Feature

Feature

Keep Household Information Confidential to Avoid Liability, Protect Residents

November 30, 2022    

From time to time, your site may get phone calls, letters, or other inquiries for information about residents. The request can seem innocent, or it may seem official. And some requests will be. But granting even innocent requests can cause trouble. Sites are responsible for ensuring the privacy...

IRS Publishes Final Average-Income Regulations

October 31, 2022    

The IRS recently published a final rule to implement Congress’s 2018 authorization of a third set-aside option for LIHTC sites. Under the LIHTC program, all tax credit owners must formally notify the IRS of their minimum set-aside election for their building or site when they file IRS Form...

How to Get Cooperation on Household Transfers, Avoid Noncompliance

September 30, 2022    

It’s not unusual for a household to request a transfer to a new unit at a tax credit site. The household may want to get away from noisy neighbors, want a bigger unit, or have a better view. Or there may be a change in household composition or a reasonable accommodation request for a unit...

What You Need to Know When Updating Utility Allowances

August 30, 2022    

If residents at your tax credit site pay for their own utilities, the amount of each unit’s utility allowance affects the maximum monthly rent you can collect from the household. The utility allowance is generally based on an estimate of reasonable household consumption and cost for the...

What to Include in a Good Management Report for LIHTC Sites

July 28, 2022    

One of the most important jobs for the manager of a tax credit site is keeping the owner informed of how well you’re managing the site. The owner wants to know on a monthly or quarterly basis how well the site is doing financially and to be assured that there are no compliance problems...

Give LIHTC Program FAQ Sheet to Site Visitors and Applicants

June 20, 2022    

Tax credit site managers often find themselves spending much time and expense processing applications for ineligible households. Hearing about a good deal, casual visitors may submit applications not realizing that they’ll be considered over-income or student households. One way to...

Biden Administration Announces Housing Supply Action Plan

May 27, 2022    

President Biden recently unveiled a sweeping plan that aims to create and preserve hundreds of thousands of affordable housing units in the next three years and help close the country’s critical housing supply shortfall within five years. The plan follows recent remarks by President Biden...

3 Marketing Practices to Help Your Site Expand Its Applicant Pool

April 28, 2022    

LIHTC site owners and managers know that to comply with the vacant unit rule, you must make “reasonable attempts” to rent vacant units to qualified low-income households. The tax credit program’s vacant unit rule allows you to claim credits for tax credit units even if they...

How to Comply with the Latest Housing Provisions in VAWA 2022

March 31, 2022    

On March 16, President Biden signed into law the latest reauthorization of the Violence Against Women Act (VAWA), a 1994 law that provides resources for survivors and prevention of gender-based, domestic, and sexual violence. VAWA’s renewal took on added urgency because of an alarming...

Treasury Report Finds IRS's LIHTC Program Oversight Can Be Improved

February 25, 2022    

The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on IRS oversight of the LIHTC program. The previous Chairman of the Senate Budget Committee, Michael Enzi (R-WY), requested the audit to obtain information about the LIHTC program as part of the committee...

IRS Brings Back Temporary COVID-19 Compliance Relief

January 31, 2022    

On Jan. 11, the IRS issued guidance extending LIHTC program deadlines and providing other compliance accommodations due to the COVID-19 pandemic [IRS Notice 2022-05]. Since the last extension deadline lapsed, industry groups have asked the IRS to extend compliance deadlines for LIHTC sites. The...

Use Orientation Letter to Improve New Households’ Lease Compliance

December 28, 2021    

The alarming rise of the Omicron variant may have postponed your site’s return to normal operations regarding welcoming and informing new households of site rules and certain obligations imposed by the tax credit program. In pre-pandemic times, sites may have held new household orientation...