Low-income unit

Official source

(A) In general The term “low-income unit” means any unit in a building if— (i) such unit is rent-restricted (as defined in subsection (g)(2)), and (ii) the individuals occupying such unit meet the income limitation applicable under subsection (g)(1) to the project of which such building is a part.

(B) Exceptions (i) In general A unit shall not be treated as a low-income unit unless the unit is suitable for occupancy and used other than on a transient basis. (ii) Suitability for occupancy For purposes of clause (i), the suitability of a unit for occupancy shall be determined under regulations prescribed by the Secretary taking into account local health, safety, and building codes. (iii) Transitional housing for homeless For purposes of clause (i), a unit shall be considered to be used other than on a transient basis if the unit contains sleeping accommodations and kitchen and bathroom facilities and is located in a building— (I) which is used exclusively to facilitate the transition of homeless individuals (within the meaning of section 103 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11302 ), as in effect on the date of the enactment of this clause) to independent living within 24 months, and (II) in which a governmental entity or qualified nonprofit organization (as defined in subsection (h)(5)) provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing. (iv) Single-room occupancy units For purposes of clause (i), a single-room occupancy unit shall not be treated as used on a transient basis merely because it is rented on a month-by-month basis.

(C) Special rule for buildings having 4 or fewer units In the case of any building which has 4 or fewer residential rental units, no unit in such building shall be treated as a low-income unit if the units in such building are owned by— (i) any individual who occupies a residential unit in such building, or (ii) any person who is related (as defined in subsection (d)(2)(D)(iii)) to such individual.

(D) Certain students not to disqualify unit A unit shall not fail to be treated as a low-income unit merely because it is occupied— (i) by an individual who is— (I) a student and receiving assistance under title IV of the Social Security Act, (II) a student who was previously under the care and placement responsibility of the State agency responsible for administering a plan under part B or part E of title IV of the Social Security Act, or (III) enrolled in a job training program receiving assistance under the Job Training Partnership Act or under other similar Federal, State, or local laws, or (ii) entirely by full-time students if such students are— (I) single parents and their children and such parents are not dependents (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of another individual and such children are not dependents (as so defined) of another individual other than a parent of such children, or (II) married and file a joint return.

(E) Owner-occupied buildings having 4 or fewer units eligible for credit where development plan (i) In general Subparagraph (C) shall not apply to the acquisition or rehabilitation of a building pursuant to a development plan of action sponsored by a State or local government or a qualified nonprofit organization (as defined in subsection (h)(5)(C)). (ii) Limitation on credit In the case of a building to which clause (i) applies, the applicable fraction shall not exceed 80 percent of the unit fraction. (iii) Certain unrented units treated as owner-occupied In the case of a building to which clause (i) applies, any unit which is not rented for 90 days or more shall be treated as occupied by the owner of the building as of the 1st day it is not rented.

Low-income unit

Official source

- name: new_non_federally_subsidized_building_minimum_applicable_percentage kind: parameter dtype: Rate source: 26 USC 42(b) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: the applicable percentage shall not be less than 9 percent versions: - effective_from: '2024-01-01' formula: '0.09'

- name: other_building_minimum_applicable_percentage kind: parameter dtype: Rate source: 26 USC 42(b) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: the applicable percentage shall not be less than 4 percent versions: - effective_from: '2024-01-01' formula: '0.04'

- name: supportive_services_qualified_basis_increase_cap_rate kind: parameter dtype: Rate source: 26 USC 42(c) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: 20 percent of the qualified basis of such building versions: - effective_from: '2024-01-01' formula: '0.20'

- name: supportive_services_qualified_basis_increase kind: derived entity: Building dtype: Money period: Year unit: USD source: 26 USC 42(c) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: shall be increased by the lesser of - path: versions[0].formula kind: import import: target: us:statutes/26/42#supportive_services_qualified_basis_increase_cap_rate output: supportive_services_qualified_basis_increase_cap_rate hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- if qualified_low_income_building_described_in_subsection_i_3_B_iii: min(eligible_basis_used_throughout_year_to_provide_supportive_services, supportive_services_qualified_basis_increase_cap_rate * qualified_basis_determined_without_supportive_services_increase) else: 0

- name: high_cost_area_eligible_basis_multiplier kind: parameter dtype: Decimal source: 26 USC 42(d) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: the eligible basis of such building shall be 130 percent versions: - effective_from: '2024-01-01' formula: '1.30'

