Eligible Basis has the meaning given to it in Section 42(d) of the Code.
Eligible Basis means the sum of the eligible cost elements that are subject to depreciation, such as expenditures for new construction, rehabilitation and building acquisition.
Examples of Eligible Basis in a sentence
The amount of Tax Credits awarded to any one (1) Project must be the lesser of the Eligible Basis Analysis or the Gap Analysis.
The “Qualified Basis” is that portion of the Eligible Basis attributable to Low Income Units.
Federal funds that are forgivable will be deducted from Eligible Basis.
Staff will recommend no increase or a partial increase in Eligible Basis if it is determined it would cause the Development to be over sourced, as evaluated by the Real Estate Analysis division, in which case a credit amount necessary to fill the gap in financing will be recommended.
Eligible Hard Costs--Hard Costs includable in Eligible Basis for the purposes of determining a Housing Credit Allocation.
More Definitions of Eligible Basis
Eligible Basis means eligible basis as defined in Section 42(d) of the Code.
Eligible Basis means generally the depreciable basis in the property.
Eligible Basis means the depreciable basis of residential rental housing eligible for Tax Credits. “Eligible Basis Analysis” means the analysis described in Section 7.2A.
Eligible Basis means the eligible basis as defined in Section 42(d) of the Code.
Eligible Basis means the adjusted basis of the Apartment Development as determined by Section 42(d) of the Code.
Eligible Basis means the eligible basis of the Project allowable under Section 42(d)(1) of the Code and that the Partnership will use in calculating the eligible basis of the Partnership in the Project for purposes of Section 42 of the Code.
Eligible Basis means, with respect to a building within a Project, the building's Eligible Basis at the close of the first taxable year of the Tax Credit Period and as further defined in IRC Section 42(d). 24.1 Eligible Basis shall not include garages or storage units or other amenities where the Ownership Entity is charging tenants for the use of the garage or storage unit or other amenities, except when the garage or storage units or other amenities are part of normal rent for all of the units in the Project.24.2 If a grant is made with respect to any building or its operation during any taxable year of the Compliance Period and any portions of such grant is funded with federal funds, the Eligible Basis of the building for that taxable year and all succeeding taxable years must be reduced by the portion of the grant.