New Law Amends LIHTC Student Rules
By Caitlin Jones & A. J. Johnson
1 min read
PRESIDENT BUSH IN DECEMBER signed into law (P.L. 110-142) a bill (H.R. 3648) containing a provision modifying the student status rules under the low-income housing tax credit program.
Previously, a unit occupied entirely by full-time students wasn’t eligible to be a low-income unit unless: (1) all such full-time students were single parents and their children, and none of the children could be claimed as a dependent of another individual, or (2) the full-time students were married and filed a joint tax return.
The new law permits such children to be dependents of the other parent; they no longer need be dependents of the single parent occupying the unit.
