Low income housing credit definition

Low income housing credit means the low income housing credit as defined in Internal Revenue Code §42(a).
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Low income housing credit means the tax credit allowable under Section 42 of the Code for a qualified low income housing project.
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Low income housing credit means the federal tax credit authorized under Section 42 of the
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Examples of Low income housing credit in a sentence

  • For the reasons stated in the "Federal Income Tax Considerations" and "The Low Income Housing Credit" sections of the Prospectus as discussed therein, we are of the view that it is not possible for us to reach a judgment as to the probable outcome (either favorable or unfavorable) of certain Federal income tax issues and accordingly we give no opinion with respect to said issues.

  • Notwithstanding anything to the contrary herein contained, in no event shall (x) the aggregate amount of completion guarantees with respect to Projects at any time exceed 15% of Total Value and (y) the aggregate amount of Low Income Housing Credit Program Guarantees at any time exceed $11 million.

  • Notwithstanding anything to the contrary herein contained, in no event shall (x) the aggregate amount of completion guarantees with respect to Projects at any time exceed 15% of Total Value and (y) the aggregate amount of Low Income Housing Credit Program Guarantees at any time exceed 15% of Total Value.

  • Notwithstanding anything to the contrary herein contained, in no event shall (x) the aggregate amount of completion guarantees with respect to Projects at any time exceed 15% of Total Value and (y) the aggregate amount Low Income Housing Credit Program Guarantees at any time exceed $4,000,000.

  • In general, under Section 42 of the Internal Revenue Code, an owner of low-income housing can receive the Low Income Housing Credit to be used against federal income taxes otherwise due in each year of a ten year period.

  • The Partnership's principal business therefore consists of investing as a limited partner in local limited partnerships ("Local Limited Partnerships") each of which will own and operate an apartment complex ("Apartment Complex" or "Property") which will qualify for the Low Income Housing Credit.

  • The Partnership was formed to acquire limited partnership interests in local limited partnerships ("Local Limited Partnerships") which own multifamily apartment complexes that are eligible for low-income housing federal and (in some cases) California income tax credits ("the Low Income Housing Credit").

Related to Low income housing credit

  • Low-income housing means housing affordable according to

  • Very low-income household means a household with a total gross annual household income equal to 30 percent or less of the median household income.

  • Low-income household means a household with a total gross annual household income equal to 50 percent or less of the median household income.

  • Low-income family means "a family whose annual income does not exceed 80 percent of the median income for the area, as determined by HUD with adjustments for smaller and larger families, except that HUD may establish income ceilings higher or lower than 80 percent of the median income for the area on the basis of HUD's findings that such variations are necessary because of unusually high or low family incomes."

  • Very Low Income means income that is 50 percent or less of the area median income.

  • Very low-income unit means a restricted unit that is affordable to a very low-income household.

  • Low-income customer means a utility customer whose household income is at or below 200% of the Federal Poverty Level (FPL) and provides proof of meeting the eligibility requirement at the time of enrollment.

  • Low-income means the adjusted income for a Family which does not exceed 80 percent of the area median income.

  • Qualified low-income community investment or “QLICI” shall have the same meaning as set forth in IRC § 45D(d) and 26 C.F.R. Part 1.45D-1(d).

  • Eligible low-income customer means a customer whose household income does not exceed 150% of the poverty level, as published by the United States Department of Health and Human Services, or who receives any of the following:

  • Low-Income Community ’ means any census block

  • Low-income unit means a restricted unit that is affordable to a low-income household.

  • Extremely low-income household means a single person,

  • Low-income person means a person with a family income of not more than 60% of the statewide median gross income who is eligible to participate in the charitable nonprofit housing organization's program based on criteria established by the charitable nonprofit housing organization.

  • Persons of low income means persons or families who lack the amount of income which is necessary (as determined by the housing authority undertaking the housing project) to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding;

  • Supportive housing means housing with no limit on length of stay, that is occupied by the target population, and that is linked to an onsite or offsite service that assists the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, when possible, work in the community.

  • Moderate income housing means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the city is located.

  • low-vision means a condition where a person has any of the following conditions, namely:—