000 tax credit units today and this number continues to grow by an estimated 100,000 annually. Please do not reach out for a confirmation prior to August 5, 2020 if you have not received one. 60 Executive Park South, NE An income tax credit equal to 10% of the annual market rent for the specific qualifying housing unit. Section 202 and Section 811 Programs for the Elderly or Persons with Disabilities, Protections for Survivors of Domestic and Sexual Violence, Nuisance and Crime-Free Ordinances Initiative, Fair Housing & Housing for People with Disabilities, Housing Opportunities for People Reentering, Utility Allowances, Energy-Efficiency, and Renewables in Affordable Housing, Companion Website - HUD Housing Programs: Tenants' Rights. It is administered by the Treasury Department and State Housing Finance Agencies (HFAs). DCA offers a streamlined, single application to access funds available through the HOME Rental Housing Loan and Housing Tax Credit programs. In the rare circumstance that FedEx, USPS, or UPS does not meet the delivery deadline as paid for and DCA receives the delivery on the 19th, the applicant/developer must be prepared to provide supporting documentation that the package was mailed no later than 7/30/20, AND that the applicant/developer paid for overnight/1-day delivery. CONTACT: Housing Development ProgramsMaryland Department of Housing and Community Development7800 Harkins RdLanham, MD 20706E: taxcredits.dhcd@maryland.govP: 301-429-7854​​​​, Multifamily Housing Development Document Library​. According to the NLIHC, 71% of extremely low income households in the U.S. are severely cost-burdened, which means that more than … § 42 (Section 42 of the Internal Revenue Code). DCA will send a confirmation email of receipt to each applicant. A residential rental building that is to be placed in service in or within two years after the year in which the allocation is made and provides at least, in part for low-income occupancy may be eligible to receive a Tax Credit allocation. The Housing Tax Credit Program allocates federal and state tax credits to owners of qualified rental properties who reserve all or a portion of their units for occupancy for low income tenants. Covid 19, 10% TEST AND PLACED IN SERVICE EXTENSION MEMO, Qualified Allocation Plans and Related Documents, Applicant and Selected Project Lists and Frequently Requested Documents, 2017 Qualified Allocation Plan and Related Documents, 2019 Qualified Allocation Plan and Related Documents, 2020 Qualified Allocation Plan and Related Documents, How do I make a GORA "open records" request. Instead, the program provides tax incentives, written into the Internal Revenue Code, to encourage developers to create affordable housing. This document describes (1) the federal and state resources available for financing rental housing through the plan, (2) the legislative requirements for distributing these resources, (3) the State's preference for the location and type of such housing, (4) the process used for evaluating applications and awarding these resources, and (5) program compliance requirements and procedures. However, many units or tenancies are subsidized through additional sources of federal or state funding, which allow for deeper affordability to lower-income families. The Low Income Housing Tax Credit Program was designed as an incentive for construction and rehabilitation of housing for low-income households. The Low Income Housing Tax Credit (LIHTC) program was created in 1986 and is the largest source of new affordable housing in the United States. Atlanta, GA 30329 Central Office DCA's process for allocating funds through the Georgia Housing and Finance Authority is outlined in Georgia's Qualified Allocation Plan (QAP). Projects financed with tax-exempt bonds may be eligible for Tax Credits outside of the competitive process. The LIHTC program does not provide housing subsidies. Housing Tax Credits. Created by the Internal Revenue Code of 1986, the Housing Tax Credit Program offers a reduction in tax … Documents that have been submitted to DCA via email prior to 7/9/2020 will not need to be resubmitted to DCA. Click here for information related to the 2021 QAP policy development process. The Low Income Housing Tax Credit (LIHTC) program was created in 1986 and is the largest source of new affordable housing in the United States. All submissions must be submitted using the updated Phase 2 Application Submission Folders. 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