Whether you're developing a new pet policy for your site or you have a strict no-pets rule, keep in mind that animals needed because of a disability are not pets.
No one wants to find out that his tax credit site has been cited for noncompliance, but if your state housing agency has issued the owner a Form 8823, your first reaction may be to panic. Don't.
“It's not the end of the world,” says Barbara Crook, compliance director...
Not meeting the minimum set-aside requirement is a common reason that tax credit sites get cited for noncompliance. It's a mistake that has severe consequences: If your building or site fails to meet the minimum set-aside requirement at the close of the first taxable year of the credit...
If you're fortunate, your site may never be damaged by a flood, tornado, or other natural disaster. But the odds are, at some point, you'll find yourself dealing with property loss caused by an everyday hazard, such as fire, burst pipes, wind, hail, or sprinkler leakage.
If you manage a tax credit site that has funds through the HOME Investments Partnership (HOME) Program, then you know that you must meet the compliance requirements for both programs. But what happens when the two programs' requirements differ? How do you know which rules to apply?
Section 2002 of the Housing and Economic Recovery Act (HERA) of 2008 requires the U.S. Department of Housing and Urban Development (HUD) to collect the following data for low-income housing tax credit tenants:
In July, the U.S. Department of Justice (DOJ) announced proposed regulations to expand the obligations of owners of commercial facilities, including those found at assisted housing and other residential multifamily sites, regarding accessibility for persons with disabilities.
The IRS recently issued circular chief counsel advisory (CCA) 2008812023, requiring that tax credits be allocated in accordance with depreciation deductions. The coordinated allocation should occur wherever a partnership agreement provides for special allocations of depreciation that differ from...
As a site owner or manager, you may not be aware that the IRS has a “safe harbor” rule for tax credit sites. The safe harbor rule lets low-income residents qualify for units before the beginning of the first taxable year of a building's tax credit period, says affordable housing...
This article is the second of a three-part series on complying with federal design and accessibility requirements. Part 1, in our June issue, explained what the requirements are and how to tell whether your site is among those that...
This article is the first of a three-part series on meeting the federal design and accessibility requirements. The first part outlines what the requirements are and whether your site is among those that must comply with...
To comply with many key tax credit requirements, it is important to take into account unit size, that is, either a unit's square footage or its number of bedrooms. If you don't take unit size into account where required, your site is likely to fall into noncompliance, which could put the...
