Section 42 Affordable Housing
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There are 3 187 low income housing apartment communities offering 225 415 affordable apartments for rent in ohio.
Section 42 affordable housing. The irc 42 low income housing credit program was enacted by congress as part of the tax reform act of 1986 to encourage new construction and rehabilitation of existing buildings as low income rental housing for households with income at or below specified income levels. It establishes a method for determining the income eligibility. As a condition for receiving housing tax credits owners must keep the units affordable for a specified number of years.
How does section 42 differ from other rent assistance programs like section 8. It provides tax credits for investors who build affordable housing. Section 42 of the internal revenue code addresses two issues.
The section 42 housing program makes rental units more affordable. In exchange the developer agrees to keep the housing income restricted rent restricted and in safe decent and sanitary condition. Affordable rents are defined and calculated based on median household income figures published annually by the u s.
Section 42 refers to that section of the tax code that provides tax credits to investors who build affordable housing. The program regulations are under section 42 of the internal revenue code. Unlike section 8 rentals section 42 doesn t provide tenants with government assistance.
Investors receive a reduction in their tax liability in return for providing affordable housing to people with fixed or lower incomes. In order to receive the credit the developers agree to maintain properties in a safe and decent condition plus maintain income and rent restrictions while they are receiving the credit. Section 42 is also known as the low income housing tax credit and is also an income based housing program but it works differently than section 8.
The tax credit encourages developers to build affordable housing to meet the needs of the community. Here s what else you need to know about the program. Developers then receive a federal tax credit from the government.
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