Board of Housing Multifamily Program

Low Income Housing Tax Credit Program

Written or e-mail comments will be accepted until July 11, 2009. Public comments may be presented to the Board at 8:30 am July 13th at the Riverside Holiday Inn, Missoula MT.

NEW~ 2010 QAP Draft


Most recent QAP Amendment

Anyone interested in the Tax Credit Assistance Program or the Tax Credit Exchange Program, please immediately contact Gerald Watne at 406-841-2838 or Mary Bair at 406-841-2845.

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The low income housing tax credit is available under Section 42 of the Internal Revenue Code of 1986. The credit is a federal income tax credit for owners of qualifying rental housing which meets certain low income occupancy and rent limitation requirements. The credit is taken as a reduction in participants tax liability over a 10 year period. The credit can also be sold to investors to act as a financing source.

Except for certain buildings substantially financed with tax-exempt bonds, an owner must first obtain a credit allocation from the appropriate state agency before claiming the tax credit. The amount of tax credit which may be allocated annually for housing within each state is limited to $1.95 per state resident. The Montana Board of Housing (MBOH) is the state agency which allocates the tax credit for housing located in Montana.

The Board will provide fixed rate mortgages for low income rental housing which meet underwriting eligibility and receive approval of HUD mortgage insurance.

Total Tax Credits allocated for year 2008 are $2,325,000. There are $232,500 of new Tax Credits made available through the Housing and Economic Recovery Act of 2008.