I'm in the process of evaluating a low income housing tax credit property for potential investment. I'm having trouble estimating rent b/c its dependent on the utility allowance.
How do I found out the utility allowance for this property (or for my county/city??)? The prop is in Raleigh, North Carolina (Wake County). I'm not finding any info off Google. Or is the utility allowance dependent on the tenant's income? Would the housing authority set the utility allowance after receiving paperwork from me? Thanks in advance.
Or, is the "utility allowance" mainly left up to the owner's 'discretion' and the local housing authority won't penalize or shut you down as long as your rent seems fair for the tenant's income?
I'm getting a sense that this is how it really works, depending on whether or not folks at the local housing authority are hard-@sses (please excuse my french).
@Simcha Davidman I didn't find out much information about utility allowances... But I have enough of an understanding to give me the confidence to go for another LIHTC property if I wanted to. And I did purchase the property.