This online tool assists users in determining affordable housing eligibility and compliance with Low-Income Housing Tax Credit (LIHTC) program requirements. It typically incorporates factors such as area median income (AMI), income limits, and allowable rent levels based on household size and unit type. An example application would be a developer using the tool to verify that proposed rents for a new LIHTC property adhere to program regulations.
Accurate income and rent calculations are essential for the successful administration of affordable housing programs. These tools simplify a complex process, ensuring consistent application of regulatory requirements and reducing the risk of errors. Historically, these calculations were performed manually, a time-consuming and potentially error-prone method. The advent of online calculators has significantly streamlined the process, benefiting developers, property managers, and ultimately, the residents they serve.