Work is to be completed before receiving a certified rehabilitation status. NPS charges application processing fees for reviewing requests. Generally, each rehabilitation certification request on a certified historic structure is considered as a separate project for the purpose of computing the application fee. Tenants in tax credit developments are subject to certain maximum income levels and certain maximum rent levels. Encourages private sector to develop affordable housing for low-income households.
Investors typically sell the credit to a syndicate or bank and use it as equity for the development.
Therefore, the law also contains a comprehensive set of operating rules that must be complied with generally for a minimum 30 year period. Applicants must purchase a single-family residence within a program area and the applicants must occupy the home as a principal residence. The mortgage loan financed must be a new mortgage and not replace a prior mortgage on the home. Certain home price limitations and other restrictions apply. Provides assistance to first-time homebuyers with regard to their home purchase and stimulates home sales in certain identified areas of economic need.