Determining Value For Section 1602 Affordable Housing

(1) The taxable value of § 1602 affordable housing property shall be calculated by the income approach value resulting from using actual rents paid or payable by needy tenants plus the forgivable loan income attributed to the property for the year at issue. Additional income approach factors for vacancy, collection loss, expenses, reserves, and capitalization rates shall be based on those typically experienced by comparable properties in the area in which the property is located or economically comparable areas. (2) The forgivable loan income attributed to the property shall be the amount of loan principal forgiven for the year at issue.