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Any experience with tax credit apartments?
Posted on 8/12/14 at 9:08 pm
Posted on 8/12/14 at 9:08 pm
My work is moving me to a very small town and I'm looking for an apartment. I'm just doing online research right now and my options are very limited. The complex that looks the nicest (from Google Earth) is a tax credit apartment complex.
Does anyone have experience with a complex like this? My understanding is that to qualify to be a tax credit apartment, the complex just needs to rent a certain percentage of apartments to low income (lower than the local average) renters rather than everyone being ghetto.
Not my first choice but again, pickings in the area are slim.
Thoughts?
Does anyone have experience with a complex like this? My understanding is that to qualify to be a tax credit apartment, the complex just needs to rent a certain percentage of apartments to low income (lower than the local average) renters rather than everyone being ghetto.
Not my first choice but again, pickings in the area are slim.
Thoughts?
This post was edited on 8/12/14 at 9:31 pm
2
Posted on 8/12/14 at 9:20 pm to ClydeFrog
I think you got it about right. Some of these are pretty nice. I've put money in one before.
Posted on 8/12/14 at 10:20 pm to ClydeFrog
Your on the right track. Apartments funded through the low-income housing tax credit make an election upon receipt of their credits to rent a certain % of the units to individuals whose income is at are below % of area medium gross income. Typical election is 40%+ of the units must be rented to people whose income is 60% or less of AMGI.
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