Tax Credit Housing Management Insider

Feature

How to Avoid Costly Evictions with Rent Payment Plans

August 31, 2020    
With the additional $600 in unemployment insurance payments provided by the CARES Act having expired on July 31, many renters across America are at a precipice. Millions of Americans are experiencing job loss, reduced hours, and reduced income due to the economic effects of COVID-19. Thus far,...
Compliance

How to Determine Allowable Fees at LIHTC Sites

August 31, 2020    
With widespread unemployment and reduced income among renters during the coronavirus pandemic, your site might be experiencing a decline in rental income. As a result, you may be considering charging fees for certain amenities and services to offset the revenue loss and to help cover operating...
Dealing with HUD

Prepare for REAC Inspections to Resume

August 31, 2020    
If you manage a blended-occupancy or mixed-finance site that includes LIHTC and Section 8 Project-Based Rental Assistance program compliance, you should know that HUD’s Real Estate Assessment Center (REAC) recently released a memorandum that details the return-to-operations plan for...
Dealing with Households

Prepare Enough Evidence When Evicting Resident for Illegal Activity

August 31, 2020    
By signing a lease agreement, a resident agrees to follow the terms of the lease. If the tenant breaks a clause of this contract, an owner must often first send the tenant a “Notice to Quit.” A Notice to Quit is a formal legal document an owner sends a resident in an attempt to fix a...
Feature

IRS Relaxes Key LIHTC Program Requirements

July 30, 2020    
In response to the COVID-19 pandemic, the IRS announced it’s providing low-income housing tax credit participants temporary relief from key program requirements. This is good news for LIHTC developers and owners dealing with delays and management difficulties related to the pandemic.
Compliance

Avoid Fair Housing Fears When Rejecting Unqualified Applicants

July 30, 2020    
Many owners and managers are afraid to reject applicants who are protected by fair housing laws—even if those applicants aren’t qualified to live at their site. Owners and managers worry that if an applicant accuses them of discrimination, they’ll be stuck paying steep fines and...
Verification

5 Tips for Boosting Your Rate of Return of Verification Forms

July 30, 2020    
An applicant or household isn’t qualified for a low-income unit at your site unless you have the verifications to prove it. Owners and managers must make sure that every source of income that a household reports is verified. If you accept a household without verifying all its income, the...
In the News

Senate Democrats' Economic Justice Act Includes LIHTC Provisions

July 30, 2020    
Senate Democrats recently announced a proposal to invest $350 billion in communities of color, including specific policies that would increase investments in affordable housing and promote racial equity in homeownership. The Economic Justice Act proposes to provide communities of color...
In the News

Housing Cost Burden for Low-Income Renters Spiked in Last Two Decades

July 30, 2020    
The U.S. Government Accountability Office (GAO) recently reported changes in renter households and affordability from 2001 to 2017. The report, “As More Households Rent, the Poorest Face Affordability and Housing Quality Challenges,” is the first in a GAO series that aims to provide a...
In the News

FHFA Housing Goals to Remain Same in 2021

July 30, 2020    
Because of the economic uncertainty related to the ongoing pandemic, the Federal Housing Finance Agency (FHFA) recently proposed that its 2021 housing goals remain at the levels that they were for 2018–2020. The proposal establishes housing goals for single-family and multifamily housing.