Posted by Ronald * Starr(in No CA) on September 06, 2003 at 24:27:09:
Forget it. I read the material put out by the government about the program many years ago. You can only deal with that program if you have an attorney and an accountant who are dedicated to it. The paperwork is horrendous. There are exceptions to the exceptons to the expections. And I’m not kidding. I had an extremely hard time trying to understand what they were saying. And I’m a college graduate. I’d guess there are probably attorneys that could not understand it.
FOr three properties? Nope. Not worth it at all.
Besides, while it took a while after it started for people to learn about it, the bigger operators discovered it and get all the government allowcations under the program. There are limited amounts available in each state every year. The states are oversubscribed with organizations that want to get in on this great deal. You chances are less than nil, in my opinion.
If you check around in your state government, however, you will find the office handling the allocations and you can get the bad news directly from them. Hmmm. Probably a google search on the state name and “low income tax credit” might get you there in a hurry.
Good Investing***Ron Starr