Purpose of this Guidebook

When developers seek financial resources for affordable rental housing development, many combine funds generated through the Low-Income Housing Tax Credit (LIHTC) offered by the Internal Revenue Service with housing block grant funds provided through the HOME Investment Partnerships (HOME) Program administered by the U.S. Department of Housing and Urban Development (HUD). This publication, HOME and the Low-Income Housing Tax Credit Guidebook, provides technical guidance to HOME Program Participating Jurisdictions (PJs) on how to assess these HOME-LIHTC applications, and how to comply with the requirements of both programs for the successful development of affordable multifamily rental projects.

While HUD has made every effort to describe the requirements of the Internal Revenue Code accurately, HUD does not have oversight of the LIHTC. PJs are cautioned that they must consult with legal and tax counsel or the Internal Revenue Service when providing HOME funds to a project funded with LIHTC to ensure that they understand the most accurate and up-to-date tax code requirements. PJs should also contact their state’s Low-Income Housing Tax Credit allocating agency.

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