Q I have a mixed-income site. The last issue of the Insider seemed to indicate that credit may be claimed on vacant units if reasonable attempts are being made to rent the unit and no units are rented to non-qualified households...
Q We manage a tax credit site that gets funding through the HOME program. A resident with disabilities recently asked us to install a ramp at the entrance to our site's community room so that he can access it using his wheelchair. We want...
Q My company has managed federally assisted sites and will soon start managing tax credit sites. Are there any special laws or guidelines we must follow when setting occupancy standards for our tax credit sites?
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...
QThe 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 “...
Q We calculated the maximum allowable rent for our low-income units. Since we’d like all our rents to be whole numbers, can we round the rents up to the nearest whole number?
Q The tax credit building we manage was placed in service last week. Because it may be difficult to meet the minimum set-aside this year, we’re wondering whether the owner can wait until next year to begin claiming its tax credits if...
Q A prospective household wants to rent a two-bedroom unit at our tax credit site on a month-to-month basis. We know that the tax credit program doesn’t allow short-term rentals. But the household doesn’t plan to vacate anytime...
Q We’ve just started to manage our first tax credit site. The site owner told us that we need to keep the site in compliance with the tax credit program for only 10 years because that’s how many years the owner claims its tax...
Q My company manages a tax credit site with three buildings. Must we always apply the tax credit program’s requirements separately to each building, rather than to the site as a whole?
Q My company has used Section 4350.3 of the HUD Handbook to calculate household income at the Section 8 sites we manage. We’re about to start managing our first tax credit sites. Should we also use the Handbook to calculate household...
