How it Works

UNDERSTANDING TAX CREDIT COMMUNITIES

These communities are part of the Low Income Housing Tax Credit (LIHTC) program. This program is designed to offer affordable housing to only those individuals whom meet specific income requirements. State housing agencies regulate the process in order to ensure only qualified residents may reside here. There is a strict maximum income requirement which is based on the county’s area median income (AMI) which cannot be exceeded. 

Program regulations require we calculate anticipated total gross household income over the next 12 months. All income and assets go through a verification and audit process which is of the highest standard. 

All income includes:

  • Full Time and Part Time Employment

  • Any Projected Overtime, Bonuses, Increases

  • Child Support

  • Alimony

  • Social Security

  • Social Security Disability

  • Supplemental Security Income

  • Income from assets (Interest, Dividends, etc.)

  • Program Based Assistance

  • Pensions

  • Gifts or Cash Deposits

If projected total gross household income is any amount over the maximum limit, it will result in immediate denial of any application for housing as per IRS and State regulations. In addition to income, Ingerman Management will complete a comprehensive credit, criminal, and prior eviction screening which must be passed in order to continue the process.

Under penalty of perjury, any misrepresentation, falsified documents, or failure to disclose information will result in an immediate denial of your application for housing. It will also result in immediate eviction when discovered after move in.

 

 

HOW THE APPLICATION PROCESS WORKS

Applying for a Tax Credit community can be a time-consuming process. Due to all the requirements and requests, it can sometimes be overwhelming. However, if you are dedicated to the process and are both responsive and accessible during this time, typically it takes about two weeks to be approved if you are qualified. 

We place strict time requirements to submit or provide information so that we may move through the process as quickly as possible. If you do not provide these requests within the time required, you will be removed from the waiting list, and we will begin processing the next person in line.

To help you through this process, we have created this timetable to better educate you on what to expect so that you may prepare yourself ahead of time for any requests.

The application process can be summed in three stages:

1. Pre-qualification

During this stage the applicant will fill out our pre-qualification application, provide us with a government issued photo ID, a non-refundable application fee, and submit formal proof of income (typically paystubs). We will screen your background which includes; credit, criminal, and landlord tenant history. In addition, we will calculate your income using the information on your application and the proof of employment/income you provided. If you pass this process, you move on to stage two. 

2. Intake Interview and Documentation

After you have been pre-qualified, you will be required to schedule a visit to the office within five days with all household members 18+ years of age. During your visit you will bring in all the required documents from your pre-qualification notice and you will take part in an intake interview which will last approximately 60 minutes You will fill out the official tax credit application and review all your information. If any documentation or information has not been received, it will delay the process. You will be required to submit all information within 3 days and may be required to re-visit the office again.

3. Verification and Calculation

The last step of the process is the most time consuming as we need to verify that all information and documentation are accurate and truthful. During this time the applicant should be readily accessible as we may need them to provide additional documents or attend a conference call for verbal verifications.

Once all three stages have been satisfied, you will be required to submit a holding deposit equal to 1 months’ rent. Once received the application will be sent out for review and approval. Once approved you should be prepared to sign the lease as soon as your unit is ready for occupancy, or as soon as inspections/approvals are completed.

We hope this guide was helpful in your understanding of our application process. 

Thank you,

The Ingerman Management Team