Our community is operating under the guidelines of the IRS Section 42 Housing Credit Program, which is administered by Florida Housing Finance Agency (FHFA). Under the IRS guidelines, we can only qualify applicants as tenants after various items of information have been verified (i.e. gross annual income, number of occupants in household, asset information, etc.).

We have income guidelines we must adhere to in order to qualify our prospective tenants. In order to qualify, the total gross household income must be less than the maximum amount specified in the FHFA guidelines.

To be income eligible, your Total Household Income, including income from your assets, must be less than or equal to the pre-set income limit for the area. For management to make this determination, they will need to conduct the following:

•  An interview with you and the other adult members of your household to determine all income and asset sources.

•  Verify all income and assets through the appropriate source. It will be your responsibility to assist management with this step and to provide all the necessary information to expedite this process. (Give names and address of all sources, etc.)

•  Calculate your Total Household Income using the information provided by your income and asset sources.

If your Total Household Income is less than or equal to the pre-set area income limit, your household is INCOME ELIGIBLE under the guidelines set by the IRS.

Other Program Requirements
and Resident Selection Criteria Apply

The other program requirements are often specific to the apartment complex and even the apartment you are applying to move into. Some apartment complexes or individual apartments may be designated for certain population groups such as older adults, individuals with disabilities or persons determined to be homeless. Discuss these other requirements with the management staff.

The Housing Credit Program is an affordable housing program for individuals and families on fixed or lower incomes. The program was created by Congress in 1986 as part of the Tax Reform Act and is administered by the Internal Revenue Service.

Benefits to You

The benefit to residents living in such housing is a newly constructed or substantially rehabbed apartment home with rents lower than the market rate. The rents are 60% (or lower) of the area median income as published by HUD, often resulting in rents substantially lower than other comparable apartments. Each year the rents will be reviewed to ensure they remain at 60% (or lower) of the area median income.

Incentive to Owners

Owners are offered a reduction in their tax liability in exchange for offering quality housing at these fixed rents. To receive this reduction, the owners must certify the residents are qualified under the program requirements and are paying the correct amount of rent.

Difference from Other Housing Programs

This program is not a subsidized housing program. Each resident is responsible for the full amount of rent each month. The rental amount is NOT based on your individual household income, rather the preset income limits in the area. It is also important to note that some apartment homes in the building may not be part of this program. The rent for these apartments will often be higher.