1. What is the Low-Income Tax Credit Program?
The Federal Low-Income Housing Tax Credit was created by the Tax-Reform Act of 1986 to encourage construction and rehabilitation of housing for low- and moderate-income families. The law gives states an annual tax credit allocation based on population and is administered by the Federal Internal Service (IRS) in accordance with Section 42 of the Internal Revenue Code. Developers can earn these tax credits by constructing affordable housing.
2. What does the Resident Selection Criteria mean by 40%, 60%?
This number is the reported area median income for the City of Salisbury and dictates the affordability of the rent at the property. For example if a household’s annual income is at the 60% median income bracket, it is expected that this household can afford a 60% rental unit. This number does not indicate that you will pay the stated percentage of your income toward rent.
3. Do you accept vouchers?
4. Why do I need to give you proof of income and assets?
This information is required as part of the Low Income Tax Credit Program to ensure each household meets income eligibility. Please see the Privacy Act Form.
5. How long does it take to process my application?
Application processing varies based on the individual. The process can be more efficient if all requested documents are available at the time of application interview. Bringing in ID information, proof of all income and assets and providing additional documents when requested makes processing time is significantly faster.
6. I have a part-time job should I include it on my application?
Proof of All income and assets must be provided at the time of application. Any information not provided can lead to application denial.
7. Why do I have to list all occupants on my application?
For program eligibility purposes, all household members (and their income) must be listed on the application, including those who are under the age of 18. This includes students away at college, dependents with shared custody arrangements and individuals who will join the home within the 12 months of the application date.
8. Are utilities included?
Water, Sewage and Trash are included.
9. Do I qualify for the community if I am a student?
Households comprised only of full-time students should read the Resident Selection Criteria, page 1 under Students, as well as the application to be sure they meet the qualifications. If you have any questions regarding student guidelines please contact the office.