On March 6, HUD released the 2015 income limits, available at huduser.org. According to Revenue Ruling 94-57, you have 45 days to begin using them to certify and recertify low-income households at your tax credit site. This means this year’s income...
The IRS recently issued the 2015 optional standard mileage rates. Starting Jan. 1, 2015, when calculating the deductible costs of operating an automobile, the new rates will be 57.5 cents per mile for business miles driven, 23 cents per mile driven for medical or moving purposes, and 14 cents...
On Oct. 31, 2014, HUD issued Housing Notice 2014-15, “Passbook Savings Rate Effective February 1, 2015 and Establishing Future Passbook Savings Rates.” The HUD passbook rate is used to impute asset income on households who have $5,000 or more in assets. Currently, the HUD passbook...
When certifying or recertifying households at your tax credit site, it’s not uncommon to discover that a household member is the creator or beneficiary of a trust. If so, you’ll need to account for the trust when calculating the household’s income. If you don...
On Dec. 4, HUD released income limits for 2013, but revised the limits after discovering a calculation error. The revised numbers were issued Dec. 11. Under the Housing and Economic Recovery Act of 2008 (HERA), income limits are used to determine qualification levels as well as set maximum...
Annual income is an important factor that influences the eligibility of an applicant for the tax credit program. To become income eligible, an applicant's household gross annual income must be equal to or less than the income limit applicable to your site.
Wages and salaries. The full amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses, and other compensation for personal services.
On Dec. 1, HUD released income limits for 2012. Under the Housing and Economic Recovery Act of 2008 (HERA), income limits are used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits and projects financed with tax-exempt...
When determining an applicant's eligibility, tax credit managers often can be thrown by HUD Section 8 regulations for income and asset identification that seem to conflict with certain provisions in the tax credit regulations. Jo Ikelheimer, research & development consultant and...
If you own or manage a tax credit site, there may have been times when you had trouble deciding whether to count an investment or retirement account as income or an asset. That's probably because of the inconsistencies that appear in HUD's Occupancy Handbook 4350.3, REV-1, CHG-2,...
The recently issued Change 2 to HUD Handbook 4350.3 does not address how you, as an owner or manager, calculate annual income by using year-to-date (YTD) income.
