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There’s a narrower definition of excluded income now.
Low-income housing tax credit law requires site owners to use HUD’s Section 8 rules when calculating household income. According to Treasury Regulations §1.42-5(b)(1)(vii), “Tenant income is calculated in a manner consistent with the determination of annual income under Section 8 of the U.S. Housing Act of 1937.” Given this requirement, understanding how Housing Opportunity Through Modernization Act (HOTMA) provisions affect income calculations is crucial.
