What is required before renting out a vacant market unit at a LIHTC site?

Before renting out a vacant market unit at a Low-Income Housing Tax Credit (LIHTC) site, it is crucial to make reasonable attempts to rent vacant LIHTC units. This requirement is in place to ensure compliance with the regulations governing LIHTC properties, which are designed to provide affordable housing to low-income individuals and families.

The primary objective of the LIHTC program is to support the construction and operation of affordable housing. Thus, it is essential for property owners to prioritize filling these low-income units before leasing market-rate units. By actively seeking tenants for the LIHTC units, owners fulfill their commitment to maximizing occupancy in affordable housing and maintaining eligibility for the tax credits they receive.

The other options, while they may contain pertinent actions in different contexts, do not align directly with the specific requirements outlined for LIHTC properties. For instance, while local authorities must often be informed or provide certain approvals for various property management decisions, the key regulatory focus here is on the LIHTC units themselves. Notifying current tenants may be important in some scenarios, but it does not address the requirement of prioritizing the occupancy of LIHTC units before considering market-rate rentals. Lastly, assessing property value is typically part of broader financial or