Feature

House GOP Tax Reform Bill Retains LIHTC, Repeals Multifamily Housing Bonds

November 13, 2017    
On Nov. 2, House Republicans unveiled a sweeping tax reform legislation called the Tax Cuts and Jobs Act (H.R. 1). It was introduced by Ways and Means Committee Chairman Kevin Brady. Although its provisions are generally in line with the House Republican Blueprint for Tax Reform released in June...
In the News

Study Says House Tax Plan Negatively Impacts Affordable Housing in NY

November 13, 2017    
The Tax Cuts and Jobs Act (H.R. 1), which proposes the elimination of Private Activity Bonds, would cost the State of New York $4.5 billion in affordable housing investment annually, and 17,000 fewer affordable units would be built each year, according to an impact analysis recently released by the...
In the News

California Treasurer Highlights House Tax Plan’s Devastating Impact on Low-Income Housing

November 13, 2017    
In a letter sent to the California Congressional delegation, California State Treasurer John Chiang urged the delegation to preserve funding for LIHTC and the Private Activity Bond programs. He pointed out the vital role these programs play in building and preserving affordable housing throughout...
Compliance

Keep Good Marketing Records to Prove Compliance, Protect Against Liability

November 13, 2017    
In the November 2017 issue of the Insider, we discussed the vacant unit rule and its requirement to make reasonable attempts to rent vacant units (see “Follow Five Dos & Don'ts to Comply with the Vacant Unit Rule).” Beyond showing compliance with the vacant unit rule, there are...
Feature

Follow Five Dos & Don'ts to Comply with the Vacant Unit Rule

October 30, 2017    
When a qualified low-income household moves out of a unit at your tax credit site, you might not have another qualified household immediately available to move into the unit. And finding qualified households for your site can be difficult and take time. For these reasons, you may have units that...
Compliance

Confirm Key Owner Elections by Reviewing IRS Form 8609

October 30, 2017    
As a tax credit manager, you need to know about certain elections that owners make when they file Form 8609 with the IRS to keep your site in compliance with the tax credit program’s requirements. But because owners complete this form, you may not get to see it. As a result, you may operate...
Q & A

Clarification on Exception to the Student Rule

October 30, 2017    
Q The October issue of the Insider stated that a full-time student household doesn’t violate the student rule if “the household consists of a single parent with a dependent child (or children), and neither the parent nor the child (or children) is being claimed as a dependent by anyone...
Q & A

Verifying Full-Time or Part-Time Statuses of International Students

October 30, 2017    
Q How do I verify student status of an international student who attends school full time but receives zero credits? Schools generally confirm student status by the number of credit hours taken, so it is possible that the college may verify a student’s status as part time. Should I consider...
In the News

Social Security Administration Announces COLA Increase

October 30, 2017    
On Oct. 13, the Social Security Administration (SSA) announced the Cost-of-Living Adjustment (COLA) for 2018. The monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018. The 2.0 percent COLA will begin with...
In the News

DOJ Announces Initiative to Combat Sexual Harassment in Housing

October 30, 2017    
The Department of Justice (DOJ) recently announced a new initiative to combat sexual harassment in housing. The initiative specifically seeks to increase the DOJ’s efforts to protect women from harassment by landlords, property managers, maintenance workers, security guards, and other...