LIHTC INFORMATION

This page contains information about the Low-Income Housing Tax Credit (LIHTC) Program. The LIHTC Program was created as apart of the Tax Reform Act of 1986 and is considered the most important resource for producing affordable housing in the United States.

Links to State Tax Credit Allocating Agencies

Click on the map below to go to that state's allocation agency.

Data Sources

In addition to interviews with local housing authorities, chambers of commerce, real estate agents, several computer software programs, and site visits, FielderGroup uses a number of internet resources to provide accurate, reliable market conclusions. The following are some of our data sources available online.

• Demographic Data
• Housing Data
• Employment and Economic Data
• Map Sources
• Community Information
• Organizations, News, and Other Information

Demographic Data Sources

U.S. Census Bureau

American Fact Finder
American Fact Finder includes a number of data sets, including the following: the Decennial Census, the American Community Survey, the Economic Census, and the Population Estimates Program.

County and City Data Book

ESRI
ESRI Business Information Solutions (ESRI BIS), a division of ESRI, helps industry, government, and nonprofit organizations understand customers, analyze site locations, visualize and map marketing and demographic data, and identify untapped market potential.

Claritas
Claritas is a marketing information resources company dedicated to helping companies engaged in consumer and business-to-business marketing.

Statistical Resources on the Web
The University of Michigan Federal Publications Document Center.

Housing Data

Building Permits
The U.S. Census Bureau New Residential Construction Index for building permits.

The Department of Housing and Urban Development (HUD)

HUD User
For over a quarter-century, HUD USER has been the go-to source for housing information and research.

HUD Income Limits
To view Income Limits for Section 8 Programs and Median Family Income information for a given county or a specific State.

HUD User LIHTC Data Sets
The database includes project address, number of units and low-income units, number of bedrooms, year the credit was allocated, year the project was placed in service, whether the project was new construction or rehab, type of credit provided, and other sources of project financing.

HUD Subsidized Apartment Search
The low-rent apartment search.

MIT Libraries links to Housing

Housing Authorities in the United States
Browse Housing Authorities by State.

Housing Authorities in Kentucky
A list of housing authorities in Kentucky.

Rural Development USDA
Rural Development is within the U.S. Department of Agriculture and administers rural business, cooperative, housing, utilities and community development programs

USDA Rental Property Information
The MFH web site provides an online guide to Government assisted rental projects. This site will provide access to detailed information about each of the rental projects and links to other USDA web sites providing a variety of services.

Employment and Economic Data

Center for Economic Policy and Research
CEPR conducts both professional research and public education.

Bureau of Labor Statistics

Map Sources

The National Map
The Nation’s Topographic Map, Department of the Interior, U.S. Geological Survey

FEMA
FEMA's site for public access to online hazard advisory maps of various types, including earthquake, hurricane, and flood.

Terrafly 
Virtually "fly" over the United States.

Maps from Color Landform Atlas of the United States
You will see 3-D maps, high resolution maps, registered maps, as well as maps of Mars, Europe, Asia, all of the continents, and more.

USGS Maps and Aerial Photo Images Online
The links on this site will take you to selected USGS Business Partner Program (BP) and Cooperative Research and Development Agreement (CRADA) partner sites where you may view USGS maps and aerial photo images from your Web browser.

Community Information

The Internet Public Library
The Internet Public Library is a public service organization and a learning/teaching environment at the University of Michigan School of Information.

Epodunk
Community Information from Epodunk.

Organizations, News, and Other Information

The National Low-Income Housing Coalition
NLIHC provides up-to-date information, formulates policy and educates the public on housing needs and strategies for solutions.

Rural Landscapes Newsletter
NCSL's Rural Landscapes is a periodic publication of the National Conference of State Legislatures' Agriculture and Rural Development Standing Committee.

National Association of Realtors
Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

National Multi Housing Council
NMHC is a national association representing the interests of the nation's larger and most prominent apartment firms.

Senior Resource Housing Choices

Joint Center for Housing Studies
The Joint Center investigates, evaluates and reports on emerging housing issues and community development policies.

Topix news – Real Estate News

FirstGov
The U.S. government's official web portal.

Federal Regulations
On this site, you can find, review, and submit comments on Federal documents that are open for comment and published in the Federal Register, the Government’s legal newspaper. 

