Tax Credit Housing Management Insider

Feature

Give LIHTC Program FAQ Sheet to Site Visitors and Applicants

June 20, 2022    
Tax credit site managers often find themselves spending much time and expense processing applications for ineligible households. Hearing about a good deal, casual visitors may submit applications not realizing that they’ll be considered over-income or student households. One way to increase...
Maintenance

Take 7 Steps to Reduce Loitering at Your Tax Credit Site

June 20, 2022    
Nonresident loitering is a safety issue and a common complaint of tax credit managers—especially those in urban areas. Loiterers, who can range from skateboarding teenagers to homeless people to criminals to ex-spouses involved in domestic disputes, can create lots of problems for managers....
Income Calculations

IRS Increases Standard Mileage Rate for Remainder of 2022

June 20, 2022    
Starting on July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.
Q & A

How to Treat Employer Contributions to ABLE Accounts

June 20, 2022    
Q An applicant has an ABLE account. He’s able to provide proof that it’s an ABLE account and document its balance. Both the applicant and his employer put money into the account. ABLE accounts aren’t mentioned in the HUD Handbook. Do we count the money as an asset? And is the...
Q & A

Clarification on State or Local Fair Housing Law and IRS Violations

June 20, 2022    
Q The last issue of the Insider seemed to indicate that a violation of state or local fair housing law may result in noncompliance reported with IRS Form 8823 (see “Comply with State, Local Fair Housing Laws that Go Beyond Federal Law.”) Will additional types of housing discrimination...
Feature

Biden Administration Announces Housing Supply Action Plan

May 27, 2022    
President Biden recently unveiled a sweeping plan that aims to create and preserve hundreds of thousands of affordable housing units in the next three years and help close the country’s critical housing supply shortfall within five years. The plan follows recent remarks by President Biden...
Income Calculations

Take 2 Steps to Correctly Calculate Income from Assets

May 27, 2022    
Even though HUD doesn’t administer the tax credit program, the tax credit law requires owners and managers to use the HUD rules for calculating household income at a tax credit site. As such, when certifying or recertifying housing income, you must include any income the household's...
Compliance

Comply with State, Local Fair Housing Laws that Go Beyond Federal Law

May 27, 2022    
Federal fair housing law bans owners and managers from discriminating against prospects and residents based on race, color, national origin, religion, sex, disability, and familial status. But most states and many municipalities have fair housing laws that ban owners and managers from...
In the News

Judge Rules LIHTC Program's Right of First Refusal Is Unique

May 27, 2022    
Nonprofit sponsor wins in LIHTC right of first refusal case.  
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’...