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What is Section 42?
The Tax Credit Reform Act of 1986 created the Low Income Housing Tax Credit Program (LIHTC). The program regulations are under Section 42 of the Internal Revenue Code. The tax credit encourages developers to build affordable housing to meet the needs of the community. As a condition for receiving Housing Tax Credits, owners must keep the units affordable for a specified number of years. Affordable rents are defined and calculated based on Median Household Income figures published annually by the U.S. Department of Housing and Urban Development (HUD).
What does it cost?
The residents who live in Section 42 units must be income and program eligible. The rent that a Section 42 resident will pay is based on a fixed rental fee for the unit size that is lower than the average market rate rent in the area.
* Example of rent at 30% of income: Household with one full-time worker at $7.25/hour might pay $348 per month.
What does it offer?
Affordable rents that are lower than similar market rate units in the community.
What should I be prepared for?
- It is difficult to identify which rental properties participate in the Section 42 program.
- You will be asked to complete an application that requests information regarding your household composition, income, and student status. These factors will determine your eligibility for this program.
- Qualified income levels are determined by the local office of the Department of Housing and Urban Development (HUD), based on two factors: 1) a percentage of the median household income for the county or metropolitan statistical area in which the development is located; and 2) the number of people in your household.
- Your income level is based on the combined projected gross income, including income from assets, for the next 12 months of all household members 18 years of age and older.
- You must re-certify your income and family size before you are offered a new lease. This process starts about 90 days before your lease renewal date.
- The unit is being rented to you and those identified on the rental application. Any changes in household size or income must be reported in writing and may require that you reapply for eligibility.
What else can I help you with?
How do you get section 42?
Get a section 8 voucher six times.
What is the central angle of a 42 percent section of a circle graph?
151.2 degrees (42/100)*360 degrees
How many rows are in section 131 of safeco field?
Safeco Field is the home of the Seattle Mariners Major League Baseball team. There are 10 rows in section 151. The section is located in the left outfield.
How many tons of stone in a 45' x 42' section 4' deep?
you need to know the weight of you stone
Where can I find Public health service act section 361?
You can find the Public Health Service Act section 361 on the official website of the U.S. Government Publishing Office under Title 42 - The Public Health and Welfare, Chapter 6A - Public Health Service, Subchapter II - General Powers and Duties.
Where is the national drug code number of a drug is included in what section of a drug monograph?
The National Drug Code number of the drug is included is this section of a drug monograph Answer: How Supplied (page 42-45)
Who is responsible for the famous red bleacher seat located section 42 row 37 seat 21?
Ted Williams
Where is the red seat that commemorates Ted Williams' 502-foot homer in 1946?
Section 42, Row 37, Seat 21
What does the legal section number look like?
The legal section number typically consists of a combination of digits and sometimes letters that designate a specific part of a legal code or statute. For example, a legal citation might look like "Title 42 U.S. Code § 1983," where "Title 42" indicates the title of the code, "U.S. Code" refers to the United States Code, and "§ 1983" specifies the particular section within that title. The format can vary by jurisdiction, but it usually includes a title or chapter number followed by a section number.
What is the LCM of the set of numbers 2 6 7?
Answer: 42 An online GCD/LCM calculator can be found in the "related links" section, below.
An Ethernet MAC sublayer receives 42 bytes of data from the upper layer. How many bytes of padding must be added to the data?
The padding needs to make the size of the data section 46 bytes. If the data received from the upper layer is 42 bytes, we need 46 − 42 = 4 bytes of padding.
An Ethernet MAC sublayer receives 42 bytes of data from the upper layer. How many bytes of padding must be added to the data Why?
The padding needs to make the size of the data section 46 bytes. If the data received from the upper layer is 42 bytes, we need 46 − 42 = 4 bytes of padding.
