Q & A

Q & A

Swapping Unit Status from One Unit to Another

July 31, 2013    

Q At our “100 percent” site, all the units are low-income units rented to households that are either 50 percent or 60 percent below area median income (AMI). Upon recertification it was discovered that a resident who initially...

Documenting Efforts to Rent Vacant Units

March 28, 2013    

Q: One of our tax credit units became vacant early last year. We advertised regularly in the newspaper and on the Internet and posted flyers at local shopping centers. But all the prospective households were ineligible. We’ve...

Counting Children of Joint Custody Arrangements

February 27, 2013    

Q One of our low-income applicants is a divorced mother who has joint custody of her two children. The applicant says that, under the joint custody agreement, her children would live with her in the unit most of the time. If we accept this...

Certifying Applicant with Disabled Son in Intermediate Care Facility

May 28, 2012    

Q According to my state agency's occupancy rules, I'm not allowed to rent a two-bedroom unit to one person. A single applicant has a 40-year-old blind son who lives in an intermediate care facility. The applicant wants the son to stay with her...

Basing Rent on Number of Bedrooms

February 9, 2012    

Q My company is about to manage a new tax credit site. We heard that tax credit managers can choose to base the rent for a low-income unit on either the size of the household that occupies the unit or the number of bedrooms in the unit. Is this true?...

Calculating Income of Temporarily Absent Family Members in the Military

January 14, 2012    

Q One of the tax credit households at my site has an adult son who just left for the Marines and is stationed in another state. His wife still lives in the unit, and he still uses the unit as his legal address and receives his mail there. At...

Calculating Imputed Income vs. Actual Income from Bank Accounts

June 9, 2011    

Q I'm in the process of certifying an applicant's annual income. The applicant has a considerable amount of money spread out over various checking and saving accounts. Most of the applicant's money resides in checking accounts that earn no...

Valuing Real Property Asset for Resident with a Mortgage

June 9, 2011    

Q One of my residents is still making mortgage payments on a real property asset. In determining the cash value of the asset, is the value of the property simply the total assessed value? Or do you subtract what is left owing on the property?

Setting Rent for Section 8 Resident in Tax Credit Unit

April 11, 2010    

Q How can a low-income housing tax credit (LIHTC) site owner collect rent that is above the area median income rent when the resident is receiving Section 8 in a tax credit unit?

A The tax credit...

Can Family Member Qualify as Live-In Aide?

February 2, 2010    

Q I read in a past issue that a live-in aide cannot be a family member of the resident. We are a Section 202/8 elderly property. I asked our contract administrator about this, and she told me that a live-in aide can be a family member. Can you clear...

How to Treat Residents' Investment Accounts

October 31, 2009    

Q How should we treat IRAs and annuities if the holder has access to the balance, the account earns interest, and the holder is receiving distributions, such as the IRS Required Minimum Distribution? The HUD Handbook 4350.3 still has conflicting...

Providing Keys to Children Who Are Locked Out

May 6, 2009    

Q I spend quite a lot of time signing out keys when students come home. Some have forgotten their keys, others have left them at school, others say that their parent is usually at home, etc. Is there some type of “latch-key child” form or...