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Low-Income Luxury - Your Guide to the Many Affordable Apartments for Rent in Utah   
Heather McKinley-Seymour

Apartments for rent in Utah
Often the first thing one does when searching for a home to rent is assess their income. For many Utahans with large families, liabilities or low wages, this can seemingly be a discouraging task. Utah's economy is increasing and therefore the population is swelling right along with it. This progress is in turn nudging, or rather, shoving the cost of renting an apartment in Utah to levels that are surpassing previous years. Over the past four years, [Utah] has seen the cost of housing, both rental and owner-occupied, rise more that 50 percent and rental vacancy rates drop to 4 percent or less (www.huduser.org/periodicals/pdrperio.html).
As daunting as this may seem, there are countless options for those who simply cannot afford these high rental rates. Realizing that this high cost of living drives away many important, but sadly underpaid community members such as school teachers, factory workers, small business owners and police officers, Utah's legislature has passed the Utah's Moderate Income Housing Law. This law requires communities to design individual strategies so that their low and moderate income inhabitants are encouraged to remain in the area. One of the programs that evolved with this process is the Low Income Housing Tax Credit (LIHTC) program, also known as Section 42 of the Internal Revenue Code.
The tax credit program is quite literally the shining star of the Moderate Income Housing Law. This is because the LIHTC program was created as an incentive for investors and builders to construct or remodel buildings specifically for the low to moderate income population. Because the program provides credits to be used against sizeable tax liabilities, many large and successful corporations are taking part in the tax credit program, building beautiful, and often luxury apartment communities that are desirable to many and affordable for even more. While 'low income' or 'affordable' housing was once met with opposition from developers and communities alike, affordable apartments both in urban and rural areas are showing up all over the state.
The stereotype of the low income family as only one that is destitute with scores of children also no longer stands, since the program supports single adults as well as single parents (and countless other living arrangements); and although the Low Income Housing Tax Credit program does not provide its credits for student, transient or life-care housing, there are exceptions to many of the strict policies. Students (whether primary, secondary or collegiate) are permitted to reside at affordable housing communities so long as they meet the income requirements and there is at least one member of the household that is not a full time student. The tax credit program is also available for designated senior housing, active senior communities or 55+ apartment communities though care beyond social activities, amenities or basic housing is prohibited.
The tax credit program is also specifically designed to promote the growth, welfare, and continued success of the families it assists. For example, as of February 1st, 2006 a one-person household in Salt Lake County, Salt Lake City or Davis County applying for an affordable apartment to rent can make as much as $25,740 per year and still be considered for the tax credit program. Upon re-certification (the following year), that same person can actually make up to $36,036 (140% of the original limit) as the program was intended to encourage families to increase their earnings and advance in their careers with the hope that eventually they will not need government-funded housing assistance.
For information about several apartment communities that employ the Tax Credit Program in the Salt Lake Area, click here: Affordable Apartments for rent in the Salt Lake Valley

Article to continue below----------------------------------------------

Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.

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Article to continue below----------------------------------------------

New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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Heather lives and works in Salt Lake City, UT.

What Other Authors say about Taxes

Purchase a Boat in 2006? It Could Earn You A Tax Deduction by Brandon Bissell

Purchase a Boat in 2006? It Could Earn You A Tax Deduction!If you purchased a boat in 2006, the sales tax paid could be deductible from your income taxes. The American Jobs Creation Act of 2004 gave taxpayers...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

Advice on Internal Revenue Service Audits by Roni Deutch

It is important to keep in mind that the IRS computer system selects the returns that are audited, not human employees. The computer system selects returns that are likely to yield the most money to the...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Tax Invoice by Max Plata

A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...

Utilizing Tax Tips by Carl LaFresnaye

Tax tips can be found from a variety of different sources, but individuals must be careful to determine whether those sources are professional and legitimate or if they are from average people who are...

Sources Of Tax Deductions by Carl LaFresnaye

Taxes are expensive! And though we don't mind paying “our fair share,” everyone is happy when they find a way to reduce their taxes. One of the simplest ways to reduce the taxes you will owe is to have...

Minister's Housing Allowance by Alan D Campbell

Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....

Income Tax Return Filing 101 by Glenn McDonald

The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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Index of Articles about Taxes

What Other Authors say about Taxes

Purchase a Boat in 2006? It Could Earn You A Tax Deduction by Brandon Bissell

Purchase a Boat in 2006? It Could Earn You A Tax Deduction!If you purchased a boat in 2006, the sales tax paid could be deductible from your income taxes. The American Jobs Creation Act of 2004 gave taxpayers...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

Advice on Internal Revenue Service Audits by Roni Deutch

It is important to keep in mind that the IRS computer system selects the returns that are audited, not human employees. The computer system selects returns that are likely to yield the most money to the...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Tax Invoice by Max Plata

A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...

Utilizing Tax Tips by Carl LaFresnaye

Tax tips can be found from a variety of different sources, but individuals must be careful to determine whether those sources are professional and legitimate or if they are from average people who are...

Sources Of Tax Deductions by Carl LaFresnaye

Taxes are expensive! And though we don't mind paying “our fair share,” everyone is happy when they find a way to reduce their taxes. One of the simplest ways to reduce the taxes you will owe is to have...

Minister's Housing Allowance by Alan D Campbell

Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....

Income Tax Return Filing 101 by Glenn McDonald

The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...