What is the minimum lease duration for LIHTC tenancy?

The minimum lease duration for Low-Income Housing Tax Credit (LIHTC) tenancy is six months. This guideline is established to promote stability and ensure that tenants have a reasonable time to settle into their homes. A minimum lease term of six months helps prevent frequent turnover, which can be disruptive for both the residents and the management of LIHTC properties.

This requirement is also designed to protect tenants by providing a safeguard against sudden and unexpected eviction, allowing them a longer period to budget and plan for their housing situation. The six-month minimum strikes a balance between the needs of both landlords and tenants, ensuring that properties remain stable and that tenants have sufficient time to establish residency without the constant worry of relocation.

When considering the other duration choices, options like three months and one year do not align with the established guidelines for LIHTC; three months is too short to provide the necessary stability, while one year, although beneficial, exceeds the minimum requirement. Two years is also longer than what is mandated, making it unnecessary in this context.