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Most properties operate under the project-based Section 8 program Housing Assistance Payment (HAP) contracts; some receive Interest Reduction Payments (IRPs), and all include four percent tax credits (subject to Low-Income Housing Tax Credit regulations). Housing assistance payments made to low-income members of an Indian tribe have been held by the IRS to be in the nature of general welfare payments and not includible in the recipient's gross income. The affirmation reflects the adequacy of projected net rental revenue stemming from the availability of Housing Assistance Payment ( |
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