Keeping It Straight
August 30, 2012
The "allocation date" is the date your state housing agency allocated or committed tax credits to the owner for the site. The "placed-in-service" (PIS) date marks the first day the owner can begin qualifying units at the site as low-income units to claim its tax credits.
Keeping It Straight
August 30, 2012
The "credit period" is the 10-year period during which the owner claims its tax credits. It began either the same taxable year your building was placed in service or the following year.
The "compliance period" is the 15-year period during which you must follow the tax credit law...
Keeping It Straight
August 30, 2012
The “Qualified Allocation Plan” (QAP) is a document your state housing agency publishes that contains the selection criteria it uses to award credits. Because the QAP describes how a state housing agency awards credits, it's mainly written for owners. But because your agency's...
In the News
August 30, 2012
Congressman Joe Baca of California recently introduced legislation aimed at increasing the number of senior housing sites built under the low-income housing tax credit program. His bill, H.R. 6295, would require states to provide additional points in their qualified allocation plans to developers...
Feature
August 1, 2012
A tornado hits and wipes out three of the 10 buildings at your site. A flood leaves the ground-floor units at your site uninhabitable. A fire roars through two floors of your high-rise and severely damages 10 units. If one of these or a similar disaster occurs at your tax credit site, you’ll...
Dealing with Employees
August 1, 2012
Emergencies, disasters, accidents, and injuries can occur any time and without warning. Most recently, in June, the president declared parts of Florida a federal disaster area as a result of damage done by Tropical Storm Debby. And this year, areas of West Virginia, Tennessee, Indiana, Kentucky,...
Feature
August 1, 2012
Press releases are a great and inexpensive way to get your site’s name recognized in the community and attract qualified applicants, says communications consultant Rose Reichman. You can send press releases with newsworthy information about a new or existing site to local newspapers and other...
In the News
August 1, 2012
A study entitled "What Can We Learn about the Low Income Housing Tax Credit Program by Looking at the Tenants?" was recently released by Katherine O’Regan, Associate Professor at NYU Wagner Graduate School and the Furman Center, and Keren Horn, Assistant Professor of Economics at...
Feature
July 15, 2012
In today's economy, providing affordable housing to low-income families is more important than ever. There may be plenty of applicants, but there are also considerable challenges in verifying that they're qualified for the LIHTC program and in keeping up with rising operational costs. Last...
Dos & Don'ts
July 15, 2012
If your tax credit site lets residents pay their rent by credit card, consider letting prospects pay their security deposits by credit card as well, suggests property manager Kristen Morgan. Doing so can increase the likelihood that prospects will sign a lease when they first visit your site, she...
