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 households means households earning 80 percent or less of the countywide median income.

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