Bachand Group is well versed in the very complex world of tax credits and Section 42 of the IRS Code. Our team of professionals has experienced all areas of tax credit implementation over the last several years. Our staff continues to work on tax credit development, consulting, and managing in this ever changing world of governmental housing. We bring experience at all levels of the tax credit program and currently work with many different syndicators on the purchase and management of tax credit properties. Bachand Group’s ability to understand the tax credit market continues to bring success to the properties currently under our management.
The Low Income Housing Tax Credit program was created in 1986 to give incentives to private equity investors to develop affordable housing aimed at low-income Americans. Tax credits are usually sold to corporations who use them as a dollar for dollar reduction of their federal income tax. The low income tax credit process will typically start with a developer proposing a project to a state agency, then seek and win an allocation of tax credits, next complete the project, thirdly certify the cost of the project and finally rent the complex to low income residents. Simultaneously, an investor will be found that will make a capital contribution to the partnership in exchange for the allocated tax credits. Bachand Group understands this very complicated world of tax credits and excels at the management of this type of property. The rules and laws associated with Section 42 of the IRS Tax Code are very hard to understand and should be left to professionals that are well versed in this area. Our staff has the training and knowledge to follow these projects through and keep our clients' investments in compliance with the regulations for the duration of their partnership. |
