Compliance

Compliance

4 Tips to Avoid Penalties for "Commingling" Residents' Security Deposits

July 29, 2021    

While collecting security deposits can provide financial protection to site owners from residents who cause property damage, security deposits can also become a liability to them if they aren’t handled properly. Owners must be careful about where they keep the money residents give them as...

How to Avoid Discrimination Claims from LEP Individuals

June 24, 2021    

National origin discrimination often involves individuals with limited English proficiency (LEP).

 

The tax credit rules make clear that if any units at your site aren’t “for use by the general public,” those units aren’t eligible for tax credits. To...

IRS Helps First-Year Owners Avoid the Two-Thirds Rule

March 26, 2021    

In January, the IRS issued Notice 2021-12 granting relief for various LIHTC requirements. Among the relief provided, the notice extended the deadline for a LIHTC site to meet its first-year occupancy obligations from Dec. 31, 2020, to June 31, 2021, for sites operating on a calendar-year basis....

Texas Storm Recovery: How to Take Advantage of LIHTC Disaster Relief

February 26, 2021    

The recent winter storm that battered Texas left many of the state’s residents in dire situations. In the aftermath of the storm, a mass power outage left more than 4 million Texas residents in the dark and cold for days. And as power and heat was restored, the thawing ice exposed broken...

How to Tap Funds in the Emergency Rental Assistance Program

January 28, 2021    

We explain how renters and owners can access the $25 billion assistance to cover past-due rents.

 

On Dec. 27, 2020, the Consolidated Appropriations Act, the year-end omnibus legislation that includes appropriations for all federal departments and agencies, tax provisions,...

Second-Draw PPP Loans: Do You Qualify?

January 28, 2021    

If so, act fast.

 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP) to help businesses keep their workforce employed during the pandemic. PPP loans were intended to cover payroll expenses, as well as...

Year-End Stimulus Gives Boost to LIHTC Development, Struggling Renters

December 23, 2020    

Congressional negotiators recently struck a deal on a bipartisan year-end legislative package, which includes a change that has been advocated by LIHTC proponents for a long time. In the proposed $900 billion federal relief package, lawmakers proposed a floor rate of 4 percent, separating the...

Quiz: Calculating Income & Applying Income Limits

December 23, 2020    

Here are four questions that test your knowledge—and that of your staff—on calculating annual income and applying correct income limits to applicant households. The answers, along with explanations, follow the quiz. Special thanks to tax credit consultant Karen Graham of Karen A...

Industry Group Asks IRS to Extend LIHTC COVID-19 Relief

November 24, 2020    

The National Council of State Housing Agencies (NCSHA) recently sent the IRS and the Treasury Department a letter urging them to extend the temporary Housing Credit relief provided by IRS Notice 2020-53 and to make other necessary program accommodations in light of the continuing disruption of...

How to Determine Allowable Fees at LIHTC Sites

August 31, 2020    

With widespread unemployment and reduced income among renters during the coronavirus pandemic, your site might be experiencing a decline in rental income. As a result, you may be considering charging fees for certain amenities and services to offset the revenue loss and to help cover operating...

Avoid Fair Housing Fears When Rejecting Unqualified Applicants

July 30, 2020    

Many owners and managers are afraid to reject applicants who are protected by fair housing laws—even if those applicants aren’t qualified to live at their site. Owners and managers worry that if an applicant accuses them of discrimination, they’ll be stuck paying steep fines...

Federal Eviction Moratorium Applies to LIHTC Sites

April 15, 2020    

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, includes important, immediate protections for tenants. Specifically, it mandates a 120-day eviction moratorium for tenants living in certain types of properties.