Printable Form 8823 New Hampshire 2023-2025

Printable Form 8823 New Hampshire: What You Should Know

See how this tax credit works by looking at this example of a HUD project: The housing for the elderly is owned by the State's Housing and Home Ownership Finance Board. All qualified households at the property are assigned a value based on the total sales price, including the value of the building, for the property. In general, if a house is on the market at a price that is greater than 50 percent of its original cost, a qualified home or a small apartment unit may be acquired, but such a sale is not guaranteed. The Board takes into account market value, the age of the occupants, the needs of the occupants, and the condition of the property, and decides that the property merits purchase through the Low Income Housing Tax Credit Program. This project was created for elderly people at risk of foreclosure due to the lack of affordable housing in the community. Since all eligible low-income residents are assigned a value equal to the sales price, the housing is a qualified housing unit. In general, one unit per household is available. Disposal of a housing unit must be documented to determine eligibility. If you determine through the documentation required that a property is no longer accessible to qualified households, you can be charged a 10 percent fee as compensation for the cost to dispose of property on this list.

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