Q & A

Q & A

Compliance on Building or Site Basis

September 30, 2021    

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?

A...

Use of HUD Handbook for Calculating Household Income

September 30, 2021    

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...

Follow Insurance Notice Requirements to Boost Chance of COVID-Related Payout

June 11, 2020    

Businesses seeking to recover coronavirus-related losses under their business interruption and property insurance policies have had difficulty in doing so because of questions as to whether their policies cover such losses. How those coverage questions will be resolved remains an open question,...

Temporarily Displacing Residents

January 9, 2020    

Q We need to repaint some of the low-income units at our tax credit site. To accomplish this, we must temporarily displace residents—that is, have residents move out of their units—for a few days. Will the owner of our site stay...

Counting Rent Paid by Guarantors as Income

January 9, 2020    

Q My management company will let a qualified applicant with no credit history sign a lease if she can find a guarantor. One applicant told us that if we rent a low-income unit to him, his guarantor will pay the rent for two months. If we...

Unreported Marriage with No Household Change

January 9, 2020    

Q Our site is a project-based Section 8 site with LIHTC units. We recently found out that one of our residents who has lived at the site since 2007 got married in 2014 and never reported it. We know her husband doesn’t live in the unit...

Citizenship Requirements and the LIHTC Program

October 30, 2019    

Q My company has just started managing our first tax credit site. Some of our applicants aren’t U.S. citizens. We’ve previously managed Section 8 sites and have had to reject applicants because they were noncitizens without proper...

Clarification on Counting Foster Children and Foster Adults as Household Members

October 30, 2019    

Q The October issue of the Insider stated that foster children are not counted when determining household eligibility. (See “...

Single Parent Exception to the Student Rule

December 23, 2018    

Q As I understand it, there’s an exception to the student rule for a single parent. At what age is the child no longer considered a child or a full-time student for the purposes...

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...

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...

Creating Site Environmental Sustainability Plans

July 30, 2015    

Q As the manager of several tax credit sites, I’ve been asked to lead an effort to create an environmental sustainability plan for one of our sites, as a pilot plan for our portfolio of sites. I’ve heard of these plans, but don...