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...

IRS Issues Memo on Eligible Basis Reduction Due to Common Area Noncompliance

July 24, 2019    

The IRS Office of Chief Counsel recently issued a memorandum addressing noncompliance of common areas in LIHTC sites. The memo was issued in response to a clarification request by an IRS Program Manager for Technical Issues. The memo states that its advice may not be used or cited as precedent,...

Download Five Documents to Help with Tax Credit Management

December 23, 2018    

As a tax credit owner or manager, you should familiarize yourself with key documents to help you manage your tax credit site. To make it easy for you to get these documents, we’ll discuss five useful documents you can download from the Internet. We’ll tell you about each document and...

Understanding the Placed-in-Service Dates for LIHTC Sites

November 29, 2018    

Placing a building in service—that is, making it functional within the tax credit program—can be tricky if you’re not sure what’s required and what your options are. And knowing how to place a building in service is important because it affects when your building’s...

How State Housing Agency Violations Differ from IRS Violations

April 27, 2018    

If you violate the federal tax credit law and don’t promptly correct the noncompliance, the owner may lose tax credits. Item 11 on IRS Form 8823 (Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition), which is the form the state housing agency uses to report...

Three Tips on Advertising Without Violating the Fair Housing Act

March 29, 2018    

When you place ads to fill vacancies or waiting lists at your tax credit site, what those ads say or how they depict your site can greatly influence who responds. For this reason, fair housing advocacy groups pay close attention to ads for rental housing. If you say or depict the wrong thing,...

Spending Bill Contains Two Important LIHTC Program Changes

March 29, 2018    

On March 23, President Trump signed the Consolidated Appropriations Act, 2018 (H.R. 1625), a $1.3 trillion spending bill that funds the federal government through Sept. 30, 2018. In addition to preventing a government shutdown, this omnibus spending bill incorporated two key improvements adopted...

Keep Good Marketing Records to Prove Compliance, Protect Against Liability

November 13, 2017    

In the November 2017 issue of the Insider, we discussed the vacant unit rule and its requirement to make reasonable attempts to rent vacant units (see “Follow Five Dos & Don...

Confirm Key Owner Elections by Reviewing IRS Form 8609

October 30, 2017    

As a tax credit manager, you need to know about certain elections that owners make when they file Form 8609 with the IRS to keep your site in compliance with the tax credit program’s requirements. But because owners complete this form, you may not get to see it. As a result, you may...