Housing Assistance Council

Glossary

A B C D E F G H I J K L M N O P Q R S T U V W Z Y Z

ABSORPTION PERIOD - The number of months required to obtain leases to occupy all or a defined portion of the rental units available in the proposed apartment development or rehabilitation. If the absorption time is longer than twelve months, the absorption time is adjusted to reflect normal turnovers that occur during one year.

ABSORPTION RATE - The number of units projected to be leased per month.

ACC – Annual Contributions Contract (Source: HUD)

ADJUSTED RENTS – Existing rents under the expiring contract, as adjusted by an operating cost adjustment factor (OCAF) established by the Secretary (which shall not result in a negative adjustment) or adjusted budget-based method. (Source: HUD)

AESTHETIC AMENITIES - This describes the “curbside appeal” of a development when comparing it to existing rentals in the market area. HUD assigns a point rating to a project’s physical appeal to potential tenants to be used when comparing market appeal of all rental units in a market area. Included in HUD’s ratings are an evaluation of grounds appearance and landscaping, quality of maintenance, and quality of architecture and design. [Note that where point ratings are not assigned in market reports, a description of the aesthetic amenities is used as a basis for comparison of rentals in the market area]. (Source: HUD)

AFFILIATE – Any person or entity (including, but not limited to, a general partner or managing member, or an officer of either) that controls an Owner or purchaser, is controlled by an Owner or purchaser, or is under common control with the Owner or purchaser. (Source: HUD)

AGGREGATE ABSORPTION - The total number of units absorbed by a development without accounting for turnover.

ANNUAL INTEREST SUBSIDY – The Annual Interest Subsidy multiplied by the percentage of the total units in the property that are in the Section 8 contract(s) eligible under the Mark-Up-To-Market Procedure. (Source: HUD)

ASSISTED DWELLING UNIT – A unit that is in a covered project and receives project-based rental assistance for purposes of HUD developments or any rental unit that receives rental assistance. (Source: HUD)

BMIR – Below Market Interest Rate (Source: HUD)

BUDGET-BASED INCREASE – Rent increase used to promote the efficient management and continued financial viability of projects when current rent levels are not sufficient to cover operating costs. (Source: HUD)

CAPPED COMPARABLE GROSS RENTS – If the Final Comparable Gross Rent Potential is less than 150% of the FMR potential, then the Capped Comparable Gross Rents are the Final Comparable Gross Rents. If the Final Comparable Gross Rent potential is not less than 150% of the FMR Potential, then the Capped Comparable Gross Rents are 150% of the FMRs. (Source: HUD)

CAPPED COMPARABLE GROSS RENT POTENTIAL – The lesser of the Final Comparable Gross Rent Potential or 150% of the FMR. (Source: HUD)

CERTIFICATE - See HUD Section 8 Certificates. (Source: HUD) CNA – Comprehensive Needs Assessment (Source: HUD)

COMPARABLE MARKET RENT - The amount a potential renter would expect to pay for the proposed units without income restrictions given current and projected market conditions. Comparable market rent is based on a regression analysis for the market area. Factors influencing a property’s potential to achieve the comparable market rent include the number of units at that rent, the step-up base at that rent level and the age and condition of the property and its competitors. (Source: HUD)

COMPARABILITY STUDY – Also known as the Rent Comparability Study (RCS). A method of estimating market rent for the Section 8 units in the subject property. The appraiser derives an indicated (market) rent by comparing the Section 8 units with similar, but unsubsidized properties, applying the appropriate units of comparison and making adjustments as appropriate to the comparable rents. The results should then be correlated into an indicated market rent. The study must include all Section 8 units in the subject property. (Source: HUD)

COMPARABILITY ANALYSIS – These analysis summarizes the results of the Comparability Study, however, only those unit types in the expiring contract will be considered in this report. The report will include an estimate of income generated by the Section 8 unit types as though they were generating as market units. (Source: HUD)

COMMUNITY-BASED NONPROFIT ORGANIZATION – A private nonprofit organization that 1) is organized under State or local laws, 2) provides no part of net income to anyone, and 3) has a long-term record of service in providing or financing quality affordable housing for low-income families through relationships with public entities. (Source: HUD)

CONTRACT RENT - Market rate rents available and obtained in the open marketplace. (Source: HUD)

CONTROL – Direct or indirect power (under contract, equity ownership, the right to vote or determine a vote, or otherwise) to direct the financial, legal, beneficial or other interests of the Owner or purchaser. (Source: HUD)

COOPERATIVE - A kind of rental development in which each tenant household is part owner of the community. Decisions affecting the community are usually made by majority vote of the owners of the units and a portion of the community. Owners share in the development’s communal equity. Owners generally have the option to purchase outright or over time. Government subsidized developments generally offer more favorable terms to the owners.

