Low Income Housing Tax Credit Management
Get Help with Your Low-Income Housing Tax Credit
Since 1987, Ross Management Group has provided Low-Income Housing Tax Credit (LIHTC) management for different properties. The property supervisors who direct the on-site staff have all had extensive LIHTC training and are proficient in the eligibility and reporting requirements required for low-income housing tax credit properties.
Our proven process ensures program compliance during lease-up and after — a process that was developed and modified over the years to ensure strict controls that all the various program components are met.
Additionally, we are able to maximize rents while adhering to the stringent compliance regulations. With our deep knowledge of special report writing, we can prepare customized reports that oftentimes are required by various investors and compliance monitors.
When combined with our attention to detail and thoughtfulness, our processes and tools are the best in the industry.
The LIHTC Process
Unlike other affordable and low-income housing, the LIHTC program does not provide housing subsidies to individuals. Instead, it works off tax credits provided by the federal government to increase the amount of low-income and affordable housing, along with providing incentives to owners and landlords of these types of properties.
When it comes to receiving this federal LIHTC, there is an entire process that determines which housing properties qualify and when low-income housing properties can be developed in each state.
The LIHTC process involves a series of steps and approval processes:
The Internal Revenue Service (IRS) issues tax credits to each state’s housing credit agencies (HCA) based on their population size.
Developers in those states apply for tax credits to develop low-income and affordable housing developments.
The state chooses the developers who will receive these tax credits and the developer starts building this low-income housing property.
Once the property is completed, the units are rented out to low-income tenants.
The tax credit received by that property will depend on the percentage of the units in that property that are rented out to low-income tenants. These tax credits will be awarded to the property yearly, assuming that housing continues to comply with the low-income housing compliance rules and maintains low-income tenants.
At Ross Management Group, we understand how complicated and tedious this process can be. That’s why we are here to provide our expertise and tools to help manage any LIHTC your property is receiving, in addition to working with any other low-income and affordable housing programs.
Get help from The Ross Management Group when it comes to managing low-income housing tax credits. To download PDF versions of our brochures, please click below:
Low-Income Housing Tax Credit Management Brochure
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