Qualified Contract Application - Arizona

Qualified Contract Application is a legal document that was released by the Arizona Department of Housing - a government authority operating within Arizona.

FAQ

Q: What is a Qualified Contract Application in Arizona?A: A Qualified Contract Application is a request to the Arizona Department of Revenue to purchase the tax credits associated with a low-income housing property.

Q: How do I apply for a Qualified Contract in Arizona?A: To apply for a Qualified Contract in Arizona, you need to submit a completed application to the Arizona Department of Revenue.

Q: What are the requirements for a Qualified Contract Application in Arizona?A: The requirements for a Qualified Contract Application in Arizona include providing information about the low-income housing property, the proposed purchase price for the tax credits, and proof of financing.

Q: How long does it take to process a Qualified Contract Application in Arizona?A: The processing time for a Qualified Contract Application in Arizona varies, but it usually takes several months to complete the evaluation and approval process.

Q: Can I sell the tax credits associated with a low-income housing property in Arizona?A: Yes, you can sell the tax credits associated with a low-income housing property in Arizona by submitting a Qualified Contract Application to the Arizona Department of Revenue.

Q: What happens after my Qualified Contract Application is approved in Arizona?A: Once your Qualified Contract Application is approved in Arizona, you can proceed with the purchase of the tax credits and use them to offset your state tax liability.

Q: Can I apply for a Qualified Contract for a low-income housing property outside of Arizona?A: No, a Qualified Contract Application is specific to Arizona and cannot be used for low-income housing properties in other states.

Q: Are there any fees associated with applying for a Qualified Contract in Arizona?A: Yes, there are fees associated with applying for a Qualified Contract in Arizona. The exact fees depend on the size and complexity of the project.

Q: Can I apply for a Qualified Contract as an individual or do I need to be a corporation?A: Both individuals and corporations can apply for a Qualified Contract in Arizona, as long as they meet the eligibility criteria and requirements.

Q: What is the purpose of the Qualified Contract program in Arizona?A: The purpose of the Qualified Contract program in Arizona is to encourage investment in affordable housing by allowing developers to sell the tax credits associated with low-income housing properties.