Determining Your Eligibility
To find out if you are eligible for the Low Income Housing Tax Credit Program, Management must determine if you:
•Income Eligible
•Meet the Property’s Resident Selection Criteria (62 and older or disabled)
If it is determined that you meet all Program Requirements and the Property’s Resident Selection Criteria, you will be qualified for an apartment under the LIHTC Program.
Continuing Eligibility:
Each year, effective on the anniversary of your move-in, Management will interview the household to re-verify all income and assets. This is to ensure continuing eligibility for the Program. The LIHTC Program allows for steady growth in your family’s income, with the rent increased base upon income limits published by the Department of Housing and Urban Development (HUD)
Income Eligibility:
To be income eligible, your Total Household Income includes income from your assets, anticipated to be received for the upcoming 12 month period, must be less than or equal to the pre-set income limit for the area. For management to make this determination, the following steps will be taken:
•An interview with you to determine all income and asset sources
•Verification's of all income and assets will be sent to the appropriate source (it is necessary to assist Management with names, addresses and account #’s for all sources)
•Calculate your Total Household Income
