CVH is a Section 42 property. This means we are part of the Low Income Housing Tax Credit Program (LIHTC). This program is regulated under Section 42 of the Internal Revenue Code. The tax credit encourages developers to build affordable housing to meet the needs of the community. Affordable rents are defined and calculated based on Median Household Income figures published every February/March by the U.S. Department of Housing and Urban Development (HUD).
To determine your eligibility for a tax credit unit (CVH is 100% tax credit), you will be asked to complete an application that requests information regarding your household composition, income and student status.
“Income” is your total of gross wages: social security and pensions, for example. “Assets” are calculated to include all interest income: dividends from savings and investments.
Individual maximum qualifying income
Two-person maximum qualifying income