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ADFA Form 603 LIHTC Lease Addendum - Income Limits - Arkansas
What Is ADFA Form 603?
This is a legal form that was released by the Arkansas Development Finance Authority - a government authority operating within Arkansas. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is ADFA Form 603?
A: ADFA Form 603 is the LIHTC Lease Addendum - Income Limits form used in Arkansas.
Q: What is LIHTC?
A: LIHTC stands for Low-Income Housing Tax Credit, which is a federal program that provides tax incentives to developers of affordable housing.
Q: What is the purpose of the LIHTC Lease Addendum - Income Limits?
A: The purpose of the LIHTC Lease Addendum - Income Limits is to establish the income limits that a tenant must meet in order to be eligible for a LIHTC-funded rental unit.
Q: Why are income limits important for LIHTC-funded rental units?
A: Income limits are important for LIHTC-funded rental units because they ensure that the units are affordable to individuals and families with low to moderate incomes.
Q: Who is required to complete ADFA Form 603 LIHTC Lease Addendum - Income Limits?
A: Both landlords and tenants are required to complete ADFA Form 603 LIHTC Lease Addendum - Income Limits.
Q: What happens if a tenant's income exceeds the income limits stated in the LIHTC Lease Addendum?
A: If a tenant's income exceeds the income limits stated in the LIHTC Lease Addendum, they may no longer be eligible to continue renting the LIHTC-funded unit.
Q: Can the income limits be adjusted annually?
A: Yes, the income limits for LIHTC-funded rental units can be adjusted annually based on changes in the Area Median Income (AMI).
Q: Are there any penalties for providing false information about income?
A: Yes, providing false information about income may result in termination of the lease agreement and potential legal consequences.
Q: Are there any exceptions to the income limits?
A: There may be certain exceptions to the income limits for specific circumstances, such as reasonable accommodation for tenants with disabilities.
Form Details:
- Released on January 1, 2021;
- The latest edition provided by the Arkansas Development Finance Authority;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of ADFA Form 603 by clicking the link below or browse more documents and templates provided by the Arkansas Development Finance Authority.
