The Low-Income Housing Tax Credit (LIHTC) program was created in the Tax Reform Act of 1986, and it includes both 9% tax credits that are competitively allocated at the state level and 4% tax credits which accompany certain types of tax-exempt bond financing provided at either the state or local level. Owners of LIHTC properties can claim credits against their federal income tax liability for up to ten years after the property is completed and leased up, provided that the property remains in compliance with LIHTC requirements for a total compliance period of 15 years, the first ten plus five. Typically, a LIHTC property is owned by a limited partnership or limited liability company in which the real estate developer is directly or indirectly the general partner or managing member and in which corporate investors hold the remaining ownership interests.