Excluding Garages from Eligible Basis Calculations, Gross Rent

Excluding Garages from Eligible Basis Calculations, Gross Rent



Facts: The “eligible basis” of a project is the cost of acquiring an existing building if there is one (but not the cost of the land), plus construction and other construction-related costs to complete the project. This number is then multiplied by the percentage of the units that are “low income” to determine the project's “qualified basis” that actually qualifies for the credit.

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