Feature

Ask Nine Questions When Taking Over Tax Credit Site Management

July 24, 2019    
Taking over the management of a tax credit site in the middle of its compliance period can be tricky. That’s because the owner or former manager has important information you need to know to manage the site effectively, and you must ask the owner or former manager the right questions to make...
Compliance

IRS Issues Memo on Eligible Basis Reduction Due to Common Area Noncompliance

July 24, 2019    
The IRS Office of Chief Counsel recently issued a memorandum addressing noncompliance of common areas in LIHTC sites. The memo was issued in response to a clarification request by an IRS Program Manager for Technical Issues. The memo states that its advice may not be used or cited as precedent, but...
In the News

National League of Cities Urges Action on Housing Affordability

July 24, 2019    
The National League of Cities (NLC) Housing Task Force recently published “Homeward Bound: The Road to Affordable Housing.” The report focuses on the challenges and solutions communities are using to address the nation's growing affordable housing crisis. The report offers several...
In the News

HUD Secretary Carson Highlights SEC’s Efforts to Encourage OZ Investing

July 24, 2019    
The 2017 Tax Cuts and Jobs Act created Opportunity Zones (OZs) to stimulate long-term investments in low-income communities. As the initiative offers capital gains tax relief to those who invest in these distressed areas, the tax incentives are anticipated to spur $100 billion in private capital...
In the News

NCSHA Directory Shows OZ Target Investment Increase

July 24, 2019    
According to an analysis by the National Council of State Housing Agencies (NCSHA), the amount of capital targeted for investment in designated Opportunity Zones (OZs) has increased dramatically. NCSHA compiles a directory of OZ funding opportunities. This resource provides descriptions and contact...
In the News

JCHS Report Emphasizes Lack of Affordable Housing Production

July 24, 2019    
Harvard University’s Joint Center for Housing Studies (JCHS) recently released its annual report, “The State of the Nation’s Housing 2019.” The report examines the state of the housing market in 2018. It found that:
Feature

How to Verify Student Status of Household Members

June 27, 2019    
To comply with tax credit rules, you must verify the student status of each household member who says he or she is a student. That’s because tax credit rules bar households composed entirely of full-time students. And if the student is a member of a household that’s not barred for this...
Dealing with Households

Four Rules for Recertifying Household Member on Military Duty or Otherwise Absent

June 27, 2019    
If you don’t know when to count—and when not to count—the income of absentees, because of military service or otherwise, during recertification at your mixed-income site, you can miscalculate residents’ rent and jeopardize the owner’ tax credits. Counting the income of...
In the News

Bipartisan Senators Reintroduce Bill to Establish Affordable Housing Task Force

June 27, 2019    
Senators Todd Young (R-Ind.), Angus King (I-Maine), and Maria Cantwell (D-Wash.), along with a group of 13 bipartisan senators, reintroduced the Task Force on the Impact of the Affordable Housing Crisis Act, which aims to better understand and respond to America’s housing affordability crisis...
In the News

Former HUD Secretary Julián Castro Proposes Affordable Housing Plan

June 27, 2019    
Presidential candidates are increasingly focused on affordable housing. Most recently, Former HUD Secretary Julián Castro joined other presidential hopefuls, including Senators Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Kamala Harris (D-Calif.) and Elizabeth Warren (D-Mass.), in releasing a...