Feature

Annual Owner Certifications: Understanding the Basics of LIHTC Compliance

November 30, 2021    
Site owners, at least annually, for each year of a site's 15-year compliance period, are required to certify to the state housing agency that the LIHTC site was operated in compliance, for the preceding 12-month period, with Internal Revenue Code (IRC) Section 42 requirements. This annual owner...
Certification

When to Get Households to Complete Two Special Certification Forms

November 30, 2021    
When certifying and recertifying low-income households at your tax credit site, you may encounter situations that require you to use special forms to get more information about household income. Sometimes, you’ll need to get household members to complete and sign these forms. These forms can...
In the News

House Passes $1.7T Build Back Better Act with LIHTC Provisions

November 30, 2021    
On Nov. 19, the U.S. House of Representatives passed the Build Back Better Act. The bill passed 220-213 and now goes to the Senate. This $1.7 trillion bill includes an historic expansion of the low-income housing tax credit. According to estimates, the bill could finance nearly 812,000 additional...
Feature

Take 4 Steps When Dealing with a Tenant Hoarder

October 29, 2021    
As the temperature starts dropping across the country, your site may be undertaking increased pest prevention treatments or inspections as pests, particularly rodents, start moving indoors. Unfortunately, some residents are not always diligent about reporting pest issues for reasons such as...
Dealing with Households

Get Staff to Report Signs of Resident-Related Trouble

October 29, 2021    
Your site employees are in a perfect position to keep you up-to-date on what’s going on at your site. And the information they give you about residents can be critical in helping you run your site. They can alert you to lease violations and unauthorized residents, and they can help you build...
Income Calculations

SSA Announces 5.9% Benefit Increase for 2022

October 29, 2021    
On Oct. 13, the Social Security Administration (SSA) announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. This is the largest increase in 40 years.
Q & A

Renting Units on Month-to-Month Basis

October 29, 2021    
Q A prospective household wants to rent a two-bedroom unit at our tax credit site on a month-to-month basis. We know that the tax credit program doesn’t allow short-term rentals. But the household doesn’t plan to vacate anytime soon and just wants flexibility. The household is income-...
Q & A

Complying for 15 Years

October 29, 2021    
Q We’ve just started to manage our first tax credit site. The site owner told us that we need to keep the site in compliance with the tax credit program for only 10 years because that’s how many years the owner claims its tax credits. But we thought that the compliance period lasts 15...
Feature

3 Household Changes to Watch for at Annual Recertifications

September 30, 2021    
If you manage a mixed-income site, you’re probably gearing up to kickstart annual recertifications as a result of the expiration of IRS Notice 2021-12. This notice temporarily postponed the income recertification requirement for owners until Sept. 30.
Q & A

Compliance on Building or Site Basis

September 30, 2021    
Q My company manages a tax credit site with three buildings. Must we always apply the tax credit program’s requirements separately to each building, rather than to the site as a whole? A No. In many cases, you apply the tax credit program’s requirements separately to each building. But...