Know When and How to Use the HUD Handbook at a Tax Credit Site
To calculate household income at tax credit sites, you’re required to follow the rules set out in HUD Handbook 4350.3 (Occupancy Requirements of Subsidized Multifamily Housing Programs). But because the Handbook was written for assisted sites, applying it to a tax credit site can be a challenge. The tax credit law doesn’t say which rules apply, and it’s not always clear how to follow them. The Handbook also uses certain terms that don’t make as much sense in the tax credit context as they do in the assisted housing context.