Renters living in Low Income Housing Tax Credit (LIHTC - Section 42) units pay a fixed rent amount.
The rent amounts are often similar to other market rate units in the area. However, the LIHTC buildings often have much nicer amenities than market rate units renting for a similar price.
These units are income restricted, and also accept Housing Choice Vouchers (Section 8).
Low Income Housing Tax Credit properties are operated by management companies. Each property manages their own wait list.
There are often openings at these properties. If there is a wait list, it features a moderate wait time. It is common to wait about 6 months on a list.
With tax credit properties the subsidy stays with the building. There are also numerous eligibility requirements, like income restrictions, so prepare for a lengthy application process. Renters are also required to recertify each year.
