Section 42 Apartments Mn
The rent that a section 42 resident will pay is based on a fixed rental fee for the unit size that is lower than the average market rate rent in the area.
Section 42 apartments mn. Section 42 is also known as the low income housing tax credit and is also an income based housing program but it works differently than section 8. Investors receive a reduction in their tax liability in return for providing affordable housing to people with fixed or lower income. Properties financed under section 42 are required to house a percentage of residents earning less than 60 percent of the area s median income. There may be confusion between what subsidized means and section 42 apartments.
The program regulations are under section 42 of the internal revenue code. Unlike section 8 rentals section 42 doesn t provide tenants with government assistance. 55417 minneapolis hennepin county mn our affordable housing section 42 apartments have income and student status guidelines. The tax credit encourages developers to build affordable housing to meet the needs of the community.
The following websites can assist participants with their housing search. 55417 minneapolis hennepin county mn our affordable housing section 42 apartments have income and student status guidelines. The section 42 housing program refers to that section of the internal revenue tax code which provides tax credits to investors who build affordable housing. Bossen park apartments 5717 31st ave s minneapolis mn.
Bossen park apartments 5717 31st ave s minneapolis mn. As a condition for receiving housing tax credits owners must keep the units affordable for a specified number of years.