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Every tax credit site must meet and maintain a “minimum set-aside” throughout the 15-year compliance period to qualify for the tax credit program. To meet the set-aside, you must rent a certain percentage of the units in your building or site to qualified low-income households.
All tax credit owners must formally notify the IRS of their minimum set-aside election for their building or site when they file IRS Form 8609. If an owner doesn’t elect a set-aside on this form, all the tax credits the owner was allocated for its site may be lost.
