Which of the following is a key requirement for property rehabilitation to qualify under LIHTC?

For property rehabilitation to qualify under the Low-Income Housing Tax Credit (LIHTC) program, one of the essential requirements is exceeding established expenditure thresholds. This stipulation ensures that renovations made to the property are substantial enough to justify the financial investment and to maintain the program's focus on improving low-income housing stock.

The expenditure threshold is determined as a percentage of the property's adjusted basis and is intended to guarantee that the rehabilitation is extensive enough to enhance the property's livability and compliance with the program's standards. This requirement plays a crucial role in ensuring that only properties undergoing a significant transformation receive the tax credit benefits, ultimately aiming to contribute positively to the quality of housing for low-income individuals and families.

While community support, meeting specific construction codes, and obtaining approval from a neighborhood association can have importance in various contexts, they are not primary criteria tied directly to the eligibility for LIHTC under rehabilitation standards.