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When someone agrees to rent or lease an apartment, he signs a lease or rental agreement outlining the terms of the agreement. It’s a legally binding contract between the tenant and the owner that details the rights and responsibilities of each party. Unlike a typical market-rate apartment, a tax credit site or unit participates in the federal Low Income Housing Tax Credit (LIHTC) program. This means the provisions of Section 42 of the Internal Revenue Code (IRC) are applicable to the lease.