COTERMINOUS – This term means to bring contracts or stages into alignment so that they expire at the same time. (Source: HUD)

COVERED PROJECT – Any multifamily housing that consists of more than 4 dwelling units and receives project-based Section 8 assistance. (Source: HUD)

CURRENT SECTION 8 RENTS – The rents specified by the Section 8 contract(s). (Source: HUD)

CURRENT SECTION 8 RENT POTENTIAL – The sum of all current Section 8 Rents for the units in the Section 8 contract(s). (Source: HUD)

CURRENT SECTION 8 GROSS RENTS – The Current Section 8 Rents plus the applicable Utility Allowance, if any. (Source: HUD)

CURRENT SECTION 8 GROSS RENT POTENTIAL – The sum of all Current Section 8 Gross Rents under the Section 8 contract(s). (Source: HUD) DEC – Department of Enforcement Center (Source: HUD)

DENSITY - The number of apartment units per acre allowable by the governing zoning laws of the community.

ECONOMIC VACANCY - An existing unit that is not collecting rent. Economic vacancies include a manager’s unit, model units, units under rehabilitation, units being prepared for new tenants and discounted units. (Source: HUD)

EHS – Exigent Health and Safety (Source: HUD)

ELIHPA – Emergency Low-Income Housing Preservation Act (Source: HUD)

ELIGIBLE MULTIFAMILY HOUSING PROJECT – A property that consists of more than 4 dwelling units and receives project-based assistance. (Source: HUD)

EMPTY-NESTER - An older adult who is generally aged 55 years old or older that typically does not have, or no longer has, any children under the age of 18 residing within the household.

ENHANCED VOUCHERS – Vouchers that are worth the market value of the unit, provided that the Local Housing Authority approves the rent as reasonable. These enhanced vouchers can only be used in opt-outs and prepayments. (Source: HUD)

ENTRY IMPACT - A prospective tenant’s perception of a unit’s open space for living comfort as a first impression.

EXTERNAL MOBILITY - Households moving into a market area from distances beyond the defined market areas(s).

EXPIRING CONTRACT - Project-based assistance contract attached to an eligible multifamily housing project which, under the terms of the contract, will expire. (Source: HUD)

FAIR MARKET RENT (FMR) - The maximum gross rent that may be assessed for the units of projects participating in the HUD Section 8 Program. (Source: HUD)

FEDERAL RENT ASSISTANCE - The rental assistance provided by federal programs such as HUD funds which has several rental assistance programs including (1) public housing which is low income housing that is actually operated by the local or regional housing authority; (2) Section 8 in which the housing authority gives the tenant a certificate or voucher that says the government will subsidize the rent payments allowing the tenant to find their own housing; and (3) privately owned subsidized housing where the government provides subsidies directly to the owner who then applies those subsidies to the rents charged to low-income tenants. There are other federal rental programs such as the Department of Agriculture’s rural rental assistance program, home improvement and repair loans and grants, and self-help housing loans to low-income individuals and families.

FIELD SURVEY - The examination of the proposed development site and each existing rental development in the market area that is described in the market report. A site analyst employed by FielderGroup Market Research conducts the field survey.

FINAL COMPARABLE MARKET RENTS – The rents that will be used by HUD as the comparable market rents for determining rent increases under the Mark-Up-To-Market Procedure. The Final Comparable Market rents will be set based on the comparison of the Owner Comparable Market Rents and the HUD Comparable Market Rents. (Source: HUD)

FINAL COMPARABLE RENT POTENTIAL – The sum of all Final Comparable Market Rents for units in the Section 8 contract(s). (Source: HUD)

FINAL COMPARABLE GROSS RENTS – The Final Comparable Market Rents plus the applicable Utility Allowance, if any. (Source: HUD)

FINAL COMPARABLE GROSS RENT POTENTIAL – The sum of all Final Comparable Gross Rents for units in the Section 8 contract(s). (Source: HUD) FmHA - Farmers Home Administration, more currently called Rural Housing Services (RHS) and formerly called RECD.

