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...
Real estate businesses in New York face sales tax issues; it's a fact of life in the Empire State. And, generally, when a real estate business fails to comply with its tax obligations, the New York State Department of Tax and Finance (DTF) sends it a notice of examination. The notice...
Your tax credit site may offer a parking lot or other parking facility where your residents can keep their cars. If you, as a site owner or manager, want to charge residents a parking fee, you must proceed carefully, cautions tax credit consultant Karen A. Graham. Although the tax credit program...
This article is the third of a three-part series on complying with federal design and accessibility requirements. Part 1 (June 2008) explained the requirements and how to tell whether your site is among those that must comply with them...
