Fillable UNDERSTANDING TAX CREDIT COMMUNITIES

Fill Online, Printable, Fillable, Blank UNDERSTANDING TAX CREDIT COMMUNITIES Form

Use Fill to complete blank online OTHERS pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

UNDERSTANDING TAX CREDIT COMMUNITIES

On average this form takes 29 minutes to complete

The UNDERSTANDING TAX CREDIT COMMUNITIES form is 4 pages long and contains:

  • 1 signature
  • 0 check-boxes
  • 112 other fields

Country of origin: OTHERS
File type: PDF

BROWSE OTHERS FORMS

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
__________
Initials
UNDERSTANDING TAX CREDIT COMMUNITIES
This community is part of the Low-Income Housing Tax Credit (LIHTC) program. This program is designed to offer
affordable housing to only those individuals whom meet specific income requirements. State housing agencies regulate
the process to ensure only qualified residents may reside here. There is a strict maximum household income requirement
which is based on the county’s area median income (AMI) which
cannot be exceeded.
Program regulations require we calculate anticipated total gross household income by projecting the next 12 months of
income. All income and assets go through a verification and audit process which is of the highest standard.
All income includes:
• Full Time and Part Time Employment
• Any Projected Overtime, Bonuses,
Increases
• Child Support
• Alimony
• Social Security
• Social Security Disability
• Supplemental Security Income
• Income from assets (Interest,
Dividends, etc.)
• Pensions
• Gifts or Cash Deposits
If projected total gross household income is any amount over the maximum income limit, it will result in immediate denial
of any application for housing as per IRS and State regulations. In addition to income, Ingerman Management will
complete a comprehensive credit, criminal, and prior eviction screening which must be passed to continue the process.
Under penalty of perjury, any misrepresentation, falsified documents, or failure to disclose information will result in an
immediate denial of your application for housing. It will also result in immediate eviction when discovered after move in.
If
you are looking for more information on tax credit communities, you may do internet searches for “understanding tax
credit communities” or “understanding low income housing tax credit communities”
__________
Initials
HOW THE APPLICATION PROCESS WORKS
Applying for a Tax Credit community can be a time-consuming process. Due to all the requirements and requests, it can
sometimes be overwhelming. However, if you are dedicated to the process and are both responsive and accessible during
this time, typically it takes about two weeks to be approved if you are qualified and the apartment is vacant.
We place strict time requirements for your household to submit documents or provide information so that we may move
through the process as quickly as possible. If you do not provide these requests within the time required, you will be
removed from the waiting list, and we will begin processing the next person in line.
If a unit is unavailable, your application will be used to place you on the waitlist; no application fee is due, and no
processing is performed. Should a unit become available, applications are processed in the order they are received.
To help you prepare, we have created this timetable to better educate you on what to expect.
The application process can be summed in three stages:
1) Pre-Qualification
During this stage the applicant will fill out our pre-qualification application and provide us with the following:
• A government issued photo ID
• A non-refundable application fee, typically $50, however contact your property for the correct amount
• Formal proof of income (typically paystubs).
A screening is performed which includes; credit, criminal, and landlord tenant history, and we calculate total household
projected income. If the applicant passes this initial phase, they will be sent a pre-qualified letter and the official tax credit
application needed for the next step.
2) Intake Interview and Documentation
The applicant schedules a visit to the office within five days accompanied by all household members 18+ years of age.
During the visit they will bring in all the required documents and take part in an interview which will last approximately 60
minutes. The applicant and on-site team member will review the application and documentation. If any documentation or
information has not been received, it will delay the process. The applicant will be required to submit all information within
48 hours and may be required to re-visit the office.
3) Verification and Calculation
The last step of the process is the most time consuming as we need to verify that all information and documentation are
accurate and truthful. During this time the applicant will be required to submit a holding deposit equal to 1 months’ rent
which will reserve the apartment for you. The applicant should be readily accessible as we may need them to provide
additional documents or attend a conference call for verbal verifications.
Once the unit is available the application will be sent out for formal review and approval. If approved, the applicant should
be prepared to sign the lease as soon as the unit is ready for occupancy, or as soon as inspections/approvals are
completed.
If the unit is not currently available for immediate move in, we are required to collect the most recent income
and asset information as it is received by the applicant until move in.
We hope this guide was helpful in your understanding of our application process. Please feel free to inquire with the
management office for any questions.
LIHTC Pre-Qualification
Application
www.livewillows.com
www.livebirchwood.com
Date & Time Stamp
Property:
Unit #: Set Aside:
State:
ZIP:
PROVIDING FALSE INFORMATION OR NOT DISCLOSING INFORMATION MAY RESULT IN THE LOSS OF YOUR HOUSING
Address:
Phone Number:
Email Address:
What size apartment are you applying for? (check one) Studio 1 2 3 4 5
HOUSEHOLD COMPOSITION
