Housing credit dollar amount for agencies

Official source

(A) In general The aggregate housing credit dollar amount which a housing credit agency may allocate for any calendar year is the portion of the State housing credit ceiling allocated under this paragraph for such calendar year to such agency.

(B) State ceiling initially allocated to State housing credit agencies Except as provided in subparagraphs (D) and (E), the State housing credit ceiling for each calendar year shall be allocated to the housing credit agency of such State. If there is more than 1 housing credit agency of a State, all such agencies shall be treated as a single agency.

(C) State housing credit ceiling The State housing credit ceiling applicable to any State for any calendar year shall be an amount equal to the sum of— (i) the unused State housing credit ceiling (if any) of such State for the preceding calendar year, (ii) the greater of— (I) $1.75 multiplied by the State population, or (II) $2,000,000, (iii) the amount of State housing credit ceiling returned in the calendar year, plus (iv) the amount (if any) allocated under subparagraph (D) to such State by the Secretary. For purposes of clause (i), the unused State housing credit ceiling for any calendar year is the excess (if any) of the sum of the amounts described in clauses (ii) through (iv) over the aggregate housing credit dollar amount allocated for such year. For purposes of clause (iii), the amount of State housing credit ceiling returned in the calendar year equals the housing credit dollar amount previously allocated within the State to any project which fails to meet the 10 percent test under paragraph (1)(E)(ii) on a date after the close of the calendar year in which the allocation was made or which does not become a qualified low-income housing project within the period required by this section or the terms of the allocation or to any project with respect to which an allocation is cancelled by mutual consent of the housing credit agency and the allocation recipient.

(D) Unused housing credit carryovers allocated among certain States (i) In general The unused housing credit carryover of a State for any calendar year shall be assigned to the Secretary for allocation among qualified States for the succeeding calendar year. (ii) Unused housing credit carryover For purposes of this subparagraph, the unused housing credit carryover of a State for any calendar year is the excess (if any) of— (I) the unused State housing credit ceiling for the year preceding such year, over (II) the aggregate housing credit dollar amount allocated for such year. (iii) Formula for allocation of unused housing credit carryovers among qualified States The amount allocated under this subparagraph to a qualified State for any calendar year shall be the amount determined by the Secretary to bear the same ratio to the aggregate unused housing credit carryovers of all States for the preceding calendar year as such State’s population for the calendar year bears to the population of all qualified States for the calendar year. For purposes of the preceding sentence, population shall be determined in accordance with section 146(j). (iv) Qualified State For purposes of this subparagraph, the term “qualified State” means, with respect to a calendar year, any State— (I) which allocated its entire State housing credit ceiling for the preceding calendar year, and (II) for which a request is made (not later than May 1 of the calendar year) to receive an allocation under clause (iii).

(E) Special rule for States with constitutional home rule cities For purposes of this subsection— (i) In general The aggregate housing credit dollar amount for any constitutional home rule city for any calendar year shall be an amount which bears the same ratio to the State housing credit ceiling for such calendar year as— (I) the population of such city, bears to (II) the population of the entire State. (ii) Coordination with other allocations In the case of any State which contains 1 or more constitutional home rule cities, for purposes of applying this paragraph with respect to housing credit agencies in such State other than constitutional home rule cities, the State housing credit ceiling for any calendar year shall be reduced by the aggregate housing credit dollar amounts determined for such year for all constitutional home rule cities in such State. (iii) Constitutional home rule city For purposes of this paragraph, the term “constitutional home rule city” has the meaning given such term by section 146(d)(3)(C).

(F) State may provide for different allocation Rules similar to the rules of section 146(e) (other than paragraph (2)(B) thereof) shall apply for purposes of this paragraph.

(G) Population For purposes of this paragraph, population shall be determined in accordance with section 146(j).

(H) Cost-of-living adjustment (i) In general In the case of a calendar year after 2002, the $2,000,000 and $1.75 amounts in subparagraph (C) shall each be increased by an amount equal to— (I) such dollar amount, multiplied by (II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 2001” for “calendar year 2016” in subparagraph (A)(ii) thereof. (ii) Rounding (I) In the case of the $2,000,000 amount, any increase under clause (i) which is not a multiple of $5,000 shall be rounded to the next lowest multiple of $5,000. (II) In the case of the $1.75 amount, any increase under clause (i) which is not a multiple of 5 cents shall be rounded to the next lowest multiple of 5 cents.

(I) Increase in State housing credit ceiling for calendar years after 2025 In the case of calendar years beginning after December 31, 2025 , each of the dollar amounts in effect under clauses (I) and (II) of subparagraph (C)(ii) for any calendar year (after any increase under subparagraph (H)) shall be increased by multiplying such dollar amount by 1.12.

Housing credit dollar amount for agencies

Official source

(F) State may provide for different allocation Rules similar to the rules of section 146(e) (other than paragraph (2)(B) thereof) shall apply for purposes of this paragraph.

(G) Population For purposes of this paragraph, population shall be determined in accordance with section 146(j).

- 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