Departments

Legislators Support Super Storm Sandy Tax Relief Bill

April 28, 2013    

Recently, a bipartisan group of 32 U.S. representatives from states affected by Hurricane Sandy, including New York, New Jersey, Connecticut, and Rhode Island, sent House Speaker John Boehner a letter urging tax relief for victims of Super Storm Sandy.

Documenting Efforts to Rent Vacant Units

March 28, 2013    

Q: One of our tax credit units became vacant early last year. We advertised regularly in the newspaper and on the Internet and posted flyers at local shopping centers. But all the prospective households were ineligible. We’ve...

Don't Perform Full Recertifications When They’re Not Necessary

March 28, 2013    

The Housing and Economic Recovery Act of 2008 (HERA) eliminated the annual income recertification requirement for 100 percent buildings. Each state agency, however, may opt to tighten the rule and impose its own recertification requirements. In addition, some owners may still complete annual...

Focus on Resident Retention to Save Money, Paperwork

March 28, 2013    

The paperwork associated with tax credit sites is formidable. Owners and managers must not only deal with paperwork generated from the application process, but also annual owner certifications and submissions of various compliance forms on an annual basis.

HUD Issues Final Rule on Disparate Impact

March 28, 2013    

HUD recently issued a final rule to formalize the national standard for determining whether a housing practice violates federal fair housing law as the result of discriminatory effect.

Counting Children of Joint Custody Arrangements

February 27, 2013    

Q One of our low-income applicants is a divorced mother who has joint custody of her two children. The applicant says that, under the joint custody agreement, her children would live with her in the unit most of the time. If we accept this...

Treasury Department Releases Second Update to Priority Guidance Plan

February 27, 2013    

On Feb. 5, the Treasury Department released the second quarter update to the 2012-2013 Priority Guidance Plan. The Treasury Department’s Office of Tax Policy and the IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through...

IRS Suspends Requirements at Tax-Exempt Bond Sites for Hurricane Victims

February 27, 2013    

Recently, the IRS suspended certain requirements for qualified residential rental projects financed with tax-exempt bonds that are providing emergency housing for victims of Hurricane Sandy. IRS Notice 2013-9 temporarily suspends income limitations and the non-transient use requirement for the...

Ohio Preserves Lower Real Estate Taxes for LIHTC Sites

January 30, 2013    

 

 

On Dec. 20, 2012, Ohio Gov. John Kasich signed a bill into law that will keep real estate taxes lower for properties with income restrictions, including low-income housing tax credit properties. The provision was added to H.B. 510 during Ohio’s lame duck...

HUD Seeks Comments on LIHTC Tenant Data Collection

January 30, 2013    

HUD recently released a request for comments on the statutorily mandated collection of information for tenants of low-income housing tax credit (LIHTC)-funded properties. The Housing and Economic Recovery Act (HERA) required that each state agency administering tax credits annually furnish HUD...

First-Year Fraction vs. Minimum Set-Aside

December 21, 2012    

The “first-year fraction” is the “applicable fraction” for the first year of the compliance period. The applicable fraction is the percentage of a building that’s treated as low-income use and generally eligible for the tax credits as of the close of that year of...

Net Rent vs. Gross Rent

December 21, 2012    

The “net rent” is the amount a low-income household is charged to live in its unit. The “gross rent” is the net rent plus the utility allowance for the unit plus any non-optional fees.

more