FMR POTENTIAL – The sum of FMRs for all units in the Section 8 contract(s). (Source: HUD)

GARDEN UNIT - A multifamily apartment unit with living and sleeping space located on the same floor even though the unit may be contained in a multi-story building.

GOVERNMENT SUBSIDIZED - Rental units that receive government agency funding for rent or operating expenses on a monthly basis. Government subsidy programs include HUD Section 8 and HUD Section 236, FmHA/RHS Section 515, and other programs sponsored by local housing authorities or agencies. Typically tenants are charged a percentage of their adjusted gross income that is usually 30% as rent if the tenant is unable to pay the stated rental amount for the unit.

GROSS RENT - The rent paid for an apartment unit adjusted to include all utilities.

HA- Housing Authority HAP – Housing Assistance Payment (Source: HUD)

HAP CONTRACT – A housing assistance payments contract between HUD (or the Housing Agency) and the Owner. HUD (or the housing agency) pays housing assistance payments to the Owner in accordance with the HAP contract. (Source: HUD)

HISTORIC TAX CREDIT - A federal program administered by designated State housing agencies that provides income tax credits to investors who restore old or historic buildings in designated areas. This is a separate program from the Low-Income Housing Tax Credit program (LIHTC). See Tax Credit.

HOUSING DEMAND - The demographic statistical analysis of the market area’s existing housing supply compared to the projected demand for housing.

HUD - The United States Department of Housing and Urban Development, which administers several, subsidized housing programs in the US, primarily in urban areas.

HUDCAPS – PIH’s Accounting System (Source: HUD)

HUD Comparable Market Rents – The rents specified by the comparability study performed by the HUD appraiser. (Source: HUD)

HUD Comparable Rent Potential – The sum of all HUD Comparable Market Rents for the units in the Section 8 contract(s). (Source: HUD)

HUD COMPARABLE GROSS RENTS – The HUD Comparable Market Rents plus the applicable utility allowances, if any. (Source: HUD)

HUD COMPARABLE GROSS RENT POTENTIAL – The sum of all HUD Comparable Gross Rents for the units in the Section 8 contract(s). (Source: HUD)

HUD SECTION 236 FAIR MARKET RENTAL CHARGE – The rental charge in a Section 236 project based upon operating it with payments to principal and interest under the actual mortgage interest rate, and also including payment of the mortgage insurance premium. (Source: HUD)

HUD SECTION 8 CERTIFICATE - A federal designation for low-income households enabling the qualified households to obtain rent subsidies. The local housing authorities administer this program. Qualified households must pay 30% of their adjusted gross income or 10% of their gross income or the portion of welfare designated for housing, whichever is greatest. The owner of the apartment unit is compensated for the difference between the amount the qualified low-income tenant is able to pay and the amount of the area Fair Market Rent. Qualified housing units must meet HUD guidelines. Subsidies may also be project based whereby the project earns the rent subsidy by renting the unit to qualified low-income households. (Source: HUD)

HUD SECTION 8 VOUCHER - Similar program of rent subsidies as for the HUD Section 8 Certificates, except that, in this case, the voucher holders may select the housing provided that it meets certain HUD requirements. Qualified households pay 30% of their adjusted gross income or 10% of their gross income, whichever is greater. The owner of the housing unit is paid the difference between what the qualified householder pays and the area Payment Standards, but they are not responsible for paying the difference between the charged rent and the Payment Standard. (Source: HUD)

INTERNAL MOBILITY - Rental households in a market area that change residences within a market area.

INTEREST SUBSIDY ADJUSTMENT FACTOR – The Interest Subsidy Adjustment Factor is the Annual Capped Comparable Gross Rent Potential minus the Annual Eligible Interest Subsidy, all divided by the annual Capped Comparable Gross Rent Potential. (Source: HUD)

INITIAL RENEWAL – The first renewal of a project’s contract or stage that is processed under Section 524 of MAHRA. (Source: HUD)

LIHPRHA – Low-Income Housing Preservation and Resident Homeownership Act LIHTC – Low Income Housing Tax Credit program; also known as HTC or Housing Tax Credit program (See Tax Credit) LMSA – Loan Management Set Aside (Source: HUD)

MAHRA – Multifamily Assisted Housing Reform and Affordability Act of 1997.

