What is the main purpose of the Low-Income Housing Tax Credit (LIHTC) program in California?
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To encourage private investment in affordable rental housing for low-income households.
Who administers the LIHTC program in California?
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The California Tax Credit Allocation Committee (CTCAC) oversees the program.
What type of projects qualify for LIHTC?
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Rental housing projects with a significant portion of units affordable to low-income tenants.
How is the amount of tax credit determined in LIHTC?
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Based on eligible basis costs and applicable credit percentage over 10 years.
What is the compliance period for LIHTC projects?
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Typically 15 years during which affordability and other requirements must be met.
What income limits apply to tenants in LIHTC units?
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Tenants must have incomes at or below specified percentages of area median income (AMI).
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Can LIHTC credits be sold or transferred?
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Yes, credits can be sold to investors to raise capital for projects.
What happens if a LIHTC project fails to comply with program rules?
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Credits may be recaptured, and penalties imposed.
How does LIHTC benefit communities?
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By increasing affordable housing options and reducing homelessness.