Wednesday, May 26, 2010

How do Tax Credit Apartments know if you are a Full time Student?

My girlfriend and I are trying to get a tax credit apartment, but they said our income couldnt be greater that 22k a year. We are both full time students, and their policy is that both people living cannot be full time students...how do they know if you are a full time student? do they contact the schools?



Thanks



How do Tax Credit Apartments know if you are a Full time Student?

The qualification requirements are summarized below.



Income Qualification:. Household income cannot exceed 60% or 50% of the area%26#039;s median income, based on a household size.



Rent Qualification: Monthly rent plus utility costs (if the resident is responsible for paying the utility costs) cannot exceed 30% of the annual LIHTC income limit, based on the applicable household size, divided by twelve.



Lease Term: The initial lease term must be a minimum of six months.



Student Status: The household may not consist solely of full-time students unless it meets one of the exemptions as dictated by section 42 of the tax code.

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