MARKET RENT - The amount that a potential tenant could expect to pay for the same apartment unit if that unit did not have income restrictions imposed upon it under the regulations of the Low Income Housing Tax Credit (LIHTC) Program; or by any other federally funded program that limits the amount of income of the household leasing each apartment unit.

MAXIMUM ALLOWABLE INCOME - The highest income a household can earn and still remain eligible for the Low-Income Housing Tax Credit program. The maximum allowable income is defined as 60% of the area’s median household income as defined by the housing agency that administers the tax credit program.

MEDIAN HOUSEHOLD INCOME - The midpoint in the range of household incomes in an area, above which, half of the households in that area have higher incomes and, below which, half of the households have lower incomes.

MEDIAN RENT - The midpoint in the range of rents currently on the market for a unit type where half of the units rent for a higher rate than the median rent and half of the units’ rents for a lower rent than the median rent.

MOBILITY - Mobility describes the movement of households either within the same market area or from outside the market area.

MSA - Metropolitan Statistical Area as defined by the US Census. An MSA includes areas surrounding a place or places based upon population and interaction of the markets.

NET ABSORPTION - The total number of rental units leased within a specified time period adjusting for any turnovers over the leasing period.

NET RENT - The rent paid for an apartment unit adjusted to exclude utility allowances whereby the landlord pays for the water and sewer service and trash removal service, but leaving the tenant to pay for all other utilities associated with each apartment unit.

NEW AUTHORIZED RENTS – For Section 236, Section 221(d) (3) BMIR and Section 515 properties, the rents calculated by following the existing guidance under Handbook 4350.1 Chapter 7 using a budget submitted by the Owner, if any. (Source: HUD)

NEW AUTHORIZED RENT POTENTIAL – The sum of all new Authorized Rents for the units in the Section 8 contract(s). (Source: HUD)

NEW AUTHROIZED GROSS RENTS – The New Authorized Rents plus the applicable utility allowances, if any. (Source: HUD)

NEW AUTHORIZED GROSS RENT POTENTIAL – The sum of all New Authorized Gross Rents for the units in the Section 8 contract(s). (Source: HUD)

NEW SECTION 8 RENTS- The New Section 8 Gross Rents minus the applicable Utility Allowances, if any. (Source: HUD)

NEW SECTION 8 RENT POTENTIAL – The sum of all New Section 8 rents for the units in the Section 8 contract(s). (Source: HUD)

NEW SECTION 8 GROSS RENTS – The new gross rents for the Section 8 contract(s). (Source: HUD)

NEW SECTION 8 GROSS RENT POTENTIAL – The sum of all New Section 8 Gross Rents for the units in the Section 8 contract(s). (Source: HUD)

NHA – National Housing Act

OCAF: OPERATING COST ADJUSTMENT FACTOR – A factor that is established by HUD, which may not be negative that is applied to the existing contract rent (less the portion of the rent that is paid for debt service). (Source: HUD)

OHMAR-LITE/ HAIRCUT- Request for contract renewal without restructuring, with rents marked down to market. (Source: HUD)

OMF – Office of Multifamily Housing

OMHAR – Office of Multifamily Housing Assistance Restructuring OPH – Office of Public Housing

OWNER – Any private person or entity, including a cooperative, and agency of Federal Government, or a public housing agency, having the legal right to lease or sublease dwelling units. (Source: HUD)

OWNER COMPARABLE MARKET RENTS – The rents specified by the comparability study submitted by the Owner. (Source: HUD)

COMPARABLE RENT POTENTIAL – The sum of all Owner Comparable Market Rents for the units in the Section 8 contract(s). (Source: HUD)

OWNER COMPARABLE GROSS RENTS – The Owner Comparable Market Rents plus the applicable Utility Allowances, if any. (Source: HUD)

OWNER COMPARABLE GROSS RENT POTENTIAL – The sum of all Owner Comparable Gross Rents for units under the expiring Section 8 contract(s). (Source: HUD)

PAE: PARTICIPATING ADMINISTRATIVE ENTITY – A public agency (including State housing finance agency or a local housing agency), a nonprofit organization, or any other entity (including a law firm or an accounting firm), or a combination of such entities, that meets the requirements under Section 513(b) of MAHRA. (Source: HUD) PBC- Project-Based Contract PHA – Public Housing Agency PIH – Public and Indian Housing PM – Housing Project Manager POA – Plan of Action

PRIMARY MARKET AREA (PMA) – The geographic area from which a project will most likely draw the majority of its tenants. The primary market area is the main focus of a market study and is not always defined by traditional government boundaries. Primary market areas are defined based on a number of criteria, primarily the characteristics of the rental community in which the project is located.

