With respect to the allocation of a $1 per dollar of real estate credit per building, the housing credit agency determines the applicable percentage and the most qualified basis to be considered in this section with respect to this building. The current percentage and the so-called “maximum qualified” base must not exceed the percentage set in this section and the qualified basis without taking into account this subsection. That`s not the case. (d) (6). Pub. L. 110-289, 3003 (f), amended. 6) in general. Prior to the amendment, paragraph 6 was made up of subpars. (A) bis (E) with respect to the general rule on the waiver of paragraph 2, point B(ii) with respect to each federally subsidized building, the definition of “federal building,” the renunciation of low-income buildings, the renunciation of late-acquired buildings by insured custodians, and the definition of “appropriate federal official.” The average income restrictions charged in the sense of point (I) must not exceed 60% of the average gross income of the area. That`s not the case. (d) (5) (A) Pub. L.
110-289, No. 3003 (d), lower-than-average modified title and text. (A) in general. Prior to the amendment, the text read: “If, in a taxable year of the compliance period, a subsidy is granted to a building or its operation and a portion of that subsidy is funded by federal funds (whether included in gross income or not), the eligible base of that building for that taxable year and all subsequent tax years is reduced from the portion of that subsidy that is thus funded.” 2002 – par. (h) (3) (C). Pub. L. 107-147, No. 417 (2), replaced “the amounts allocated in clauses (ii) to iv) for housing credits for that year” “the amounts allocated in clauses (ii) and (iii) on the total amount of housing loans for this year” in the provisions of the financial statements.
If the interest rate on a financing covered in paragraph 2, point A) is lower than the interest rate which, at the time of the start of this financing, is 1 percentage point lower than the prevailing federal rate, the qualifying basis (to which this funding refers) of the low-income building is the present value of the amount of that financing. , using the discount rate of this applicable federal rate. For the purposes of the above rate, the interest rate applicable to each financing is set by the fact that interest on government subsidies is considered non-payable. In short, the IRS will ensure that an INE exists, is properly designed and recorded. The service will not enforce the provisions of the agreement. An allowance is in line with the requirements of this paragraph when a binding obligation (no later than after the end of the calendar year in which the building is commissioned) is in place by the housing construction credit agency to allocate a certain amount of credit to a housing dollar to such a building from a given taxable year. Unless otherwise stated in this paragraph, a building is treated as a low-income qualified building only if the project (to which that building belongs) meets the requirements of paragraph 1, no later than after the end of the first year of the loan period for that building. The term “real estate credit agency” refers to any agency authorized to carry out this subsection.