Tax Credit Housing Management Insider

Feature

Use Orientation Letter to Improve New Households’ Lease Compliance

December 28, 2021    
The alarming rise of the Omicron variant may have postponed your site’s return to normal operations regarding welcoming and informing new households of site rules and certain obligations imposed by the tax credit program. In pre-pandemic times, sites may have held new household orientation...
Compliance

How to Avoid 3 Tax Credit Problems with Granting Unit Transfer Requests

December 28, 2021    
Households may seek to transfer to different units at a site for various valid reasons. There may be a change in household composition. A household may seek a unit with additional bedrooms due to additional members joining the household. Or a member with a disability may seek a transfer because...
Dealing with State Housing Agency

Expect Shorter Advance Notice for Inspections, Compliance Monitoring in 2022

December 28, 2021    
Section 42 of the Internal Revenue Code requires state housing agencies to conduct on-site inspections of all buildings by the end of the second calendar year following the year the last building in the project is placed in service. In addition, the code says that an agency must also conduct on-...
In the News

IRS Issues Guidance on LIHTC Fixed 4% Rate

December 28, 2021    
The Consolidated Appropriations Act, enacted in late 2020, amended Internal Revenue Code (IRC) Section 42(b) and established a minimum 4 percent credit rate for qualifying LIHTC projects. To qualify for the 4 percent minimum credit rate, a building must be placed in service after Dec. 31, 2020, and...
In the News

FHFA Sets Higher Affordable Housing Goals for Fannie and Freddie

December 28, 2021    
The Federal Housing Finance Agency (FHFA) recently issued a final rule for Fannie Mae and Freddie Mac that establishes the benchmark levels for the multifamily housing goals for 2022. To help meet these goals, Fannie Mae and Freddie Mac, in part, capitalize on opportunities to finance LIHTC sites....
Feature

Annual Owner Certifications: Understanding the Basics of LIHTC Compliance

November 30, 2021    
Site owners, at least annually, for each year of a site's 15-year compliance period, are required to certify to the state housing agency that the LIHTC site was operated in compliance, for the preceding 12-month period, with Internal Revenue Code (IRC) Section 42 requirements. This annual owner...
Certification

When to Get Households to Complete Two Special Certification Forms

November 30, 2021    
When certifying and recertifying low-income households at your tax credit site, you may encounter situations that require you to use special forms to get more information about household income. Sometimes, you’ll need to get household members to complete and sign these forms. These forms can...
In the News

House Passes $1.7T Build Back Better Act with LIHTC Provisions

November 30, 2021    
On Nov. 19, the U.S. House of Representatives passed the Build Back Better Act. The bill passed 220-213 and now goes to the Senate. This $1.7 trillion bill includes an historic expansion of the low-income housing tax credit. According to estimates, the bill could finance nearly 812,000 additional...
Feature

Take 4 Steps When Dealing with a Tenant Hoarder

October 29, 2021    
As the temperature starts dropping across the country, your site may be undertaking increased pest prevention treatments or inspections as pests, particularly rodents, start moving indoors. Unfortunately, some residents are not always diligent about reporting pest issues for reasons such as...
Dealing with Households

Get Staff to Report Signs of Resident-Related Trouble

October 29, 2021    
Your site employees are in a perfect position to keep you up-to-date on what’s going on at your site. And the information they give you about residents can be critical in helping you run your site. They can alert you to lease violations and unauthorized residents, and they can help you build...