Tax Credit Housing Management Insider

Feature

3 Marketing Practices to Help Your Site Expand Its Applicant Pool

April 28, 2022    
LIHTC site owners and managers know that to comply with the vacant unit rule, you must make “reasonable attempts” to rent vacant units to qualified low-income households. The tax credit program’s vacant unit rule allows you to claim credits for tax credit units even if they’...
Income Calculations

HUD Issues 2022 Income Limits for Tax Credit Programs

April 28, 2022    
On April 18, HUD released the 2022 income limits for the Multifamily Tax Subsidy Projects (MTSP) housing programs. MTSPs, a term coined by HUD, are all Low-Income Housing Tax Credit projects under Section 42 of the Internal Revenue Code and multifamily projects funded by tax-exempt bonds under...
Certification

4 Tips for Complying with the Asset Disposition Rule

April 28, 2022    
When interviewing households at certifications or recertifications, residents are required to report all income from all sources to the owner or manager. One component of annual income is any income the household’s assets generate. And sometimes, households may dispose of assets for less than...
In the News

Bipartisan Bill Seeks to Unlock American Rescue Plan Funds for Stalled LIHTC Developments

April 28, 2022    
Reps. Alma Adams (D-N.C.) and David Rouzer (R-N.C.) recently announced the LIHTC Financing Enabling Long-Term Investment in Neighborhood Excellence Act or LIFELINE Act. This legislation would make American Rescue Plan funds more compatible for LIHTC housing developments.
Feature

How to Comply with the Latest Housing Provisions in VAWA 2022

March 31, 2022    
On March 16, President Biden signed into law the latest reauthorization of the Violence Against Women Act (VAWA), a 1994 law that provides resources for survivors and prevention of gender-based, domestic, and sexual violence. VAWA’s renewal took on added urgency because of an alarming spike...
Compliance

How to Respond to Sexual and Other Discriminatory Harassment Complaints

March 31, 2022    
Sexual harassment in housing is illegal, as is harassment based on race, color, religion, national origin, familial status, or disability. The Fair Housing Act prohibits harassment, retaliation, and other types of discrimination based on these protected characteristics.
Q & A

Rounding Up When Calculating Rents

March 31, 2022    
Q We calculated the maximum allowable rent for our low-income units. Since we’d like all our rents to be whole numbers, can we round the rents up to the nearest whole number?
Q & A

Starting to Claim Credits

March 31, 2022    
Q The tax credit building we manage was placed in service last week. Because it may be difficult to meet the minimum set-aside this year, we’re wondering whether the owner can wait until next year to begin claiming its tax credits if the set-aside isn’t met this year. Can the owner wait...
In the News

Treasury Notes One-Year Anniversary of American Rescue Plan Act

March 31, 2022    
The American Rescue Plan Act turned one this past month. The act authorized the second infusion of resources into the Emergency Rental Assistance Program (initially authorized and funded under the Consolidated Appropriations Act of 2021). In celebration of the law’s anniversary, the Treasury...
In the News

IRS Grants Permanent Authority to Conduct Telephonic Public Hearings for Housing Credit QAPs

March 31, 2022    
On March 18, IRS issued Revenue Procedure 2022-20, providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds. IRS provided temporary authority to conduct telephonic public hearings several times during the pandemic, with the most recent authority...