For tax years beginning on or after January 1, 2001 an income tax credit is available for owners of qualified low-income housing developments that receive a credit allocation from CHFA before December 31, 2002.
The credit is allocated by the Colorado Housing and Finance Authority (CHFA), which can be reached at (303) 297-2432 or (800) 877-2432. The credit will not exceed 30% of the qualified basis of the development and will be allocated only to the extent necessary for the financial feasibility of the development. All credits must be allocated by CHFA by December 31, 2002. A copy of the Colorado State Low-Income Housing Tax Credit Allocation Certificate that is issued by CHFA must be attached to the Colorado income tax return that claims the credit.
For more information, please see FYI Publication 46