Feature

Compliance Basics of Acquisition and Rehab Credits

September 27, 2018    
The LIHTC program is an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing. LIHTC sites receive funding either as new construction or acquisition rehab. A recently published U.S. Government Accountability Office report on LIHTC...
Verification

How to Verify Income of Newly Self-Employed Ride-Hailing Service Drivers

September 27, 2018    
Explosive growth in ride-hailing services such as Uber and Lyft are attracting more and more drivers. These drivers earn extra income with the benefit of working flexible hours. According to recent research by JPMorgan Chase Institute, from late 2013 to this spring, the number of households earning...
In the News

Senate Confirms Charles Rettig to Be IRS Commissioner

September 27, 2018    
The Senate recently voted 64-33 to approve Beverly Hills tax attorney Charles Rettig as Internal Revenue Service commissioner. Democrats opposed the nomination because of a new Trump administration policy allowing some groups involved in politics to hide their donors’ identities.
In the News

Housing Bonds Set New Record in 2017

September 27, 2018    
According to the latest Annual Volume Cap Report issued by the Council of Development Finance Agencies (CDFA), the combined tax-exempt private activity bond (PAB) issuance for multifamily and single-family housing set a record in 2017. The report presents data on how states allocate and utilize...
In the News

GAO Publishes Final LIHTC Report on Development Cost

September 27, 2018    
The U.S. Government Accountability Office (GAO) recently published a new report called “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.” This report is the last of four reports prepared at the request of Senator...
Feature

How to Track Applicable Fraction to Help Avoid Tax Credit Loss

August 30, 2018    
Keeping each building’s applicable fraction on target is an essential part of a tax credit manager’s job. The applicable fraction is the percentage of a building’s units rented to low-income households. It comes into play when you calculate the building’s qualified basis,...
Dos & Don'ts

Follow Three Dos & Don’ts When Talking to Prospects

August 30, 2018    
Staff members at tax credit sites can get into trouble when talking with prospects. Any false assurances, improper assumptions, or inappropriate statements could trigger noncompliance and a possible fair housing complaint or lawsuit. To avoid problems, here are three Dos & Don’ts you and...
In the News

Senator Wyden Introduces Middle-Income Housing Tax Credit

August 30, 2018    
U.S. Senator Ron Wyden (D-OR) recently introduced legislation to create a middle-income housing tax credit (MIHTC) intended to encourage the development of affordable housing for Americans with moderate incomes. The bill is modeled after the LIHTC program. The legislation aims to provide a...
In the News

Senator Cantwell Holds Roundtable Discussion on Affordable Housing

August 30, 2018    
U.S. Senator Maria Cantwell (D-WA) recently held a roundtable discussion in a Washington state county facing a housing crisis. Cantwell has been a strong advocate for the LIHTC program. This past spring, Cantwell worked with Senator Orrin Hatch (R-UT) and others to secure a 12.5 percent increase of...
In the News

Federal LIHTC Investigation Widens in Florida to Banks

August 30, 2018    
At the end of 2016, Miami developer Matthew Greer, former CEO of Carlisle Development Group, pleaded guilty to stealing $16 million from the LIHTC program and was sentenced to three years in prison. The prosecutor in the case was Assistant U.S. Attorney Michael Sherwin, who has spent a number of...