Victory Haven Virtual Brochure 0420 - Flipbook - Page 21
How much is the monthly rent? Please see the Resident
Selection Criteria (RSC) for rate information.
What are the income restrictions? Please see the minimum
and maximum income restrictions listed in the RSC.
What is the Low-Income Tax Credit Program? The Federal
Low-Income Housing Tax Credit program was created by the
Tax-Reform Act of 1986 to encourage construction and rehabilitation of housing for low- and moderate-income families. The
law gives states an annual tax credit allocation based on
population and is administered by the Internal Revenue Service (IRS) in accordance with Section 42 of the Internal Revenue Code. Developers can earn these tax credits by constructing affordable housing.
Learn more at: http://dhcd.maryland.gov/HousingDevelopment/Pages/lihtc/default.aspx
What does the Resident Selection
Criteria (RSC) mean by 30%, 40% 50%,
60%? Each percentage number represents
an income maximum that must not be exceeded in order to qualify for that apartment. The number itself (30%, 40%,50%, 60%)
is that percentage amount of the area
median income, otherwise known as AMGI.
Area median gross income is determined by
HUD each year and is a different amount in
different areas and locales. The AMGI is a
bit like an average income for that area.
For example, if the area median gross
income is $50,000 per year, (as determined
by HUD) and your household earns no more
than $30,000 per year, your household may
qualify for a 60% apartment, which has been
set aside for households earning a maximum
of 60% of the area median income (60% of
This percentage number does not indicate
that you will pay the stated percentage of
your income toward rent.