Feature

Use Checklist to Review Household Files for Completeness

July 30, 2018    
It’s smart management practice to keep your household files up-to-date and complete all the time. Because LIHTC projects will be reviewed for compliance by the state and may be audited by the IRS, complete, well-organized files are very important.
Dealing with Households

Set Sports Court Rules to Prevent Injuries, Disputes

July 30, 2018    
Sports courts, such as basketball, volleyball, and tennis courts, are a great amenity for your site. But sports courts can also lead to problems. For example, residents may argue with each other over how much time a resident should be allotted on a court, or residents can injure themselves if...
In the News

Senators Introduce Bipartisan Affordable Housing Task Force Bill

July 30, 2018    
U.S. Senator Maria Cantwell (D-WA), U.S. Senator Todd Young (R-IN), and a bipartisan group of their Senate colleagues recently introduced the Task Force on the Impact of the Affordable Housing Crisis Act, which seeks to better understand and respond to America’s housing crisis by creating a...
In the News

House Bill Would Raise, Adjust LIHTC Allocation Formulas

July 30, 2018    
The LIHTC would be increased and its allocation formula adjusted under a bill recently introduced in the U.S. House of Representatives. H.R. 6542, the Restoring Tax Credits for Affordable Housing Act, introduced by Representative James E. Clyburn (D-SC) would increase credit amounts and percentages...
In the News

ACTION Campaign Releases New LIHTC Fact Sheets

July 30, 2018    
The A Call To Invest in Our Neighborhoods (ACTION) Campaign is a national, grassroots coalition of over 2,200 national, state, and local organizations and businesses calling on Congress to protect, expand, and strengthen the LIHTC program. The ACTION Campaign was established in 2009 by a broad...
Feature

Essential Addendums and Clauses to Include in Your LIHTC Lease

July 11, 2018    
When someone agrees to rent or lease an apartment, he signs a lease or rental agreement outlining the terms of the agreement. It’s a legally binding contract between the tenant and the owner that details the rights and responsibilities of each party. Unlike a typical market-rate apartment, a...
Related Tools: Model Lease Addendums
In the News

HUD Seeks Comment on Possible Amendments to Disparate Impact Rule

July 11, 2018    
HUD recently released an advance notice of proposed rulemaking in the Federal Register. It seeks public comment on possible amendments to HUD’s 2013 final rule implementing the Fair Housing Act’s disparate impact standard. The amendments would help ensure the rule is consistent with the...
In the News

Study Looks at Cost of Unstable Housing to Health System

July 11, 2018    
Unstable housing will cost the United States $111 billion in avoidable healthcare costs and education expenditures over the next 10 years, according to research from Children’s Healthwatch, one of the nation’s leading networks of pediatricians, public health researchers, and children...
Feature

States' Preliminary Implementations of the Income-Averaging Option for Minimum Set-Asides

June 28, 2018    
The Consolidated Appropriations Act of 2018 established income averaging as a third minimum set-aside election, and this option happens to be one of the most significant changes to the LIHTC program in recent years. Every tax credit site must meet and maintain a minimum set-aside throughout the 15-...
Dealing with the IRS

How Noncompliance Reports Can Turn into IRS Audits

June 28, 2018    
Regardless of how well you run your tax credit site, your state housing agency may cite you for noncompliance with the tax credit law. If that happens, your state housing agency must notify your site’s owner of the violation and report it to the IRS using IRS Form 8823 (Low-Income Housing...