PROJECT AMENITIES - A listing of the amenities featured in a rental development community including such features and attractions as parking, laundry facilities, recreational facilities such as picnic areas, walking paths, swimming pools, clubhouses or community rooms, exercise rooms or other such added features that enhance the quality of the lives of the residents of the development.

PURCHASER – Any private person or entity, including a cooperative, an agency of the Federal Government, or a public housing agency, that, upon purchase of the project, would have the legal right to lease or sublease the dwelling units in the project, and also means an affiliate of the purchaser. (Source: HUD)

PROJECT-BASED ASSISTANCE – Rental assistance that is attached to a multifamily housing project. (Source: HUD)

QHWRA – Quality Housing and Work Responsibility Act of 1998 RCS - Rent Comparability Study. See Comparability Study.

REAC – Real Estate Assessment Center REMS – Real Estate Management System RENEWAL – Replacement of an expiring Federal rental contract with a new contract under Section 8 of the United States Housing Act of 1937. (Source: HUD)

RENT GAP - The difference in the rental amount charged for each unit type. That is, in a development where the rental rate for a one-bedroom unit is $400 and the rental rate for a two-bedroom unit in the same development is $500, the rent gap is $100.

REPLACEMENT ABSORPTION - The number of tenants needed for a rental development to offset the number of tenants failing to lease a unit as agreed. RHS – Rural Housing Service – 515/8 Projects

SECONDARY MARKET AREA (SMA) - The area from which tenants in addition to the tenants from the secondary market area (>30%) for a project may originate. Not all projects have secondary market areas.

SRO- Single Room Occupancy

STUB CONTRACT – Short-term renewals for less than 12 months, which is designed to protect the tenants and to align multiple contracts or stages in a project. (Source: HUD)

SUBSEQUENT RENEWAL – The renewal of an expiring contract that was initially renewed under 524 of MAHRA. (Source: HUD)

SUBSIDIZED - A government subsidized apartment unit receives payment for all or part of the rent or operating expenses from a government agency. Examples of government subsidy programs are HUD Section 8, HUD Section 202, HUD Section 236, RECD Section 515 and other programs sponsored by local housing authorities or agencies. Typically tenants are charged a percentage of their income (generally 30%) as rent in those cases where the tenant is unable to pay the full rental amount for the unit. (Source: HUD)

TAX CREDIT - The abbreviated name for the Low Income Housing Tax Credit Program (LIHTC) that is designed to provide an incentive to owners developing multifamily rental housing whereby owners and investors in qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability. The allocations of tax credits are used to leverage public, private and other funds in order to keep rents affordable to tenants.

TENANT- BASED ASSISTANCE – Rental assistance that is not project-based assistance, and provides for eligible families to select suitable housing.

TERMINATION – Expiration of the Section 8 contract or an owner’s refusal to renew the contract. (Source: HUD)

TOWNHOUSE UNIT - A multifamily apartment unit with a floor plan located on two or more floors. Generally speaking, the living quarters are separated from the sleeping quarters.

TURNOVER - The number of tenants that terminate the lease agreement in a rental development.

TRACS – Tenant Rental Assistance Certificate System

UNIT AMENITIES - The features that enhance the quality of life for a tenant of that unit including such features as separate entrances, patios or gardens, detached garages, fireplaces, skylights, electronic life support systems and other such features uniquely available to the resident of each unit.

UNIT TYPE - Based on the number of bedrooms whether studio, one-bedroom, two-bedroom, three-bedroom, four-bedroom, etc.

UTILITY ALLOWANCE - The adjustment for utilities not included in the rent in the LIHTC program. The adjustment is used to keep the proposed rents within the maximum gross rent guidelines of the LIHTC program.

USE AGREEMENT – A document governing use and that restricts a project’s rents to a level that is less than market. (Source: HUD)

VACANCY - A vacancy is an apartment unit available for immediate occupancy. Those units occupied by managers or under rehabilitation or renovation are not considered vacant in market reports.