What is the Low-Income Housing Tax Credit Program (LIHTC)?

The Low-Income Housing Tax Credit Program is a federal initiative designed to encourage the development and rehabilitation of affordable rental housing for low and moderate income households.

Communities with such programs most often have lower rent than other neighboring properties in the area if an applicant’s annual income meets the requirements. In exchange for this rent advantage, owners receive a subsidy (in the form of tax credits) that offsets a portion of the buildings’ cost.

How Does this Program Benefit our Residents?

For qualifying households, the rent amount charged is sometimes lower than that of conventional market rate communities of comparable size and features. Additionally, programs such as LIHTC; support seniors, people with disabilities, veterans and at-risk individuals with their long-term affordability.

How are Income & Rent Limits Determined?

The Income Limits for our community are based on the Area Median Income (AMI) for the geographic area. This is evaluated by HUD and may change on an annual basis.

The Rent Limits are determined based on the number of bedrooms, not the number of applicants. Rental rates are based on a percentage of the Area Median Income (AMI), which allows eligible residents to pay a lower percentage of rent than at a conventional market rate community.

Newsome Homes Income Limits

Newsome Homes is an affordable housing community with income restrictions. Please verify that you qualify based on the following guidelines. This property has a minimum household income requirements of 2.5 times the monthly rent amount to qualify.

Total household income must be UNDER the following limits based on household size:

• 1 Occupant:    $46,380   
• 2 Occupants: $52,980
• 3 Occupants: $59,580
• 4 Occupants: $66,180

Max rent limits:

• 1 Bedroom: $1,122
• 2 Bedroom: $1,315

Housing vouchers from local housing authorities are accepted

What is Included in the Income Calculation?

Income Sources include the following but are not limited to:

• Child Support & Social Security
• Wages of Bonuses/Tips/Commissions
• Monetary Gifts
• Unemployment Income
• Income resulting from Assets & Investments

What would Prevent a Household from Qualifying?

• Not meeting the annual household income requirements
• Not meeting all areas of the tenant selection plan
• An applicant may be denied housing based on criminal history if their record includes convictions that suggest a potential risk to the safety and well-being of other residents or the property. Disqualifying offenses may include violent crimes, drug trafficking, sexual offenses, or property-related crimes such as arson or burglary. Each case is reviewed individually, considering the nature of the offense, how much time has passed, and evidence of rehabilitation
• An applicant may be denied housing based on rental history if there is evidence of serious lease violations, repeated late or unpaid rent, property damage, or prior evictions for cause. A poor rental history may indicate a risk to the landlord’s property or to the quiet enjoyment of other tenants. Each application is considered individually, with attention to the circumstances and any steps the applicant has taken to resolve past issues
• If all members of the household are, or become, full-time students at any time during the residency and do not meet the accepted exemptions
• Exemptions Include:

• A student receiving assistance under Title IV of the Social Security Act (TANF); or
• A student who was previously in the foster care program; or
• A student enrolled in a job training program receiving assistance under the Job Training Partnership Act or under the other Federal, State or local laws; or
• The household is comprised of single parents and their children and such parents are not dependents of another individual and such children are not dependents of another individual other than a parent of such children.
• The household is married and eligible to file a joint tax return.

Is this an Annual Process?

You may be required to -recertify your income annually. Please reach out to the property directly for the specific program requirements.

How Often will my Rent Change?

HUD releases new income and rents limits annually. Your rent may increase based on the new limits established from HUD