Tax Credit Housing Management Insider

Feature

Keep Household Information Confidential to Avoid Liability, Protect Residents

November 30, 2022    
From time to time, your site may get phone calls, letters, or other inquiries for information about residents. The request can seem innocent, or it may seem official. And some requests will be. But granting even innocent requests can cause trouble. Sites are responsible for ensuring the privacy and...
Maintenance

How to Avoid Mold-Related Injuries, Noncompliance Findings

November 30, 2022    
Mold at your site can cause you big problems. The problems can range from remediation costs to loss of rent, and, perhaps most critically, long-term health effects. Mold-related health effects cause households to sue owners and managers claiming that they were injured by the presence of mold in...
Dealing with Households

Build Case Against Residents Profiteering from Short-Term Rentals

November 30, 2022    
Some of your households may be tempted to rent out their apartments ahead of the holidays to earn some extra income. Booking platforms such as Airbnb, VRBO, and Booking.com have made listing apartments to allow residents to become short-term landlords increasingly easier. However, letting low-...
Feature

IRS Publishes Final Average-Income Regulations

October 31, 2022    
The IRS recently published a final rule to implement Congress’s 2018 authorization of a third set-aside option for LIHTC sites. Under the LIHTC program, all tax credit owners must formally notify the IRS of their minimum set-aside election for their building or site when they file IRS Form...
Compliance

IRS Extends Placed-in-Service and Other COVID Relief Deadlines

October 31, 2022    
In an announcement made in early October, the Biden administration announced key progress on implementing its Housing Supply Action Plan. The plan aims to create and preserve hundreds of thousands of affordable housing units in the next three years and help close the country’s critical...
Income Calculations

SSA Announces 2023 COLA Increases

October 31, 2022    
The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more...
In the News

IRS Distributes Unused 2022 LIHTC Allocation

October 31, 2022    
The IRS recently published the amounts of unused low-income housing tax credit carryovers for calendar year 2022. The carryover allocation is made up of LIHTCs that are not allocated by states but are added to a national pool and redistributed to qualified states that apply for the additional...
Feature

How to Get Cooperation on Household Transfers, Avoid Noncompliance

September 30, 2022    
It’s not unusual for a household to request a transfer to a new unit at a tax credit site. The household may want to get away from noisy neighbors, want a bigger unit, or have a better view. Or there may be a change in household composition or a reasonable accommodation request for a unit...
Income Calculations

5 Dos & Don'ts for Treating Household Lump-Sum Payments Correctly

September 30, 2022    
When a household gets a one-time payment such as an inheritance or a settlement award you must follow special HUD rules for such payments when certifying and recertifying household income. In general, you must treat these payments, known as “lump-sum payments” or “lump-sum...
Dealing with Households

Use 3 Strategies to Communicate Better with Non-English Speakers

September 30, 2022    
An increasing number of prospects and household members don’t speak English as their primary language. These individuals who have a limited ability to read, speak, write, or understand English are limited English proficient, or “LEP.” These individuals may be immigrants or native-...