Follow Recordkeeping, Retention Requirements to Prove Tax Credit Compliance

August 31, 2015    

You might think that as long as you’re complying with the tax credit program’s requirements, you’re protecting the owner’s credits. But the owner’s credits aren’t safe unless you can prove your compliance to the IRS and your state housing agency. If you don...

Seven Tips for a Successful Food Waste Collection & Composting Program

July 30, 2015    

By Carolyn E. Zezima, Esq.

Managing Sites Financed by Both Tax-Exempt Bonds and Tax Credits

July 22, 2015    

The owner of a tax credit site you manage may tell you that the site also participates in the tax-exempt bond program. But you might not be entirely sure as to what this means and what compliance issues to be mindful of when management participates in the bond program.

Three Compliance Issues Surrounding Form 8609’s Multiple Building Project Election

June 26, 2015    

You might not realize that whether the tax credit site you manage is a single- or multi-building project site has a significant effect on what you and your staff must do to keep the site in compliance. Yet many tax credit rules and requirements apply differently to sites in which the owner...

How to Determine Household Size for Income Eligibility

May 29, 2015    

Correctly determining the size of each low-income household at your site is essential because the income limits you must use to check household eligibility are organized by household size. If you use the wrong limits to certify a household, you’ll make mistakes that will put the owner...

How to Meet Your Site's First-Year Occupancy Requirements

April 30, 2015    

When you start managing a tax credit site, you must meet certain occupancy requirements in the first year of the site’s compliance period. If you don’t meet these requirements, you’ll run into big problems. For example, the site owner may have to forfeit some or even all of the...

Follow Five Rules to Reduce Risk of Sexual Harassment Claims

March 31, 2015    

Claims for sexual harassment, which is considered a form of housing discrimination based on sex, can cost thousands—if not millions—in settlements or court awards, civil penalties, and attorney’s fees—not to mention lasting damage to the reputation of the site, management...

Follow Five Tips When Calculating Rents for Low-Income Units

February 26, 2015    

When charging restricted rents for low-income units at your tax credit site, it’s important to calculate the amount of each household’s rent properly. Managers too often make mistakes in their calculations and this can lead to big problems.

Charging more than the maximum rent...

How to Get an Extension to Correct State Agency Noncompliance Citations

January 29, 2015    

Despite your efforts at good site management, your state housing agency may one day cite you for noncompliance with tax credit rules. As a tax credit manager, it’s your job to correct compliance violations, which means you must be familiar with how to request an extension of time to...

Make Sure Self-Employed Resident's Tax Returns Are Accurate, Complete

December 23, 2014    

In most cases, you need to verify household income with third-party employers because household members usually earn their income through jobs. But you may encounter a household member who works for herself. In this situation, you must follow the HUD Handbook’s requirements for verifying...

How to Set Aside Employee Units Without Jeopardizing Owner’s Tax Credits

November 26, 2014    

Like many tax credit managers, you might want to set aside a unit for a member of your leasing, management, or maintenance staff. Or you may already be renting to one or more of your employees. The tax credit law doesn’t bar you from renting to employees. In fact, you may have three...

Healthy Food Access: Improve Resident Health, Save Site Money

November 12, 2014    

By Carolyn E. Zezima, Esq.