New tax credit rules are established by the US Treasury to increase affordable housing.

By establishing a new tax credit income rule that might qualify more housing projects

extending deadlines for when they must be put into service, the U.S. Treasury took action on Friday to preserve and increase the availability of affordable housing.

The Low-Income Housing Tax Credit's finalised income-averaging rule now permits inhabitants of qualified projects

To have a wider range of income levels by adopting an average rather than fixed restrictions for all units.

The rule makes clear a 2018 statute that Congress passed to provide developers more latitude in their eligibility for the credits.

Previously, to qualify for the tax credit, which can offset up to 70% of an affordable housing project's expenditures


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