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Budget Legislation Making Changes to District of Columbia LIHTC Takes Effect
District of Columbia budget legislation that includes a tax exemption for low-income housing tax credit (LIHTC) properties owned or controlled by nonprofit organizations is now law. B24-285 also includes provisions to exempt LIHTC housing from property tax and payment in lieu of tax if is developed on property that has been awarded a grant or loan from the Housing Production Trust Fund or other District government low-income housing financing assistance programs to provide affordable housing to householders earning no more than 80% of the adjusted median income. The legislation makes slight changes to the requirements for a property owner to transfer, sell or assign a District of Columbia LIHTC to another taxpayer.
Learn more about the LIHTC with the 2021 edition of the Novogradac Low-Income Housing Tax Credit Handbook.