Compliance

Compliance

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.

HUD's New Guidance on Assistance Animals: What You Need to Know

March 11, 2020    

HUD recently issued new guidelines relating to assistance animals under the Fair Housing Act (FHA). Notice FHEO-2020-01, referred to as the “Assistance Animals Notice,” replaces prior HUD guidelines from 2013 and can be found at...

IRS Clarifies Income Limits for Average-Income Set-Aside Option

February 11, 2020    

Every tax credit site must meet and maintain a minimum set-aside throughout a 15-year compliance period to qualify for the tax credit program. A minimum set-aside is the federally required minimum level of tax credit units at a site. To meet the set-aside, you must rent a certain percentage of...

Visit Online Fair Housing Resources to Get Help with Compliance

October 30, 2019    

Fair housing compliance is key to successful tax credit management. Here are five online resources for you to check out. Each site offers a product, service, or activity that can help you better understand what you must do to avoid illegally discriminating against applicants and residents at...