What types of Projects are eligible for Credit?
Residential Rental Property: A Qualified Low-Income Housing Project may consist of apartment buildings, single family dwellings, duplexes or townhouses. It is Residential Rental Property in which a minimum percentage of the Housing Units in the Project are Rent-Restricted and occupied by Residents whose Income is at or below the appropriate Area Median Gross Income. Residential Rental Housing Units must be: • available for the general public; • suitable for occupancy, taking into account local health, safety and building codes; and • used other than on a Transient Basis (with a minimum initial lease term of six months), except in the case of Transitional Housing. Projects may give preference to individuals with special needs such as the elderly, people with disabilities, large households or homeless individuals if consistent with the Fair Housing Act. Other eligible Projects (all of which must have a minimum initial lease term of six months) include: • Single room occupancy (SRO) housi
