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 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...
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...
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...
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,...
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...
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...
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...
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,...
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...
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...
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...
