TABLE OF CONTENTS
Chapter 1
- The Participants and Their Roles 1-2
- Tax Benefits Provide a Return on
- State Housing Agencies 1-3
- Overview of the Credit Process:
- IRS Apportions Tax Credits to the Allocation Agencies 1-2
- Equity Investments 1-6
- Developers Apply to the Allocating
- Background 1-1
- Agencies for Credits 1-2
Chapter 2 Qualified Low-Income Housing Project 2-1
- Scattered Site Project 2-1
- Residential Rental Requirements 2-1
- Mixed-Use Building 2-1
- Minimum Set-Aside Election 2-11
- Minimum Low-Income Set-Aside Requirement 2-2
- Household Income Limitations 2-3
- General Public Use 2-2
- Functionally Related Facilities 2-1
- Audit Techniques 2-12
Chapter 3 Eligible Basis 3-1
- Waiver of 10-Year Rule for Certain Federally Assisted Buildings 3-3
- The 10-Year Rule 3-2
- State Housing Credit Agency File 3-23
- Related Party Ownership 3-3
- Prospectus/Offering Memorandum 3-21
- Nonrecourse Notes 3-7
- New Construction Summary 3-12
- Like-Kind Exchange Property 3-3
- Issues Specific to Rehabilitation Expenditures 3-13
- Issues Specific to New Construction Expenditures 3-4
- Issues Specific to Acquisition Expenditures (Purchase of Existing Buildings) 3-2
- Expenditures Specifically Excluded from Eligible Basis 3-4
- Exceptions to the 10-Year Rule 3-2
- Evaluating the Validity of Costs Included in Basis (The Corbin West Tax Court Case) 3-18
- Eligible Basis in "Difficult Development Areas" 3-17
- Eligible Basis and the Compliance Period 3-17
- Eligible Basis Computations for Mixed-Use Buildings 3-15
- Development Agreements 3-21
- Developer Fees Exceeding Economic Feasibility Under IRC section 42(m)(2) 3-9
- Developer Fee Notes 3-6
- Developer Fee 3-4
- Definition 3-1
- Contingent Liabilities 3-9
- Closing Documents and Settlement Sheets 3-19
- Certificate of Occupancy 3-21
- Audit Techniques 3-19
- Allocation of Overhead and Soft Costs to Land 3-11
- AIA (American Institute of Architects) Statements or Construction Vouchers 3-20
