Rick spends $750,000 to build a qualified low-income housing project, which is placed in service on January 1, 2019.
He financed the project using his personal funds.What is the amount of the low-income housing credit that Rick may claim in 2019 (assuming a rate of 7.40%)? What is the total amount of the credit that Rick may claim as a result of the $750,000 expenditure?

Question

Quizplus · Accepted Answer

The Answer of Rick spends $750,000 to build a qualified low-income housing project, which is placed in service on January 1, 2019.
He financed the project using his personal funds.What is the amount of the low-income housing credit that Rick may claim in 2019 (assuming a rate of 7.40%)? What is the total amount of the credit that Rick may claim as a result of the $750,000 expenditure?

Rick Spends $750,000 to Build a Qualified Low-Income Housing Project