Compliance

Compliance

Managing LIHTC and HOME Programs: Three Key Discrepancies

July 31, 2009    

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?

We...

At a Glance: LIHTC Data Collection Requirements

March 1, 2009    

 

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:

  • Race
  • Ethnicity
  • Family composition
  • ...

DOJ Proposes New Accessibility Rules

October 31, 2008    

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.

In...

Allocations Must Follow Depreciation Deductions

October 1, 2008    

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...

Complying with 'Safe Harbor' Rule

September 30, 2008    

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...

Complying with Federal Design and Accessibility Requirements, Part 2

June 30, 2008    

 

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...

Complying with Federal Design and Accessibility Requirements, Part 1

May 31, 2008    

 

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...

Follow Three Rules on Unit Size to Avoid Noncompliance

April 30, 2008    

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...

Avoid Running Afoul of New York State Sales Tax Law

March 1, 2008    

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...

Meet Two Requirements for Charging Parking Lot Fees

July 31, 2007    

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...

Complying with Federal Design and Accessibility Requirements, Part 3

July 31, 2007    

 

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...