- name: high_cost_area_new_building_eligible_basis kind: derived entity: Building dtype: Money period: Year unit: USD source: 26 USC 42(d) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: >- In the case of any building located in a qualified census tract or difficult development area - path: versions[0].formula kind: import import: target: us:statutes/26/42#high_cost_area_eligible_basis_multiplier output: high_cost_area_eligible_basis_multiplier hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- if new_building_located_in_designated_qualified_census_tract_or_difficult_development_area: high_cost_area_eligible_basis_multiplier * eligible_basis_determined_without_high_cost_area_increase else: eligible_basis_determined_without_high_cost_area_increase

- name: rehabilitation_minimum_adjusted_basis_rate kind: parameter dtype: Rate source: 26 USC 42(e) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: not less than 20 percent of the adjusted basis versions: - effective_from: '2024-01-01' formula: '0.20'

- name: rehabilitation_expenditures_meet_adjusted_basis_minimum kind: derived entity: Building dtype: Judgment period: Year source: 26 USC 42(e) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: the requirement of this subclause is met if such amount is not less than 20 percent - path: versions[0].formula kind: import import: target: us:statutes/26/42#rehabilitation_minimum_adjusted_basis_rate output: rehabilitation_minimum_adjusted_basis_rate hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- rehabilitation_expenditures_during_eligible_period >= rehabilitation_minimum_adjusted_basis_rate * adjusted_basis_at_start_of_rehabilitation_period

- name: first_year_credit_period_months_denominator kind: parameter dtype: Count source: 26 USC 42(f) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: the denominator of which is 12 versions: - effective_from: '2024-01-01' formula: '12'

- name: first_year_applicable_fraction kind: derived entity: Building dtype: Rate period: Year source: 26 USC 42(f) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: >- the numerator of which is the sum of the applicable fractions determined ... as of the close of each full month - path: versions[0].formula kind: import import: target: us:statutes/26/42#first_year_credit_period_months_denominator output: first_year_credit_period_months_denominator hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- sum_of_month_end_applicable_fractions_for_full_in_service_months / first_year_credit_period_months_denominator

- name: twenty_fifty_test_minimum_unit_rate kind: parameter dtype: Rate source: 26 USC 42(g) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: 20 percent or more of the residential units versions: - effective_from: '2024-01-01' formula: '0.20'

- name: twenty_fifty_test_income_limit_rate kind: parameter dtype: Rate source: 26 USC 42(g) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: 50 percent or less of area median gross income versions: - effective_from: '2024-01-01' formula: '0.50'

- name: project_meets_twenty_fifty_test kind: derived entity: Project dtype: Judgment period: Year source: 26 USC 42(g) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: >- 20 percent or more of the residential units in such project are both rent-restricted and occupied - path: versions[0].formula kind: import import: target: us:statutes/26/42#twenty_fifty_test_minimum_unit_rate output: twenty_fifty_test_minimum_unit_rate hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- rent_restricted_units_occupied_by_individuals_at_or_below_fifty_percent_area_median_income >= twenty_fifty_test_minimum_unit_rate * residential_units_in_project

- name: nonprofit_set_aside_maximum_other_project_rate kind: parameter dtype: Rate source: 26 USC 42(h) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: Not more than 90 percent of the State housing credit ceiling versions: - effective_from: '2024-01-01' formula: '0.90'

- name: maximum_state_ceiling_allocable_to_projects_other_than_qualified_nonprofit_projects kind: derived entity: HousingCreditAgency dtype: Money period: Year unit: USD source: 26 USC 42(h) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: Not more than 90 percent of the State housing credit ceiling - path: versions[0].formula kind: import import: target: us:statutes/26/42#nonprofit_set_aside_maximum_other_project_rate output: nonprofit_set_aside_maximum_other_project_rate hash: sha256:local versions: - effective_from: '2024-01-01' formula: nonprofit_set_aside_maximum_other_project_rate * state_housing_credit_ceiling

- name: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate kind: parameter dtype: Rate source: 26 USC 42(k) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/26/42 excerpt: not more than 60 percent of the eligible basis versions: - effective_from: '2024-01-01' formula: '0.60'

- name: qualified_nonprofit_financing_attribution_requirement_met kind: derived entity: Building dtype: Judgment period: Year source: 26 USC 42(k) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/42 excerpt: >- not more than 60 percent of the eligible basis of the qualified low-income building is attributable to such financing - path: versions[0].formula kind: import import: target: us:statutes/26/42#qualified_nonprofit_financing_eligible_basis_attribution_limit_rate output: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate hash: sha256:local versions: - effective_from: '2024-01-01' formula: >- eligible_basis_attributable_to_qualified_nonprofit_financing <= qualified_nonprofit_financing_eligible_basis_attribution_limit_rate * eligible_basis_of_qualified_low_income_building