Detailed guidance through the complex body of laws, regulations, and judicial decisions concerning the low-income tax credit (LIHC). Analyzes the credits history, including prior law, technical corrections, and the Tax Reform Act of 1986. Discusses who can use the credit, complex tax aspects, and the interaction of the credit with securities laws. Examines property management aspects of the LIHC, and its appraisal process. Provides a sample financial model and forecast, IRS forms, listings of state allocation authorities and state LIHC tax incentives, and a LIHC checklist. Incudes a glossary of LIHC terminology, and the latest IRS and HUD rulings.