702.03A

LIHTC

Requirements

You must verify that by the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , restricted units:

  • are occupied by income eligible tenants per the LIHTCLIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. program requirements; and
  • meet at least 1 of the following:
    • 20% @ 50%:  at least 20% of all units are restricted to occupancy by households earning no more than 50% of AMI as adjusted for family size with rents not exceeding 30% of the income limit, as adjusted for family size;
    • 40% @ 60%:  at least 40% of all units are restricted to occupancy by households earning no more than 60% of AMI as adjusted for family size with rents not exceeding 30% of the income limit, as adjusted for family size;
    • Average Income:  at least 40% (or 25% for New York City only) of all units are restricted to occupancy by households earning not more than the income limitation designated for that unit.  The average of the income limits must not be more than 60% of AMI as adjusted for family size with rents not exceeding 30% of the designated income limit.  The income limit can only be 20%, 30%, 40%, 50%, 60%, 70% or 80% of AMI.  This option is only available for LIHTCLIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. projects that made this set-aside election after March 23, 2018, using Internal Revenue Service Form 8609; or
    • 25% @ 60% in New York City:  at least 25% of all units are restricted to occupancy by households earning no more than 60% of AMI as adjusted for family size with rents not exceeding 30% of the income limit, as adjusted for family size.