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Low-Income Housing Tax Credit

 

The Program

The low income housing tax credit is available under Section 42 of the Internal Revenue Code of 1986. The credit is a federal income tax credit for owners of qualifying rental housing which meets certain low income occupancy and rent limitation requirements.The credit is taken as a reduction in participants tax liability over a 10 year period. The credit can also be sold to investors to act as a financing source.

Family with two kids

Except for certain buildings substantially financed with tax-exempt bonds, an owner must first obtain a credit allocation from the appropriate state agency before claiming the tax credit. The amount of tax credit which may be allocated annually for housing within each state is limited to $2.25 per state resident. The Montana Board of Housing (MBOH) is the state agency which allocates the tax credit for housing located in Montana. The Board will provide fixed rate mortgages for low income rental housing which meet underwriting eligibility and receive approval of HUD mortgage insurance.

News and Updates:  as of 5/13/13

 2013 QAP  

2014 QAP proposed final

sent for Governor's approval

 

ARM Hearing/Public Comment Period

for 2014 QAP

Click here to see notice.

 

2014 QAP released for public comment

Draft 2014 QAP for Public Comment

Exhibits for Draft 2014 for Public Comment

Comments will be accepted until March 25, 2013.

Please submit your comments to:

Your comments may also be mailed to:

Montana Board of Housing
PO Box 500528
Helena MT 59620

Other Training opportunities around the State
http://housing.mt.gov/confandtraining.mcpx

Updated list of 2013 training opportunities

Low Income Housing Tax Credits Training Opportunities

2013 Tax Credit Projects Awarded

2013 Tax Credit Projects

2012 Tax Credit Projects Awarded 

2012 Tax Credit Projects

2011 Low Income Housing Tax Credits Awarded 

       This document contains:

  • A summary of all requested amounts and those funded 

  • Detailed information about each project that applied for credits 

2013 Credit Authority is $2,590,000.00,
maximum award will be $647,500.00

Applications are due by 5:00pm January 18, 2013 

The new UNIAPP is available for your use.

3 year average cost as follows:

Cost per unit: $182,855.31

Cost per square foot: $185.98

Credit per square foot: $17.33

 

Poster - Housing Equals Jobs

Shows the jobs created by a typical Family Tax Credit Development as shown in a National Association of Home Builder's report.

 

 

 *ALL FUNDS HAVE BEEN ALLOCATED FOR  - Tax Credit Assistance Program (TCAP) and Tax Credit Exchange Program (TCEP) *