Be sure to include members temporarily away from home, including (but not limited to): dependents away at school, military persons
stationed away from home that have a spouse or dependent in the home.
Please list household members starting with Head of household on line 1, then in order of oldest to youngest.
Last Name, First Name
Relationship to
Head of Household
Birth Date Age Social Security Number
Student Status:
(Includes Elementary through
Higher Education)
Full
Time
Part
Time
N/A
1. Head
2.
3.
4.
5.
6.
Yes No
1. Do you expect any changes to your houshold composition over the next 12 months?
(Examples: a future spouse, addition of a child to the household, etc.)
If yes, please explain. _____________________________________________________________________________
2. What is Your Total Annual Gross Income? Member #1 ________________ Member #2 ________________ Member #3 ________________
3. Does your household anticipate any raises, bonus, overtime, changes to employment, or becoming employed?
Yes
No
a. If yes, what is the anticipated amount? _______________________
4. Is there any other income we should be aware of (misc. deposits, cash transactions, etc.)? __________________________________________
5. Does anyone in your household receive program housing assistance such as Section 8? Yes No
Application effective 04/29/2020
Applicant Name: ____________________________________________________________________________________________________________________
_________________________________________________________ _______________________
_______ __________________
_______________________________________________ _______________________________________________________
City:
Signature & Date
Signature & Date
Signature & DateSignature & Date
a. If yes, please explain & what amounts are received? _______________________________
The below application is the first step in determining your eligibility for meeting the requirements to rent an apartment at this community.
Along with this application, we will require a non-refundable application fee, proof of total household income, and a government issued
photo ID. By signing below you agree to allow us to run a screening check, which includes credit, criminal background, and tenant
landlord history. The information provided is confidential and will be used solely for the purposes of determining eligibility. If you are deemed
pre-qualified after this application has been run, this does not mean you are approved for the apartment. It is an important first step to
continue the process and proceed to the next step.
White African American
Native Hawaiian/Pacific Islander
6. Nationality:
Hispanic Not Hispanic
Decline to Report
American Indian/Alaskan Native
Asian Decline to Report
7. Ethnicity:
8. Have you or anyone in household filed for bankruptcy, committed a crime, been filed on for eviction or been evicted?
a. If yes, please explain. ___________________________________________________________________________________________________
---
Electronic Application Fee Payment Option
Sign and complete this form to authorize Ingerman Management Company to make a one-time non-refundable debit
to your checking or savings account or charge to your Visa, MasterCard or Discover Card.
By signing this form, you give us permission to debit your account or charge your credit card for the amount
indicated on or after the indicated date. This account or charge amount will include a 2.9% convenience fee if paying
with a Credit Card or a $0 fee if paying by Checking / Savings account. This permission is for a single transaction only
and does not provide authorization for any additional unrelated debits or credits to your account.
PLEASE COMPLETE THE INFORMATION BELOW:
I ________________________________________ authorize Ingerman Management Company to debit my bank
account or charge my credit card indicated below for $________ on or after __________ for payment of my
households application fees and fees assocciated with processing my household application
Billing Address ________________________________________________ Phone# _____________________________
City, State, Zip ________________________________________________ Email _______________________________
Checking / Savings Account
Credit Card
. . Checking . . Savings
Name on Acct __________________________
Bank Name __________________________
Account Number __________________________
Bank Routing # __________________________
Bank City/State __________________________
Visa
Amex
Master Card
Discover .
Signature
Date
I understand that this authorization will remain in effect until I cancel it in writing, and I agree to notify Ingerman Management Company in writing of any changes in my account
information or termination of this authorization at least 15 days prior to the next billing date. If the above noted payment dates fall on a weekend or holiday, I understand that the
payments may be executed on the next business day. For ACH debits to my checking/savings account, I understand that because these are electronic transactions, these funds may be
withdrawn from my account as soon as the above noted periodic transaction dates. In the case of an ACH Transaction being rejected for Non Sufficient Funds (NSF) I understand that
Ingerman Management Company may at its discretion attempt to process the charge again within 30 days, and agree to an additional $25 charge for each attempt returned NSF which
will be initiated as a separate transaction from the authorized recurring payment. I acknowledge that the origination of ACH transactions to my account must comply with the provisions
of U.S. law. I certify that I am an authorized user of this credit card/bank account and will not dispute these scheduled transactions with my bank or credit card company; so long as
the transactions correspond to the terms indicated in this authorization form.
(FULL NAME)
(AMOUNT)
(DATE)
click to sign
signature
click to edit
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

UNDERSTANDING TAX CREDIT COMMUNITIES

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 2 June 2021

Message

View Audit Log
Print With Audit Log
Duplicate Document